Success Story
Minnesota Collections Agency Improves Customer Satisfaction and Saves Money with Finvi Payments
Business Challenge
For more than 40 years, Minnesota-based Central Resources has focused on bridging the gap between creditors and debtors to find a mutually beneficial solution — a value they believe can only be achieved by providing a white glove service in the field of ethical debt recovery and creating a strong customer experience.
But a disconnect between Central Resources and its payment provider began to reveal significant inefficiencies in the partnership. Central Resources’ staff was consistently running into issues reaching their point of contact and often had to track down other individuals in the company to try to resolve issues. The payment provider was also slow, sometimes absent, in sharing essential information like statements.
Recognizing that troubleshooting and communicating in a timely manner is critical to maintaining the company’s trademarked customer-focused reputation, owner Phaen Waldron grew concerned that the Central Resources brand was at risk.
“If we had an issue, there'd be a lack of follow up. And so, you’d have to reach back out to them,” Waldron said. “Sometimes even within a certain issue, you’d have to go through two or three people, and you’d have to start all over. Customer service just really fell down.”
After exhausting all options in attempting to repair the partnership, Waldron decided it was time to explore other payment providers.
Trusted Partner, Proven Partnership
Central Resources turned to Finvi, its collections/revenue recovery platform provider and a trusted partner for decades. Finvi had recently introduced a new integrated payment solution, which would work cohesively with the company’s current products to streamline customer experience and processes. Central Resources found it easy to align its values and mission to the comprehensive solution Finvi could provide with Finvi Payments.
“With Finvi Payments, things are more efficient,” said Waldron. “When we need to run something down, we can get a hold of customer support and get a response.”
Central Resources uses Finvi Payments through a virtual terminal to provide the best customer experience possible. With an easy-to-use interface, Finvi Payments automatically records payments, reconciles accounts and improves recovery rates. In addition, Finvi created custom payments automation to ensure exceptional data quality and customer experience. And with a streamlined onboarding process, there was never a lapse in service as they shifted from their previous provider to Finvi Payments, allowing uninterrupted service for their clients throughout.
It’s a very heavily regulated industry and so working with somebody that understands that whole process just makes it a lot easier. You know you build trust right away. So, when we made the change, we didn't have to give up that security.
Phaen Waldron | Owner, Central Resources
Industry Experience
It’s likely undisputed that the Collections and Payments industries are two of the most highly regulated industries around. From the Consumer Financial Protection Bureau (CFPB), the Fair Debt Collection Practices Act (FDCPA), to card brand rules — there are a myriad of rules and regulations in play and constantly changing for collection agencies. Keeping up with this moving landscape can be overwhelming, especially when you’re also trying to run your day-to-day business.
Central Resources understood this regulatory compliance experience was critical. When looking for a new payment processor, they were diligent in making sure a new partner understood the industry and could help them comply with the ever-changing regulations.
Given the experience Central Resources already had with Finvi, Waldron was confident in the people and the solution’s ability to improve customer experience and operational efficiency without losing that valuable industry insight.
“I felt very good about working with somebody that understood our industry. We didn’t have to give that up when we were making the change … we didn’t have to lose that,” Waldron said. “And actually, from a compliance standpoint, Finvi understands it even better.”
Results
In searching for a new payment provider, Central Resources remained cautious about making a change because of the prospective amount of money it might take to fix their problems, believing they might even have to pay a premium for a better partnership. However, with Finvi Payments, Central Resources actually has saved money on the agreement — and all while working with a trusted partner who is exceeding expectations regarding efficiency and customer experience.
“The savings is right around half a percent less,” Waldron said. “And when you add it up — a little here, a little there on every transaction — it does make a difference.”
About Central Resources
Central Resources has been a leader in the collections industry for more than 40 years. Based in the heart of Minnesota, Central Resources provides a wide range of tailored debt collection services including commercial debt recovery, healthcare debt collection, consumer debt recovery, and legal support for organizations in Minnesota and across the nation.
