Hanover Insolvency
How the UK’s largest IVA provider were able to maximise revenue through subscription payments.
The Challenge
This Manchester based insolvency practice has experienced rapid expansion over the past 12 years, priding themselves on their ability to handle each client case uniquely and consolidate owed debts into a manageable payment system. However, Hanover encountered difficulties processing payments as they faced an increasing number of arrears. Their payment method, Direct Debit, allowed clients only one chance to make a payment, posing limitations.
Additionally, they lacked a dashboard to track payments, requiring team members to manually contact clients—an unfavourable situation when dealing with sensitive debt matters. This resulted in below par revenue turnover and wasted resources spent chasing missing payments. Hanover sought a payments partner that could offer a seamless subscription service, along with bespoke reporting and analytics features.
The Solution
To address these challenges effectively, Total Processing collaborated closely with Hanover, devising a tailor-made scheduling tool that granted them full autonomy over payment collection.
To tackle the issue of failed payments, Total Processing integrated its automated re-billing system into their solution, to automatically retry any failed transactions, increasing the chances of successful payment collection.
In addition to the scheduling tool and automated re-biller, Total Processing introduced custom payment links and an automated phone payment system (IVR). These new tools offered customers convenient alternatives to make payments, thus further reducing the likelihood of arrears.
Furthermore, the Total Control dashboard offered Hanover centralised management and reporting capabilities for all these functionalities. Hanover's team could now efficiently track and manage payment activities, access real-time insights, and generate customised reports.
Having Total Processing introduced to our business was a huge turning point for the company. Nothing fazes them, ask for something to be added to the system.... if it's possible, consider it done!
Emma - Insolvency Chairman
The Results
Since partnering with Total Processing in 2018 and implementing their solution, Hanover Insolvency has experienced a remarkable 300% growth in revenue. The scheduler solution has proven to be the primary driver of successful payment collection. The automated features have freed up employees' time to focus on other aspects of the business, enhancing the overall seamlessness of the payment process.
The analysis and reporting dashboard have provided Hanover with a continuous stream of data, essential for planning future endeavours. Total Processing continues to collaborate with Hanover, working on further solutions, and has introduced a client portal, ensuring ongoing customer satisfaction.
