Columbus, OH (PRWEB) November 23, 2013
When it comes to banking, it’s all in the family for the President of Peoples Bank & Trust, David Thompson. His father took over leadership of the Bank at the age of 28, more than 60 years ago. Together, the two have seen remarkable growth and evolution in banking through the years. But the more things change, the more they stay the same. There will always be the issue of delinquent accounts.
That’s why it’s critical for institutions to team with an accounts receivable management partner that’s proactive and delivers optimum recovery results. Since 2003, Peoples Bank & Trust has turned to TekCollect.
David’s prior experiences with third party resources had been less than favorable. “I’d used two or three other services and the results were pathetic. There’s just no other way to say it,” he stated. “Most were nothing more than letter-writing services and there was no guarantee they’d even do that.”
TekCollect offered more. Much more. Their comprehensive services include up to 6 written and 12 verbal communications. Phone campaigns include nights and weekends to ensure contact. They perform extensive skip tracing on invalid addresses to locate debtors. And their approach is non-alienating to encourage those who’ll become responsible customers again to return to the Bank.
TekCollect also conducts credit reporting, providing an added incentive to stimulate payment. And they offer an optional secondary phase of service with litigation at TekCollect’s expense.
“I was tired of debtors being able to walk away,” David said. “We don’t have the resources to sue everyone that defaults. And if it’s a small amount, it costs more in legal fees just to get the claim processed.”
For an unusually low fixed fee, TekCollect would perform the follow-through the Bank didn’t have the resources to do. “With credit reporting, you start getting people’s attention. But we just didn’t have the time to do it. And we had charge-offs that we simply didn’t have the ability to pursue,” said David.
David gave TekCollect a try. He admits he was skeptical, but his decision quickly proved to be a savvy one. “In the first year, I had more results than I’d experienced in the last 10! And the more we refine the service, the better it becomes,” David said. “It’s like having extra employees. TekCollect is an extended part of my bookkeeping department.”
That’s the essence of the partnership approach TekCollect employs. Their Binary Program is not a one-size-fits-all solution. It’s flexible to accommodate different balances and levels of collection pursuit. TekCollect has shaped the service to meet David and his staff’s unique needs.
For example, TekCollect clients can submit, update and monitor accounts in real-time on the firm’s secure, password-protected website. But even that efficient process can be bypassed with system integration. That’s what Peoples Bank & Trust opted to do. Account placement and transaction files can be scheduled to automatically upload to TekCollect daily. There’s no administrative effort, and no equipment or software involved. The entire process is seamless.
If David was initially hesitant, the Bank’s head bookkeeper, Alice Amann, was even more so. But in the first six months of utilizing the service, TekCollect had streamlined the department’s workflow. And upon automating the service, the work was cut in half. The goal is not to replace personnel, but to make their jobs easier, eliminate unnecessary drudgery and increase overall productivity. Today, Alice is one of TekCollect’s biggest proponents.
Of course, technological efficiency is only part of the equation. Customer service is key. David’s dedicated account specialist has been there from the start and is accessible and communicative.
“I can get on the phone and talk to someone immediately,” David said. If a debtor comes in to the bank to remit payment, for example, collection activity can be ceased with just a call. “We can pull an account, no questions asked.”
And how often do debtors make amends? “You’d be amazed how many people pay, return to the Bank and become responsible customers again. That tells me that the collection process isn’t the old ‘I’m going to twist your arm’ approach,” David said.
Of course, nothing speaks to the effectiveness of the service like the numbers. Since partnering in 2003, TekCollect has consistently delivered a liquidation rate of 50% or higher. That’s in contrast to a national average that hovers around 17%. And more than 75% of Peoples Banks’ accounts are collected within 90-120 days of pursuit. Early referral and collection activity yields maximum results. And it ensures the Bank has consistent positive cash flow, a necessity for doing business.
Best of all, TekCollect continues to generate these results at a cost to collect of less than 10%.
“The numbers far exceeded even what they’d promised,” David said. “Every time I recommend TekCollect, I can’t say enough. I’ve tried other things and they just don’t work. I never got any tangible results and it was always work-intensive for us.”
Seven years and hundreds of thousands of recovered dollars later, the partnership remains a constant. “Every year some company tries to get me to leave TekCollect and the answer is always the same… no chance!”
TekCollect is the nation’s leading provider of innovative, economical cash flow management systems. Their customized programs help banks increase productivity, reduce delinquent accounts and charge-offs, minimize internal costs, increase stock holders’ returns, and enhance upsell opportunities. These solutions help preserve and protect banks’ ongoing customer relationships.
To experience results like Peoples Bank & Trust, contact TekCollect Sales Support at 888.292.3530 today or visit http://miba.tekcollect.com.