Cockle Finance has been providing high-quality financial solutions to people in and around Essex for over 50 years. Their services range from doorstep loans to cash loans and pay weekly loans. The family-run business prides itself on providing a personal and proactive approach to lending for their customers, tailoring the repayment process to best suit each individual.
We spoke to Dan Cockle, Managing Director at Cockle Finance about meeting customers’ evolving expectations and improving collection success rates with the help of automation and data-insights.
Optimising the collections process for doorstep lending
Cockle Finance’s most frequent offering is doorstep loans; a popular and more personal alternative to traditional loans. They provide their customers with the opportunity to make repayments in person or by card. Offering a variety of repayment options for their customers helps Cockle to maintain a competitive and customer-centric service.
When looking to increase their success rates for card payment collections, Cockle wanted a solution which could provide them with detailed data and granular reporting about their transaction activity for disbursement and collections. This data-led approach would enable the business to look at payment patterns and improve their ability to collect funds on the first attempt.
Reducing complexity with an all-in-one solution
Cockle selected Acquired.com due to our unified payments platform. On this platform, all processing and transaction activity is easily accessible on a single screen, through a single integration.
“Acquired.com’s platform allows us to view our gateway transactions in real-time and easily export and analyse this data through payments reports. This is hugely valuable for our business liquidity as it means we can to look at customer repayment trends and continually refine our collections strategy to improve success rates” – Dan Cockle, Managing Director at Cockle Finance
A consultative approach to payments
“Cockle Finance and Acquired.com both put the customer first and we have really noticed this personal touch when working with their team. They took the time to understand our key goals and suggested a tailored payments strategy that suited our business perfectly. The Acquired.com team are always on hand with any queries we have, and we can easily get in touch with them via direct messaging. With some other payment providers, you just don’t get that level of customer service.” – Dan Cockle, Managing Director at Cockle Finance
Reducing manual processes with automation
With a high volume of transactions each month, Cockle wanted to gain a more transparent view of their finances relating to disbursement and collections. Acquired.com’s solution offers them real-time notifications whenever key events occur, removing the need to log into multiple systems to search for critical information. Other useful features such as the perfect reconciliation feature provide them with a highly accurate view of their payments in and payments out.
Since working with Acquired.com, Cockle Finance have been able to increase their first-time collection success rates by 3%. Lowering default rates means that the business is able to dedicate more time and resources to reaching strategic goals and generating new revenue opportunities.