Deposit recovery is a dedicated service focused on returning cash deposits left with utility companies when new accounts are opened. In some instances, as credit history is established, deposits are returned automatically, but more often than not, they remain on the account until it is closed.
Our deposit recovery service is utilized by companies with large or medium-sized portfolios of sites where the aggregate amount of deposits can be significant. Vervantis utility specialists use a number of techniques to successfully recover these deposits through negotiation or alternative forms of security.
Each utility company has its own policies and procedures for the capture and retention of deposits for new utility accounts. In the United States alone there are over 3,500 utility companies.
Our team records deposit recovery amounts and expiration dates against each utility account, tracking released deposits through utility bill management systems to ensure refunds are made either by a credit on the invoice or utility check.
Deposit recovery activity is then reported monthly to keep energy and finance teams updated on successful refunds and remaining opportunities. Results are impressive with hundreds of thousands of dollars in deposits returned each year.
Get in touch with our billing experts to find the right recovery strategy for your business and get your money back where it belongs.
Whether you’re a seasoned professional or exploring deposit recovery first time, our team has the knowledge and insight to improve your process and save you more – guaranteed
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