The challenge

As we all know, COVID-19 affected economies around the world and many industries were forced to shut down for periods of timing. This resulted in cases of higher levels of consumer debt and significant increases in late payment and interest fees. And consumers who were struggling to meet their financial commitments were looking for options to manage and control their expenses.

Another effect of the pandemic was the massive shift to online, with customer behaviour shifting to an expectation that they will be provided with a seamless and user friendly experience, regardless of the type of online interaction.

An Australian-based debt collection agency was looking to improve their existing processes, better meeting customer expectations while also increasing their payments collected.

The solution

The agency rolled out Glider's payment campaigns and payment plans capability targeting unsecured loans from a range of industries.

Customers were able to create their own repayment plan, select from flexible weekly, fortnightly, or monthly instalments. Glider's platform allowed the agency to set rules for appropriate minimum and maximum repayment terms on a per-account basis, and the customer was able to start the payment schedule on a date that worked for them. Interest obligations are dealt with in real-time, and Glider caters for both interest accruing and interest free payment plans.

Customers have the option to pay using a credit or debit card, or Direct Debit. Card details are tokenised securely using PCI DSS Level 1 infrastructure.

Results exceeding expectations

During the first four months of implementing the campaigns, more than 2,000 Payment Plans were established, with a total value of over AUD $8m.