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A review of how TekCollect Saves Companies’ Money
TekCollect Reviews Of A Local Company’s Collection Policy Cut 53% of Delinquency Losses
and Saved $1.9 Million For The Company TekCollect is a company aiming to help its
clients recover their accounts receivables by optimizing internal efforts of their clients
throughout the entire delinquency cycle. That is exactly how TekCollect reviewed and
solved Midwest Cooperative’s collection problem. Upon analyzing their collection process,
TekCollect immediately implemented a well-thought out strategic and cost-effective solution
to recover the severely delinquent accounts receivables Of Midwest Cooperative.
With the help of TekCollect, the Midwest Cooperative was able to recover just over 53% of the delinquencies
entrusted to them for recovery, which totaled to $1.9 million dollars. That was how the
TekCollect helps its clients, which is highly praised in written TekCollect reviews.
How did TekCollect do it for Midwestern Cooperative? The typical collection process that had been
done by Midwest Cooperative to acquire payment from the services it rendered was very lengthy.
It often took several months before any payment was collected, if at all. This was mainly
due to the fact that its customers were paying for the services rendered after the next fall-heating
season, after which the service had already been delivered during the previou spring season.
Midwest’s cycle process started with up to 61 days of waiting before it was reported
to its corporate office. Then followed a maximum of 90 days where it remained in accounting
- with no action taken. Afterwards, when the collectability deteriorated, that is when
three in-house collectors were sent to start the follow-up process. That lengthy process
resulted in poor recoveries of the account, thus, it affected the entire process of the
business operation. Fortunately, when TekCollect took over, everything was put back into perspective.
Definitely an important discovery due to a TekCollect review.
Upon collection control being taken over by TekCollect, the planned solution was put into
implementation immediately. The strategic and cost-effective solution implemented by
TekCollect involved encouraging the internal collectors into focusing their efforts on
slow-pays along with placing the accounts with TekCollect within 90 to 100 days. The
internal efforts have been asked to do the early follow-up to reduce the accounts that
went beyond ninety days. The Account Manager System was also implemented, allowing branch
managers to view pertinent stats while the corporate offices are also enabled to view
the entire state of the organization online. Based on current TekCollect reviews, by doing
early submission along with the tracking, the amount of time taken and spent in pursuit
is minimized.
Saving $1.9 million and 53% of losses may not be standard, but ask Midwest Cooperative
if they will leave TekCollect a good review.
TekCollect is a company based in Columbus, Ohio that aims to help people in recovering
accounts by providing advanced solutions.
TekCollect Reviews