-
Combilift Scoops ‘Company of the Year’ at the 2024 Business & Finance Awards - December 18, 2024
-
DERRY BROS TARGETS CUSTOMS AND INTERNATIONAL FREIGHT SECURITY AND EFFICIENCY WITH AEO ACCREDITATION - December 17, 2024
-
GATINEAU CHOOSES ITD GLOBAL TO SUPPORT GROWTH - December 17, 2024
-
Logistics sector to see 3% wage growth in 2025, new report reveals - December 16, 2024
-
Wearables in the warehouse – much more than a fashion statement - December 10, 2024
-
STEPN GO and adidas launch First-Ever STEPN GO x adidas Physical Shoe Drop - December 6, 2024
-
CLOSING UP FOR WINTER - December 5, 2024
-
New report shows that around nine in 10 UK e-commerce firms now prioritise sustainability - December 5, 2024
-
Automation from KNAPP pushes order cut-off back by 6 hours for Matalan - December 5, 2024
-
Bridgestone Debuts Two New Truck Tyres for Mild On/Off Segment, Delivering Lasting Performance on Any Terrain - December 4, 2024
NEW FINTECH HELPS DISTRIBUTION SMES COMBAT LATE PAYMENTS
Distribution SMEs to get free access to the platform to keep business moving
Small businesses are being given free access to a new digital payment platform to help them get outstanding debts paid more quickly.
Debt Register is giving distribution SMEs in the country the opportunity to load and collect up to five free outstanding debts every year by using its platform which it claims can resolve debts anything up to 10 times faster than ‘traditional’ legal action and without the unnecessary cost.
Businesses simply log onto the Fintech platform using one of their five free credits and the system takes over. It automatically contacts their debtor and in the appropriate language and time of day, requesting that the payment is settled, and ensuring the invoice is correct and not in dispute.
Should the debtor not respond or payment is not immediately forthcoming, the matter is reported to the Credit Reference Agencies (CRAs) and the debtor’s credit score negatively impacted. It is this ‘consequence’ that provides the leverage for an outstanding debt to be addressed, and on launch, initial data shows 80% of debtors engaged through the platform paid their clients directly within seven days.
Gary Brown, Founder of Debt Register, said the product and platform were created out of necessity: “SMEs often don’t have the luxury of time or a dedicated team to chase debts and they can quickly become overdue. Whereas some might eventually try to legal action, its time-consuming and costly, and outcomes are difficult to predict.
“With the accelerated payment platform we have developed, we hope to play our part in helping SMEs get paid for the work or services provided, and keep the cash flowing.”
Debt Register provides a series of tools for users including auto-translation for companies recovering debts from overseas customers. The system is intelligent, to recognise different time zones, working days and cultural nuances including national holidays or religious festivals, and times the despatch of any communications accordingly.
The platform has also been designed to streamline the payment process for the debtor with a specially designed portal providing three points of payment resolution as well as a series of tools including messaging services and payment acknowledgement tools.
Debt Register is available globally and designed to suit any business regardless of industry.
For more information or to sign up for a free trial, please visit: https://debtregister.com/freetrial