About Algeco
Algeco is a global leader in modular space and portable storage solutions, with a significant presence across 24 countries. The company provides innovative, customizable modular building solutions and unit rentals that support diverse industries, including construction, education, and retail. From constructing McDonald’s and Starbucks outlets to equipping construction sites with essential facilities, Algeco’s extensive expertise has positioned them as a go-to provider in their sector. Managing a vast client portfolio and large-scale projects worldwide, Algeco exemplifies excellence and scale in its industry.
Algeco’s Objectives
Algeco sought to streamline their debt collection process, focusing on reducing the time spent managing overdue accounts while minimizing reliance on third-party collection agencies. They wanted a solution that could improve cash flow efficiency, reduce write-offs, and provide an easier way to monitor high-volume, low-value debts across their portfolio.
Algeco’s Challenges
Algeco’s modular and rental business model posed unique challenges in credit management:
- Frequent disputes over overdue payments created delays.
- Traditional collection methods, including legal interventions, were slow and costly.
- Managing high volumes of low-value accounts placed significant pressure on internal teams, increasing operational inefficiencies.
Our Solution
Debt Register provided Algeco with a tailored solution to tackle their credit management challenges:
- Seamless Integration: The platform required no IT involvement, allowing the team to go live within hours.
- Proactive Reporting: Built-in reporting features provided clear visibility into customer engagement and prioritized follow-ups.
- Efficient Account Management: Enabled Algeco’s credit team to independently manage accounts, reducing reliance on external collection agencies.
- Quick Dispute Resolution: Facilitated rapid resolution of customer disputes, expediting payment recovery.
- Cost-Effective Pre-Escalation Tool: Positioned as a step before third-party escalation, saving costs and improving collection rates.
The Results
- Rapid Collections: Algeco achieved a 50% recovery rate on aged debts within three months, with some payments recovered within hours of deployment.
- Cost Savings: Reliance on third-party collection agencies was significantly reduced, saving substantial fees.
- Improved Efficiency: Debt Register’s simple interface allowed Algeco to operate seamlessly without delays or the need for external support.
- Reduced Write-Offs: Early intervention reduced potential bad debt exposure and enhanced the health of Algeco’s ledger.
- Strengthened Customer Relationships: Clear communication through the platform minimized disputes and improved trust.
“The return on investment has been amazing. Within just three months, we’ve achieved results that previously took six years using another platform. Debt Register has streamlined our processes, reduced bad debt exposure, and delivered exceptional outcomes for our business.”
– Stephen Ratcliffe, Credit Manager at Algeco