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Case Studies

Upwork partners with TrueAccord to resolve customer issues and retain lost relationships

Upwork (previously Elance-oDesk) is creating the world’s largest online workplace. More than 2.5 million businesses and 8 million freelancers from 180+ countries tap into www.Elance.com and www.oDesk.com to work together via the Internet. With more than $900 million in billings for 2014, the merged company helps the world reimagine work.

Their Challenge

Upwork sometimes has trouble collecting payment for the work that takes place on its platform. Accelerated growth magnified this problem and caused the company to look for a recovery solution to ensure payment was received for contracted work on their online workplace.

Finding a Solution

To get started, Upwork created and developed internal processes to recover money; this effort made a big difference with customers who simply forgot to pay or whose credit card expired. While successful in recovering some money; these processes were not driven by a specialized Accounts Receivable team. Upwork then decided to work with a team of third party experts to support their internal efforts to recoup payment.

“On our own, we weren’t actively pursuing old debt. With TrueAccord’s adaptive solution, we were willing to try and recover as much of it as possible.”

Denise Aptekar, Director of Global Payments for Upwork

The trouble of partnering with a traditional collection agency, however, is twofold: they typically only accept debts over $1500 and on average, only recover 1-1.5% of outstanding debts. Not to mention, traditional agencies don't offer the level of personalization Upwork prides itself on.

Why TrueAccord?

Upwork saw two main advantages: TrueAccord’s ability to handle almost any debt amount, and TrueAccord’s user experience focused on resolving customer issues and retaining lost relationships.

“When we first met with the TrueAccord team, we immediately recognized that they were different from other potential partners.”

Denise Aptekar, Director of Global Payments for Upwork

The first step towards integrating TrueAccord was placing old debts that sat on Upwork’s books. “On our own, we weren’t actively pursuing old debt. With TrueAccord’s automated solution, however, we were willing to try and recover as much of it as possible,” says Aptekar. In the past year alone, Upwork has placed several millions of dollars in old and new accounts with TrueAccord.

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