How Cash4UNow increased their incoming payments with an automated collection service
Who is Cash4UNow?
Cash4UNow is a responsible short-term loan provider, who offer flexible loans which can be paid into applicants’ accounts on the same day. As a member of the Consumer Credit Trade Association, Cash4UNow is dedicated to treating their customers fairly in everything they do, and constantly look for new and innovative ways to do this.
The Challenge
As Cash4UNow operates within the high-cost short-term credit market, finding a solution which allowed them to collect payments from their customers in the most cost-effective way in order to maximise income was essential.
Alternative approaches such as chasing payments through postal communications and manual agent-based phone blast calls were found to be much too labour/cost-intensive and were not allowing Cash4UNow to maximise its income.
Cash4UNow also has an existing CRM system where customers can make payments, but to accommodate for a modern customer audience (who demand a variety of methods to pay) Cash4UNow decided to widen its payment options, with a view to improving collections performance.
What were Cash4UNow looking for from a solution?
Cash4UNow came to Esendex to seek out a solution with the following prerequisites:
- The solution should be automated, with no requirement for human agents and allow the customers to self-serve.
- The solution should target customer’s mobile devices, which will in turn provide much higher engagement rates when compared to traditional communication channels like post and agent-based calls.
- Any new solution should have a proven track record for increasing collections.
- The new solution should enhance the customer’s journey by being a simple, fast and effective way to make a payment.
“The payment Mobile Journey provided by Esendex has become an essential part of our collections processes. We collect more payments through it than any of our other payment channels by far, and we’re thrilled with how it’s working for us.
Working with Esendex has been great. The Team is always happy to meet for a no-obligation chat, listen to our requirements, and tailor a solution that works best for us."
Melanie Chapman, Operations Manager, Cash4UNow
The Solution
After gaining an in-depth understanding of Cash4UNow’s requirements, Esendex designed a solution around our SMS broadcasting solution. The way the process works is simple.
Cash4UNow starts the process by delivering a list of customers who are due to make a payment (including mobile phone numbers) via a secure SFTP location to Esendex.
Esendex then take that customer data and send out personalised SMS messages to each customer on the list. Contained within the SMS is a link to the fully branded Cash4UNow payment Mobile Journey, which is designed specifically for use on a mobile device.
The Mobile Journey first of all asks the customer some identity verification questions, before then moving onto asking how much they would like to pay. The user is then prompted to provide their payment details which when provided will result in a payment summary and confirmation page being displayed.
The results
- Over 90% of the payments taken by Cash4UNow are received through the Dash Notify platform.
- From the period of Jan 1st to July 31st 2019, the Mobile Journey collected nearly $516k.
- The cost to collect these payments was only 1.3% of the total amount received through payments.
- Of the 98,875 SMS that were sent to customers during this period, 93812 (94.88%) were successfully delivered.
- Of the 93,812 customers that received an SMS, 60,661 (64.66%) opened the message & followed Cash4UNows mobile journey process.
- 85.8% of customers who attempted to use the Mobile Journey were successful.
- The average payment amount taken from those customers was $93.04.
- Cash4UNow has also been able to capture more details from customers which were not previously available in its CRM system.
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