Scottish Fintech Addresses UK’s Late Payments Problem With New Credit Management Platform
Against the backdrop of the dire late payments problem that continues to haunt UK businesses and the wider economy, the Glasgow-based fintech start-up Know-it has officially brought its cloud-based credit management platform to market.
The platform allows businesses to better manage credit risks, creating wider efficiency around collecting late payments and unpaid invoices.
The software is backed by tools that automate the credit control process, which the platform cites as allowing businesses to reduce late payment times while freeing up their resources elsewhere.
To achieve this, the platform has formed a string of strategic partnerships with various UK accountancy software and credit reference agencies, including Xero, QuickBooks, Sage, FreeAgent and Graydon.
Users of the platform can credit check companies, get live data and real-time updates to monitor customers’ credit behaviour and thus mitigate potential credit risks.
In terms of late payments, the platform delivers scheduled reminders and customisable chaser emails, letters and SMS to customers, reducing debtor days and increasing cash flow. Users can also get quotes to collect unpaid invoices quickly and efficiently through the platform’s commercial debt recovery partner Darcey Quigley & Co.
Describing it as “a fresh perspective on a traditional process,” the platform’s founder and CEO, Lynne Darcey Quigley, reveals that “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.”
The Know-it platform has launched against the backdrop of a global financial recovery and an increasing culture of late payments, which have mounted pressures on businesses and their finance departments.
According to recent figures, the UK is expected to experience the slowest economic growth among other developed nations and almost half a million small businesses are at risk of failure as a result of late payments. This bleak outlook for UK businesses only intensifies the need for further support for businesses to gain access.
On a similar note, 90 per cent of respondents to Tipalti‘s recent survey admitted that they have experienced issues when getting paid, with its findings emphasising that late payments were significantly stifling the UK economy.
“With the current financial climate mounting huge pressure onto the economy, businesses across the country need all the help they can access,” continues Quigley. “This is a crucial time for technology to step in and offer a helping hand through an affordable and innovative credit management platform.”
The platform recently confirmed its support of the ‘Good Business Pays Wait Off’ campaign, a movement calling for a faster payment drive to support small businesses as operating costs soar. The alliance is supported by the Small Business Commissioner, Federation of Small Businesses, CBI, Liz Barclay, British Chambers of Commerce and major banks amongst others.
The platform is yet another example of the ongoing innovation in the Scottish technology industry, illustrating the continued resilience the sector has shown during recent economically volatile years.
As part of the commercial launch, Know-it will be exhibiting at the sold-out Xerocon, at Tobacco Dock, London, on 20 and 21 July in partnership with accountancy app Xero.
This article was first published by The Fintech Times.