Enterprise messaging firm, Esendex, has won the Queen’s Award for Enterprise: Innovation 2020 for its Mobile Collections solution which helps businesses recoup debt effectively while encouraging customers in arrears to ‘cure’ their own accounts.
The Queen’s Awards for Enterprise are considered to be the UK’s most prestigious business awards, designed to acknowledge and encourage outstanding achievements demonstrated by UK businesses.
Mobile Collections uses an automated workflow to collect small value debt from both businesses and individual using multiple mobile channels, including SMS, RCS and WhatsApp. These channels are discreet, and allow the consumer to respond at their convenience rather than having to take a call at work or in front of their families.
Once the message has been received, consumers are prompted with options: would they like to make full payment, set up a payment plan, make a promise to pay, or speak to an advisor? If they choose a payment option, they can complete their transaction securely, without leaving the app.
One UK based utility company has seen 19% of the customers that it approached making a payment, compared to 4% with the previous workflow. Of these, 82% were for the full amount owed. For another debt collection agency, a single campaign cost £152, and it recovered a total of £44,776.
This is a tribute to the creativity of our product, professional services and solutions sales teams who took a simple payment proposition and made it into something more innovative. The Queen’s Award adds a stamp of credibility to that. Mobile Collections is not just a good idea, it has delivered results and will allow us to talk to more people about what we have here.
Richard Hanscott, CEO, Esendex