The Client: Whitewater Valley REMC
The Whitewater Valley Rural Electric Membership Corporation in Liberty is a not-for-profit utility distributing electricity to nearly 13,000 members across a six-county service area in east-central Indiana.
Their Challenge
Whitewater Valley REMC was lacking customer service despite high rates and low returns from its previous collections agency. They were using a pre-collect program, but it came at a high price for seven letters that weren’t covering their own costs.
Our Recommendation
Finance System, Inc. offered to create a custom collections strategy that would save the REMC money up front and yield a higher long-term return.
The key was to find a happy medium with the pre-collect letter series in order to save money on collection efforts early and offer multi-channel communications beyond just the postal service.
As accounts roll over into regular collections, Finance System, Inc.’s rates yield the Indiana REMC a higher net return.
The REMC also no longer needs to purchase pre-collection vouchers before accounts become delinquent and are invoiced only after collection assistance is requested, giving our client additional pre-collect savings.
Our client services representatives are on standby 24/7 to answer any questions or concerns. Should any issue arise, our experts work as a team to respond to every need.
The Results
The custom collections strategy created by Finance System, Inc. truly enhanced all of Whitewater Valley REMC’s communications concerning payment of delinquent customer accounts.
Our pre-collection services, on top of creating a more robust communications platform, saved Whitewater Valley REMC 56% versus the previous and less-effective pre-paid letter service.
Through a competitive collection rate and Finance System, Inc.’s innovative strategy, services, capabilities and connections have increased the REMC’s revenue net return by 75%.
More net returns, less expenses to the organization and a superior customer experience has led to a partnership that will yield great returns for years to come. Is it past due time you hired a reliable debt recovery firm? If you need help turning unpaid debt into real revenue, let’s discuss your options today.
