Flexys partners The Very Group on tech to support people who fall behind on payments

This partnership between Flexys and The Very Group is a signal that major retailers are shifting how they handle customers who miss payments. Instead of relying on traditional, aggressive collections tactics, the focus is moving toward sophisticated tech that identifies financial distress early. For your business, this means the tools available to manage customer debt are becoming more automated and empathetic. The goal is to keep the customer relationship intact rather than just recovering a single balance. The new technology allows for real-time adjustments based on a customer’s specific situation. It helps operators provide the right support at the right moment, which often prevents a temporary setback from turning into a total default. For retailers offering in-house credit or working closely with financing partners, this trend highlights the importance of the 'servicing' phase of the customer lifecycle. By using smarter tech to manage arrears, you can reduce overhead costs associated with manual collections and improve long-term customer retention. Even if a customer falls behind today, a positive resolution experience makes them much more likely to shop with you again once their finances stabilize.

Source: Finextra — Lending

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