collectAI manages 25m Euro in Receivables
collectAI, the service for digital receivables, has processed receivables at a volume of 25m Euro since its foundation in 2016. collectAI automates and digitises invoices, dunning and debt collection processes and is the first digital end-to-end provider in receivables management. Examples of successful KPIs on the clients’ side include: Introducing digital communication channels lead to an increase of the collection rate of 33 percent, while processing costs have been reduced by up to 41 percent.
Receivables have seen a huge growth potential in Germany and Europe. The receivables volume for German debt collection alone is already at 60 billion Euro. While 23 percent of invoices are overdue Europe-wide, the invoice remains the most popular payment method in Germany with a market share of 30,5 percent. Even though returns from receivables and debt collection are essential for revenue and thus liquidity, only 18 percent of companies have digitised their receivables to date.*
“Receivables are still being processed manually and are therefore inefficient. This does not go in line with the digital behavior of the customer and leads to deficits in payments and unwanted return debit notes.” said Mirko Krauel, CEO and Managing Director of collectAI. “Our digital measures and smart AI mechanisms demonstrably increase conversion rates and company liquidity.”
collectAI optimises existing processes in receivables management through digital communication strategies that include SMS, email and further online channels connecting them with instant payment methods. Also, collectAI builds receivables processes for young companies from scratch. Its mission is to balance collection rates, costs and customer retention. The Hamburg-based company currently serves more than 20 clients from diverse industries such as e-commerce, digital publishing, banks, fintech and utilities.
collectAI provides AI-based receivables services, covering the end-to-end process from e-invoice, dunning to debt collection. The company helps its clients balance between collection rates, costs and customer retention. Combining high automation and deep learning algorithms, collectAI digitises the whole process. This fundamentally improves the customer experience by putting the needs and behaviour of the end consumer to the centre of the service. collectAI is founded in 2016 and an affiliate company of the Otto Group, Germany’s largest online retailer. More information on www.collect.ai.
Material & Data Sources
Mirko Krauel, CEO & MD: Profile picture
*BDIU 2017, EHI 2016, EOS/Kantar 2017