ECOLLECT

ecollect solves the efficiency issues that companies must Grupo empresarialdeal with to correctly identify, in the shortest time possible, their customers’ payments

YOUR COMPANY’S PARTNER FOR IMPROVING THE PAYMENTS COLLECTION PROCESS

Before Internet payments or electronic commerce exist, companies received payments through cashiers in banks. Then, a team of employees would invest long hours to manually reconciliate those payments with the invoices to continue with the service processes after the payments were confirmed.

Today, in a digital era with a 2-digit growth in the adoption of new payment methods and collection channels, it’s a paradox that companies still need to reconciliate payments as they did 20 years ago.

Operational inefficiencies exists because companies can’t trace the payments they receive, therefore have manual offline processes that increase response times, overprocessing, costs and negatively impact the customer experience. ecollect solves these inefficiencies faced by companies of all sizes across industries needing to correctly identify in the shortest possible time the payments received from their clients.

Many payment methods worsen the reconciliation problem

Before 2015, Colombia had no more than 10 consolidated payment gateway providers, however, as of 2016, the expanding technological development led to the birth of new Startups and the worldwide emergence of the concept “Fintech” gave also birth to new players that powered the local digital payments market.

Integral solution

ecollect is a digital product that impacts the efficiency of the companies in the region with the real concept of online payments.

Benefits

Reduction of operational costs

Increase of customer satisfaction Security and compliance

This market growth resulted in users having access not only to the traditional payment methods like cash, cheques, credit cards or bank transfers, but also to digital wallets, bank correspondents, electronic deposits and potentially new payment options coming in the near future.

The adoption of these technologies improved the amount of payment methods available to the end user and led companies to adapt and accept this diversity of channels. However, the traditional reconciliation process is far once again to be efficient, as now companies must work in the reconciliation for each payment method making this operational task much more difficult.

Faced with the growing demand for new payment methods and the reconciliation challenges that companies began to face, Avisor Technologies (Bogotá, 2002), one of the Colombian pioneers in providing payment solutions, understood the need of companies to offer all the payment methods available to their clients, managing to identify online payments, with no offline processes, no reprocesses, and no extensive teams of people carrying out the reconciliations. ecollect was born as a digital product.

We have achieved operational savings by reducing the amount of resources allocated to the payments reconciliation

Sofía Ortega

Real Estate industry

ecollect as an integral solution

ecollect goes beyond being a payment processor that offers a variety of collection channels. According to Finnovista, there are 43 Fintech companies in Colombia that solve the acceptance of online payments, however, although businesses can collect through a variety of methods, they must afterwards do all kinds of crafts and operational processes to identify the origin of those payments.

ecollect allows its corporate clients to offer a wide network of payment channels to their payers and at the same time offer specialized solutions for customizing the collection policies within the transactional platform. Companies can collect more efficiently with the tranquility of instantly knowing all the data related to the payments.

How do companies benefit from ecollect?

Among the various benefits that ecollect offers, companies can generate operational savings by reducing the number of resources allocated to the reconciliation of payments, reducing the value chain lead times, and significantly improving the customer satisfaction.

Best of all is that this is possible through one single implementation between ecollect and the company’s systems. This implementation will allow the company to offer the actual payment methods and collection channels available plus any upcoming payment methods without the need of complex integration efforts in the future. A wide scope of payment channels allows companies to offer payers alternatives that fit their payment habits, added the possibility

of applying collection policies. This creates a more transparent approach that translates in better account receivables indicators and in the strengthening of the relationship between companies and their clients.

ecollect´s positioning

ecollect offers a specialized product with the most complete features, achieving thus a higher level of integration of the payment processes with the company’s information systems.

Thanks to its rapid growth, ecollect currently helps more than 400 companies with specialized solutions for industries such as education, health care, real estate, construction, finance, manufacturing, insurance, among others, both from the public and private sectors.

ecollect offers its solutions in Colombia, the Dominican Republic and Mexico, with an expansion process towards other markets to help more companies to solve efficiency problems with their payments.

A sample of this growth is the recent participation in Colombia’s Ministry of Technology and Telecommunications (MinTIC) and SeedStars’ Expansion Program, where ecollect stood out for the maturity of its processes, infrastructure, value offer and business model, obtaining important recognitions by the program’s mentors and sponsors.

Business Lines

Health Real Estate Construction Education

Finance Manufacturing Insurance

The payments industry transformation

ecollect is transforming the payments industry with a more comprehensive conception of the information systems through the collection of the different concepts that generate cash flow and that allow efficient process cycles, with a clear approach towards operational improvement and customer experience.

The features offered by ecollect originate on the company’s deep knowledge of the needs of the financial, commercial and customer service departments. This ensures a digital product that becomes a key player that generates a real impact where it is most needed for the sustainability of the companies.

This product delivers relevant information for business decision making, transforming payment information into powerful qualitative tools, allowing decision makers to identify the opportunities to modify collection policies, payment methods to offer, and to understand the payment habits and profitability of your customers.

The Team

ecollect is built by an interdisciplinary team of people with deep knowledge in new technologies and a great ability to identify the customer´s needs as the main pillar to create a product. Among its skills, the team holds certifications in Agile methodologies and Design Thinking. The leadership and management team holds more than 25 years of experience in I.T. and Management in real and financial sectors, plus an interesting mix of experience and youth that enhances the best of the team.

For its sustainable growth and expansion strategy the company has a systematic process that seeks to bring the best talent with the technical skills and knowledge needed to help them embrace the corporate values that will identify them as an essential part of the brand and what it represents.