In early 2017 a well respected collection agency had a problem they couldn’t solve on their own. Consumer payment and communication preferences were continuing to change but their payment portal could not adapt to the growing revenue stream. Although it was only a small fraction of their business at the time, the opportunity for growth had become noticeable. The team at Revenly set out to address this and quickly realized there was a common problem widespread across the entire accounts receivable industry. The traditional self-service channels being used were broken. The industries dependency on outdated enterprise software and the lack of innovation was costing these companies untold amounts of revenue and frustrating the consumers whose preferences had already evolved.
As of 2019 83% of consumers prefer to pay bills online through a wide variety of devices yet over 50% of collection agencies reported that online payments amounted for less than 15% of their revenue. Revenly set out to provide the solution and built a scalable, multi-channel platform so that collection agencies can focus on growing their business and not worry about managing software.
Revenly was born from the simple idea that the collection process should be easier – for both the collection agency and those paying.