Revenue Collection

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COLLECT MONEY
BUSINESS CASE
[cms_separator separator_border_color=”#3cbaea” separator_width=”30″ cms_template=”cms_separator–layout3.php”][cms_dropcap dropcap_content=”An electronic security company wanted to boost its revenue collection through improved communication with its debtors in an automated, results oriented and customer friendly way. They needed to change the payment culture of their clients to be timelier with remitting outstanding fees and being rewarded for early payments. They also didn’t have additional human resources to commit to this initiative so the entire processes needed to be automated, accurate and reliable.” border_color=”#3cbaea” bg_color=”#3cbaea” text_color=”#ffffff”]
Solution
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PRESCRIBED SOLUTION: Revenue Collection Solution

IMPLEMENTATION TIMELINE: 6 Weeks

SKILLS REQUIRED: Process Optimization| Software Design| Solution Support

A system was designed to integrate their accounting software with our intelligent SMS gateway to allow messages to be sent out to clients containing their, account information, balances and due dates. The system was designed to send template messages with viable information triggered by upcoming and past due dates. So a client who had a bill due on the 15th of June would receive a personalized message 5 days before the payment becomes due saying something like “Hi Mr Brown, your account balance account of $10,000 is due on the 15th of June, please make payment to avoid disconnection. Please disregard if payment has already been made.” Follow up messages would be sent for delinquent customers customized to the company’s communication policy.

The Result
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A significant improvement in the customer payment patterns was a major benefit to the implementation of said system. The communication cost associated with chasing delinquent customers was reduced by more than 50%. Their customer service was significantly improved since customer expectations were better managed as it related to account disconnection and resumption, due to delinquent payments. Customers were also better able to monitor their state of accounts, as they were able to text the keyword BALANCE to the system and receive an automated response displaying their current account balance.

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