Start-up fintech set to help fire safety sector boost growth

04 October 2021

DEBT REGISTER – the start-up fintech – is set to help the fire safety sector boost growth as it aims to ensure businesses are paid within seven days, in turn resolving the long-standing issue of late payments.

The business has developed a purpose-built digital platform to resolve debts anything up to ten times faster than traditional legal action and for a fraction of the cost. The new platform will help the fire sector recover late payments, thereby helping businesses continue to innovate within the safety space.

Two years in the making, the new business sought a digitised solution to the growing problem of late payment which often leads to unnecessary write-offs or costly legal action (but only when the debt is of sufficient value) with little likelihood of success.

First and foremost, Debt Register is a global payment accelerator that enables a business to identify late invoices on the ledger and allow the platform to do the rest. In practice, Debt Register contacts the debtor automatically and in the appropriate language, requesting that the payment is settled and also ensuring the invoice is correct and not in dispute.

By leveraging its relationships with leading credit reference agencies to report unpaid and overdue debts, debtors are encouraged to settle any overdue monies promptly to avoid their credit scores being negatively impacted.

Age of debt

The age of the debt appears not to be a barrier to its collectability. In one particular trial involving an international client, payment was received for an 890-day old debt within just 27 hours. In another trial with a different client, 99% of all debts were settled within the trial period.

Gary Brown, founder of Debt Register, has noted that the new product and platform were created out of necessity within the industry. “Overdues continue to be an issue,” stated Brown. “Whereas some resort to the courts, legal action is time-consuming and costly, while outcomes are difficult to predict.”

He continued: “Debt Register not only accelerates the payment of outstanding invoices, but also avoids the unpleasantness of legal action and brings greater certainty and predictability to a company’s cash flow.”

For smaller businesses, Debt Register provides a lifetime free credit service allowing them to load and collect up to five free debts per annum.

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.

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