Collections Agency Leaves Paper Behind

The collections industry presents unique challenges when it comes to processing incoming payments.  Working with RP Solutions, Plaza Associates was able to customize a solution that meets their every need.

Plaza Associates is a well-respected debt recovery service that focuses on consumer accounts for credit cards, loans, mortgages, auto deficiencies and telecommunications. They collect over $100 million in debt annually.

Their manual paper-based remittance processing operation had become time consuming and inefficient. For up to 3,500 payments per day, the staff had to determine which bank account each one was for, write that number on each check, then manually sort them into piles by account. They consolidated the piles, printed tape totals, updated the accounts receivable system and prepared a paper deposit. Then it took at least half an hour to get it to the bank and another hour to wait for the teller to complete the deposits to all their different accounts.

Working with RP Solutions, Plaza implemented a solution that includes:

• Check 21 for image based check processing and clearing
• Canon CR-180 check imaging transports
• ExpertRPS, a remittance processing solution that includes multiple end point sorting and post-date check verification
• ExpertICE for image archival/retrieval