With its growing popularity, one Buy Now, Pay Later (BNPL) faced challenges with the complexity of managing late-stage collection—a hurdle many start-ups face since the majority of a scaling company’s resources are dedicated to bottom-line business goals rather than debt collection.
So as the BNPL continued to expand, accounts overdue by 90 days or more accumulated without a scalable strategy for resolution, making the BNPL vulnerable to revenue loss. But partnering with the experts at TrueAccord would set a plan in place with impressive liquidation and engagement results.
As their first debt collection provider, the BNPL leveraged TrueAccord’s decade-plus of experience to develop a comprehensive debt recovery strategy from the ground up. TrueAccord’s digital-first approach to collections was particularly appealing to the BNPL, aligning with their tech-forward, consumer-centric philosophy, and delivered on several key benefits:
- Cost Savings
- Automation and Scalability
- Enhanced Consumer Experience
- Compliance and Expertise
Through this partnership and late-stage debt collection strategy, delinquent accounts were managed thoroughly and efficiently—and their engagement rates were the first in a domino effect of improved results:
- 45% Email Open Rate compared to industry average of 22.5%
- 14% Email Click Rate compared to industry average 2.3%
Ready to scale-up your debt collection strategy for better engagement and liquidation rates? Schedule a consultation with TrueAccord experts today!
Industry average statistic sources:
- Hubspot
- Campaign Monitor