Hanover Insolvency
How the UK’s largest IVA provider were able to maximise revenue through subscription payments.
The Challenge
This Cheshire-based insolvency practice have seen rapid expansion in the past 12 years and pride themselves on their ability to handle every client case differently, and consolidate debts owed into a manageable payment system; breaking it down to installments. Hanover charge a monthly fee for processing payments, however found themselves running into difficulty with an increasing case of arrears. They took the payments as Direct Debit which is flat, and thus gives the client only one chance to make a payment.
Hanover Insolvency previously had no dashboard where they could access and view who had made payments, and team members were required to ring up clients, which is not ideal in the sensitive case of debts. This was causing suboptimal revenue turnover and unnecessary delegation of resources spent chasing up missing payments. Hanover was in need of a payments partner who were able to provide a seamless subscription service, and offer bespoke reporting and analytic features.
The Solution
In response to the problem, Total Processing were able to create a bespoke CRM system for Hanover. This system is extremely effective in ensuring all payments are taken, due to a set scheduler that runs at a specific time of the month, with initial unsuccessful payments automatically queued to be tried again with a rebiller later in the day.
Hanover also had access to Pay by Link, and IVR automated phone line triggered at 9:15 every day, much preferred by customers due to complete automation. The custom dashboard provided data for total revenue each month, broken down into collection, re-biller, client online, IVR automated, scheduled, and expected future payments.
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 joining Total Processing in 2018, with the assistance of our solution, Hanover Insolvency has watched its revenue grow from £250 000 to over 4 million a month. Our scheduler solution has proved to be the main source of successful payment collection. The automated features have allowed for employees to devote their time to other areas of the business, improving the seamlessness of the payment process.
The analysis and reporting dashboard have enabled Hanover to access a constant stream of data, essential to plan for future endeavors of the company. Total Processing continue to work with Hanover to work on further solutions and have since added a client portal, maintaining customer satisfaction and preferences.
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