The Respaid Lab
Last updated February 18, 2024
At Respaid, we have developed technologies that enable us to be 6 times faster than an agency and recover 3 times more outstanding payments. Some of our customers are already using our tools for their own collection or recovery teams.
Pay Later by Respaid
More times than not, a debtor commits to settling their debt at a later date. This introduces complexity in managing the case and a predictability issue. Indeed, the debtor might ask for an additional extension at the agreed-upon deadline.
To solve this problem, we've created Pay Later. The debtor agrees to settle you within two weeks? Register your card with Pay Later and schedule the payment on time. The credit card will be immediately debited with an amount of zero usd for validation purposes. On D-Day, it is debited with the expected amount. The success rate is about 90%.
Split by Respaid
Installments payments are a powerful tool for a collection or a recovery team. Typically, the debtor commits to making payments at regular intervals and provides their ACH details. This leads to two issues :
- The law allows for reversing a ACH transfer up to 6 months after the payment. This is a significant source of fraud.
- In case of a failed direct debit, the bank charges substantial amounts to the company.
That's why we have developed our own installment payment tool, using credit card. This way, the collection or the recovery teams no longer face the constraints associated with ACH direct debits.
Receive your invitation here .
Access to these innovations is primarily reserved for the collection or financial teams of our Respaid customers. However, we regularly open invitations to third-party companies.