Overview
HiBid is an online auction platform serving thousands of auctioneer customers with a lean finance function. Before Stuut, the long tail of its receivables portfolio was difficult to cover consistently, particularly because many customers were more responsive by phone than by email. Thirty to 40 people across sales and customer support were expected to make five to ten collection calls each week, even though collections fell outside their primary roles. HiBid had no centralized record showing which accounts had been called, emailed, or left untouched. Its collection specialist also needed to prioritize large customers on payment plans that represented the majority of AR. Chris Stiegal, HiBid's CFO, spent more than a year evaluating AI calling products before choosing Stuut for its natural voice and ability to centralize long-tail collection activity.
Stuut went live 21 days after receiving HiBid's first data and brought 6,878 accounts into a consistent outreach program. During the reporting period, the agent placed 2,782 calls, achieved a 38.7% connect rate, and generated 241 commitments representing approximately $55,000. HiBid collected $4.9M on invoices actively managed by Stuut. Within the first quarter, HiBid reduced the amount sent to an external collection agency and ultimately written off by 50%, allowing Stuut to pay for itself within three months.
Today, that operating model remains in place. Sales and support no longer make collection calls. HiBid has avoided hiring another collector, and its collection specialist divides her time between collections and other priorities while focusing her collection work on the highest-value accounts. Stuut provides consistent long-tail coverage and gives customer-facing teams more time to sell, support, and advise customers.
We reduced the amount sent to our collections agency and ultimately written off by 50%. Stuut paid for itself within three months.
- Chris Stiegal, CFO
Key Metrics
- 50% reduction in the amount sent to an external collection agency and effectively written off after one quarter
- One-quarter payback on Stuut
- $4.9M collected on invoices Stuut was actively managing
- 6,878 accounts covered, with a phone number on file for 98%
- 2,782 automated calls placed over approximately 17 weeks
- 38.7% connect rate and 241 commitments representing approximately $55,000
- 30 to 40 sales and support teammates no longer responsible for weekly collection calls, with no additional collector required
- Live in 21 days from first data received
