Know-it Launches New Standard For Credit Management With Check-it, Chase-it & Collect-it
First of its kind cloud-based platform streamlines approach to the credit management process, helping businesses mitigate credit risk, boost cash flow and tackle late payments
Know-it (https://know-it.co.uk/), a Scottish fintech start-up, has launched its beta cloud-based credit management platform. Founded by Lynne Darcey Quigley, the new platform gives businesses and its finance teams the tools to automate and simplify the way it manages credit risk and the credit control process, helping save time, reduce debtor days and increase cash flow.
The platform, which is the first of its kind, ensures that businesses can credit check and monitor, chase for payment, collect overdue unpaid invoices, and more all from one place. By partnering with some of the UK’s leading accountancy software and credit reference agencies – such as Xero, QuickBooks, Sage, FreeAgent and Graydon – users can instantly credit check companies, get live data and real-time updates to monitor customer’s credit behaviour and mitigate potential credit risks.
The beta platform also gives finance teams and business owners a simple way to check their customers credit worthiness. It also ensures customers pay on time through scheduled reminders and customisable chaser emails, letters and SMS, helping reduce debtor days and increasing cash flow. Users can also get instant quotes to collect unpaid invoices quickly and efficiently through their debt recovery partner Darcey Quigley & Co, as well as monitoring and acquiring reports on commercial debts.
Lynne Darcey Quigley, CEO and founder of Know-it explains: “Know-it is a fresh perspective on a traditional process – while the credit control process hasn’t really changed over time, our new unique platform brings together all credit control functions into one place. By removing the need to access and subscribe to multiple different platforms, our cloud-based platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices and more all from one place. This is set to transform the way businesses view the credit control process, as it will immediately help them save time and costs by providing real-time data all from the convenience of one place.
“With light now at the end of the tunnel in terms of the pandemic, the road to recovery is underway for many across the business community. This is now a crucial time for technology to step in and offer a helping hand through an affordable and innovative credit management platform. In the past, smaller businesses in particular have been unable to access the necessary resources required to automate this process, which has left many on the receiving end of late payments and financial fraud. With the launch of Know-it’s platform, businesses of all sizes are now able to Check-it, Chase-it and Collect-it , all in real-time and without the headache of manual processing.”
The Know-it platform has launched against the backdrop of Covid-19, as well as an increasing culture of late payments and financial fraud, which have both mounted pressures on businesses and their finance departments. According to recent research, around 60% of SME owners believe that the government must offer greater support for businesses, this is despite the various support schemes having already been introduced.
Jack Malcolm, Relationship Manager, West Scotland, Royal Bank of Scotland said: “Royal Bank of Scotland is proud to have played a part in Know-It’s journey, helping support Lynne and the team from their inception and beta testing, through to providing funding to achieve its growth plan and the launch of today’s credit management platform. As a leading champion of Scottish SMEs, we look forward to continuing to work with Know-It, and are excited to see what the future holds for this promising Scottish fintech.”
Lynne concludes: “Although this platform has been several years in the making, it was not our intention to launch the Know-it platform in the wake of a global pandemic, but there is a timely opening for the platform to provide an additional layer of support for vulnerable businesses at a time when they need it most. Support from automated and effective credit management systems have traditionally been out of reach until now, so we hope this pioneering technology will provide businesses with the comprehensive and holistic solution they need to work smarter, just as we begin to return to a sense of normality across the working world.”
This article was first published by financederivative.com