Commonwealth Financial Systems Inc. (CFSI) is a growing regional collection agency based in Pennsylvania. In 2009, they considered several collection letter providers with two primary goals:
- To find a collaborative, strategic partner who understood their unique needs
- Reduce their overall collection letter costs
“It seems counterintuitive to expect more attentive, engaged customer service and pay less for it, but that was our goal,” said John Kotula, CFSI’s president.
RevSpring partnered with CFSI long before the first data file was sent. The implementation followed a detailed project plan to ensure consistency regardless of who was completing specific tasks. The implementation was led RevSpring’s enterprise project director, a certified Project Management Professional through the Project Management Institute.
CFSI was assigned a dedicated customer service representative and sales representative who learned the goals, needs and unique strengths of the organization. A relationship was built over time enabling the RevSpring team to provide service that was aligned with CFSI’s goals and business model.
Reducing Collection Letter Costs
Over an 18 month period, CFSI experienced a 15% savings on its collection letter costs. RevSpring employed multiple tools to create significant savings, which went straight to CFSI’s bottom line. RevData, RevSpring’s suite of address hygiene services, such as the National Change of Address and Address Element Correction from the USPS, suppressed undeliverable letters and removed them from the pool before they were printed and mailed – thus, eliminating unnecessary printing and mailing costs.
RevSpring also employed Bad Address Notifications that informed CFSI of any bad addresses and the opportunity to replace it with a valid address. Instead of waiting weeks for return mail to arrive, CFSI was able to minimize days outstanding with pre-notifications and updating addresses. Additional savings were also achieved by incorporating RevData’s letter householding service, which combines multiple letters to one responsible party in a single envelope.
CFSI is delighted by its ongoing partnership with RevSpring and the positive impact RevSpring’s products and services have made to their bottom line. “Our entire organization has been impressed with the RevSpring team and their ability to achieve both goals,” Kotula said.