IEI Financial Services Develops Unique Program for Utility Collections

INDIANAPOLIS ? IEI Financial Services, a customer relationship management services company for the utility industry, announces the development of the FastCap portfolio acquisition program. FastCap was developed as a solution for the utility industry to receive instant capital for outstanding customer accounts.

For years, companies in the utility industry have used outside collection agencies to work their uncollected accounts. This process can take months and some times years before a utility company receives payment on outstanding balances. Once IEI purchases a portfolio the FastCap department can collect on the accounts as the primary creditor rather than a third party agency. Unencumbered by third party debt requirements, IEI is able to pay more for a utility company?s debt which in turn allows the utility company to receive a better return.

FastCap is a simple four-step process that utilities can use to recover more capital in less time:

• The utility will compile a list of the charged-off accounts including all available pertinent customer information. The utility also provides the accounts receivable and credit and collection processes and procedures to facilitate a review and analysis by the FastCap team.
• An analysis of the charged off account data is performed to determine how much of the accounts can be recovered by IEI.
• A proposal is developed to purchase the accounts that offer the utility instant capital for the non-performing accounts while also allowing the utility to maximize their recovery rate without spending additional time or effort.
• After the proposal is accepted, a contract is negotiated and signed. IEI takes possession of the accounts in exchange for the agreed upon amount and then begins their recovery work.

IEI has operated in the utility collections business for more than 8 years and understands the unique challenges presented by the industry and its customers. This experience has allowed IEI to develop a professional process specifically for the utility industry to achieve fair, profitable resolutions on the accounts while maintaining respect and understanding for the consumers being served.

Founded in 1998, IEI Financial Services, LLC provides customer relationship management services for the utility industry. The company supports clients in the gas, electric, phone and cable industries and specializes in contact management, accounts receivable management and purchasing of debt portfolios. IEI is headquartered in Indianapolis and is privately held through parent company Knox Lawrence International, LLC, a private equity firm located in New York City. IEI Financial Services is on the Web at www.ieifs.com.