How 3 in 4 Snap customers resolve their accounts with InDebted’s digital-first collections

  1. Home
  2. For business
  3. Client stories
  4. How 3 in 4 Snap customers resolve their accounts with InDebted’s digital-first collections

Client profile

Snap Finance unlocks flexibility in the buy-now-pay-later space for United States consumers. With their advanced technology, they’re changing the face of consumer retail finance.

Challenge

Snap’s lease-to-own model helps consumers buy products ranging from $150 to $5,000. Most customers typically pay their balance within 12-18 months, which gives them full ownership of the original item.

With a predominately online offering, Snap Finance customers need a collections experience that matches their digital expectations. They also need a solution that provides multilingual capability, as for around 15% of their customers, Spanish is their preferred language.

Impact

From September 2023 to March 2024 across a panel of three other providers, InDebted’s liquidation rate is 33% higher than their second highest performing agency.

Looking specifically at how InDebted performs collecting accounts in Spanish, in comparison to Snap’s second highest performing agency, InDebted’s liquidation rate is 59% higher this quarter.

Solution

Snap started their partnership with InDebted in September 2022 in the United States. Our Collect solution supports Snap’s English and Spanish-speaking customers to:

  • Self-serve their account management with our online customer portal. Customers can set up a customisable payment plan, pay in full or make a partial payment all
  • Omnichannel support across all channels in their preferred language - including voice with Spanish-speaking agents, along with digital channels such as email and livechat.
  • Experience a personalised collections journey, where machine learning predicts the best communication for each individual customer.

Our customer portal

Digital-first communication is a win with Snap customers, with a 44.5% average email open rate across a 12-month period. When customers decide to get back on track, over 3 in 4 self-serve their account management using our online portal.

Client Perspective

“InDebted’s digital debt collection is key to how we support Snap customers who fall behind. They’re the only collections partner who can communicate in the second-most common language, Spanish, with an omnichannel voice & digital offering. With continually high performance and a constant focus on customer experience, we know their quick and easy solution has our customers’ backs.” - Todd Johnsen, Director, Vendor Management, Snap Finance

Client

Location
United States
Industry
Financial Services
Business size
5 million customers +

More client stories

See all

Arrow

InDebted’s real time scalability with leading BNPL provider

InDebted partners with a publicly-listed BNPL provider whose mission is to power an economy in which everyone wins Collections for fintech buy now pay later providers that scales across regions, and volume
Client

How Trustly maintained collections performance while increasing referrals 12x

What happens when account volumes suddenly surge? See how Trustly scales collections in real-time, and maintains performance.
Client

How Klarna integrates with InDebted as their preferred collections agency in multiple markets

How Klarna integrates with InDebted in Australia, Canada, New Zealand and the United States to support their customers with a better way to shop globally.
Client

How InDebted’s intelligent collections outperformed a traditional agency by 40%

How Cash Converters increased their liquidation rates by 40% using intelligent debt collection

See all

Arrow