Strategic Debt Recovery: 

Redwood Collections' Partnership with Capital on Tap Drives Financial Success

Capital on Tap is a leading financial technology company that provides small businesses with business credit cards and funding solutions to support their growth and financial needs. In 2017, we began our partnership with Capital on Tap to serve as their sole debt collections agency.

The challenge
Capital on Tap needed a reliable partner to manage their debt collections, as they were dealing with a significant volume of accounts in arrears. They sought a partner who could integrate seamlessly with their credit control strategy and effectively recover debts while maintaining their reputation and customer relationships. The challenge was to maximise recovery rates and ensure the collections process aligned with Capital on Tap's operational and financial objectives.

Our approach
We approached this partnership with a strategic focus on understanding Capital on Tap's unique business needs and credit control strategy. By aligning our processes with their goals, we ensured that our collections efforts supported their overall business objectives.

Our team diligently worked on the cases referred to us, implementing tailored collection strategies to maximise recovery rates. We prioritised maintaining open communication with Capital on Tap, providing regular updates on progress, and remaining receptive to feedback to continually improve our services. Our dedicated and skilled team ensured that every case was handled with professionalism and efficiency, contributing to the impressive recovery results.

Outcome
Our partnership with Capital on Tap has been highly successful. We have collected over £1 million from accounts with arrears totaling around £2.16 million, reflecting a collection rate of 75.4%. Capital on Tap expressed satisfaction with our audit results, noting our continuous improvement and excellent performance scores. Our receptiveness to feedback and ability to adapt our strategies contributed significantly to the partnership's success.