Automate Debt Collection with Synergy App for Fair Capital

The Client

Fair Capital is a Debt Collection agency offering a comprehensive range of services, including skip tracing, credit reporting, and 24/7 online access. Their dedicated professionals, committed to excellence and HIPAA compliance(Health Insurance Portability and Accountability Act), prioritize respectful communication and negotiation with a ‘no money, no fee’ policy, treating the bottom line of their customers as their own.

The Challenge

• Fair Capital faced a substantial challenge as it set out to integrate its platform with QuickBooks Online for accounting purposes. Before this integration, their customers had to manually send all invoices to the Fair Capital team for debt collection. This manual and time-consuming process was not only inefficient but also prone to errors and delays.
• The need to streamline and automate this invoice-handling process was the primary challenge. Fair Capital sought a solution that would enable its customers to seamlessly collect and manage overdue payments without the need for manual intervention. This automation was essential to enhance efficiency, reduce errors, and provide a more seamless experience for their clients.

Key Challenges

• Overcoming complexities associated with the integration process with QuickBooks Online, ensuring seamless communication and data synchronization.
• Implementing stringent data security measures to safeguard sensitive financial information during transmission and storage.
• Developing a precise automated system for identifying overdue invoices, minimizing false positives or negatives in the process.
• Creating an intuitive and user-friendly interface for clients to customize configurations, granting them greater control over account collection settings.
• Complying with Intuit Marketplace’s rigorous publication requirements, which have included technical, security, and marketing reviews.
• Developing a scalable solution capable of accommodating a growing client base, ensuring that the application remains responsive and efficient.

The Solution

• Satva Solutions developed a custom web app named Synergy App for Fair Capital, which enhanced the efficiency of collecting overdue payments for Fair Capital and its clients. This specialized tool is seamlessly integrated with QuickBooks Online.
• With this custom web application, Synergy, clients don’t need to send invoices manually anymore. It automatically finds overdue invoices and payment information in their QuickBooks Online accounts. This makes the whole process faster and with fewer mistakes.
• The Synergy web app also gets good at spotting overdue invoices. It doesn’t bother clients with invoices that aren’t overdue. Clients can also set their own rules for when to send invoices for collection, giving them complete control.
• Satva Solutions also published the app on the Intuit Marketplace making it easy for the end customers to discover and install the Synergy app with ease.

Results

• Fair Capital’s clients now have greater control over collections, with settings being extensively customizable to match their preferences.
• Saved Fair Capital’s clients an average of 4-5 hours per week that they previously spent manually entering items into the debt collection system.
• Synergy’s presence on Intuit Marketplace has led to a 9% increase in client adoption rates over the past year.
• The platform has accommodated Fair Capital’s expanding client base, with a 17% growth in active users.
• Automated processes have reduced collection times by an average of 25%, significantly improving cash flow.

Platform/Technology

• Database: Sql Server
• Programming language: .Net MVC, Azure, JavaScript, Jquery, Bootstrap, CSS

Conclusion

In conclusion, the QuickBooks Online integration service and the custom web app development of the Synergy app by Satva Solutions have transformed Fair Capital’s debt collection process, offering significant benefits to both Fair Capital and its clients. The project effectively leveraged advanced technology to streamline operations, improve efficiency, and enhance the customer experience.