Fintech helps SME fire safety businesses combat late payments
24 November 2021
SMALL BUSINESSES are being given free access to a new digital payment platform that will help them in making sure outstanding debts are paid more quickly. Debt Register is giving fire safety and industry SMEs 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 ten times faster” than ‘traditional’ legal action and without the unwanted attendant costs.
Businesses simply log on at the Fintech platform using one of their five free credits and the system takes over. It automatically contacts the debtor in the appropriate language and at an appropriate time of day to request that the payment is settled, while also 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 Credit Reference Agencies and the debtor’s credit score negatively impacted. It’s this ‘consequence’, in fact, that provides the leverage for an outstanding debt to be addressed.
On launch of the Debt Register system, initial data shows that 80% of debtors engaged through the platform paid their clients directly within seven days.
Out of necessity
Gary Brown, founder of Debt Register, informed Fire Safety Matters that the platform was created out of necessity. “SMEs often don’t have the luxury of the necessary time or a dedicated team to chase debts and they can quickly become overdue,” explained Brown. “Whereas some might eventually try legal action, its time-consuming and costly, while the outcomes are difficult to predict.”
Further, Brown noted: “With the accelerated payment platform we’ve developed, we really hope to play our part in helping fire sector SMEs to be paid for the work or services they provide and keep the cash flowing.”
Debt Register provides a series of tools for end users including auto-translation for companies recovering debts from overseas customers. The system is intelligent, duly recognising different time zones, working days and cultural nuances including national holidays or religious festivals, and subsequently times the despatch of any communications accordingly.
The platform has also been configured 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.
*For more information or to sign up for a free trial visit https://debtregister.com/freetrial