Customer Success Story
A First Party Solution for Improved Collections
The Challenge
- Recovery Rate Enhancement: The client faced the challenge of improving recovery rates for their 30-day old business while streamlining their internal accounts receivable efforts to work on a broader spectrum of accounts.
- Efficiency and Time Management: The client needed assistance in freeing up internal staff time by effectively managing reminders and follow-ups for commercial customers with past-due invoices.
The Solution
- Customized Solution Development: TSI customized a first-party solution that allowed the client to increase recovery rates for outstanding invoices within the 30-60 day range, effectively relieving the burden on internal resources.
- Progressive Expansion of Services: Initially began by assisting with 30-day old business, and upon proven results, expanded the program to cover 30-60 day past-due business. Subsequently, extended the service to work on all of the client’s 0-60 day business, illustrating adaptability and evolving partnership.
- Transparent Partnership and Reporting: Fostered a true partnership by maintaining a close relationship with the client, ensuring daily reporting of results and feedback. Transworld’s flexibility and consistent positive results reinforced the partnership’s growth and reliability.
The Results
The first-party solution delivered significant results for the client, showcasing the effectiveness of this collaborative approach:
- Substantial Payments Resolved: Approximately $16 million worth of payments were resolved in the 0-60 day category each month, significantly reducing outstanding receivables.
- Improved Recovery Rate: The recovery rate saw a notable improvement, rising from 77% to an impressive 82%, illustrating the success of the tailored first-party approach.
- Exceeded Client Expectations: Transworld Systems surpassed the client’s right party contact requirements and achieved approximately 80% resolution on all accounts sent by the client monthly.
Conclusion
By leveraging Transworld Systems for first-party work, the client effectively reduced the number of receivables requiring collection efforts, streamlined internal operations, and achieved significant improvements in recovery rates, showcasing the efficacy of this collaborative approach.
Customer Experience/Care Management
Inbound & Outbound Voice
CX & Care Programs
Back-Office Functions
Performance Analytics
Flexible Global Staffing
Business Process Outsourcing
Data Input
Document Processing
Verfication & Validation
Exception Processing
QA Monitoring & Reporting
Business Analytics & Modeling
First Party ARM
1st Party Collections
Pre-Charge Off Program Support
Inbound & Outbound
Early Stage / Care Based
Brand Protection
IT Adaptability / Flexibility
third Party Debt Collection
Post Charge-Off
Primary & Secondary
Late-Stage Recovery
Innovative Technology & Approach
Propensity to Pay Analytics
