MM Finance

Frequent Communication Drives Improved Collections for Lender

WHO
MM Finance, also known as Midwest Check Cashing or www.getezmoney.com is a growing payday lending institution with 44 locations in 6 states and over 150 employees. They offer payday advances, short-term loans, and other financial services.

THE SITUATION
Midwest Check Cashing had a large volume of calls they needed to complete on a daily basis that were being made manually.  Each day, agents would call past-due clients to remind them of their account status, and then log that information into a database.  The challenge was time-consuming and the list of calls was at risk of growing out of control.  Past-due borrowers could only be reached manually once, or at most, twice a week, and the data input seemed to always lag behind.  Management had no way to verify that all the calls were being made.   Midwest CC sought a solution to improve productivity, collections, and reporting.

THE CAMPAIGN
Vontoo worked with Midwest Check Cashing to integrate the export of the daily call lists to Vontoo’s web-based call broadcasting system.  Thousands of calls are then sent every day from the Vontoo system with one of two messages from Midwest.   Reporting is then transmitted back to Midwest on every call and they can track calls delivered live, messages left on an answering machine, and undeliverable messages.

THE RESULTS
Where a past-due borrower might have heard from Midwest Check Cashing on a weekly basis in the past, the overdue account is now notified on a daily basis.  Midwest witnessed a marked improvement almost immediately and state that their collections numbers are better than last year.  With tracking results on every call, reporting is easy, extensive, and problem accounts are identified more quickly.

“People sometimes don’t address their account until they are contacted.  With our old system, they would not be notified as often and our past-due clients would forget about us.  We hear ‘I wasn’t going to call you until you called.’  Because we are able to contact them more frequently, they tend to deal with us ahead of their other debtors.  This is going to be a game-changer for us.”

Greg Wittmeier, General Manager
MM Finance/www.getezmoney.com