Scottish Fintech tackles UK’s late payment problem with new credit management platform
Against the backdrop of the serious late payment problem that continues to plague 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 enables companies to manage credit risk better, and creates greater efficiency around the collection of late payments and unpaid invoices.
The software is supported by tools that automate the credit checking process, which the platform cites as allowing businesses to reduce late payments while freeing up resources elsewhere.
To achieve this, the platform has formed a number of strategic partnerships with various UK accounting software and credit reference agencies, including Zero, QuickBooks, Saw, FreeAgent and Graydon.
Users of the platform can credit check companies, get live data and real-time updates to monitor customers’ credit behavior and thus reduce potential credit risk.
When it comes to late payments, the platform delivers scheduled reminders and customizable chaser emails, letters and SMS to customers, reducing debtor days and increasing cash flow. Users can also get offers to collect unpaid invoices quickly and efficiently through the platform’s commercial collection partner Darcey Quigley & Co.
Describing it as “a new perspective on a traditional process,” the platform’s founder and CEO, Lynne Darcey Quigleyreveals that “this is set to transform the way businesses view the credit checking process, as it will immediately help them save time and costs by providing real-time data, all from one place.”
The Know-it platform has launched against the backdrop of a global economic recovery and a growing culture of late payments, which has put pressure on businesses and their finance departments.
According to recent figures, the UK is expected to experience the slowest economic growth of any developed country, with almost half a million small businesses at risk of failure as a result of late payments. This bleak outlook for UK businesses only reinforces the need for further support for businesses to gain access.
On a similar note, 90 percent of respondents to TipaltiThe recent inquiry admitted they have experienced problems getting paid, with the findings highlighting that late payments were significantly choking the UK economy.
“With the current economic climate putting tremendous pressure on the economy, businesses across the country need all the help they can get,” Quigley continues. “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 for “Good business pays off” campaign, a movement calling for a faster payment campaign to support small businesses as operating costs rise. The alliance is supported by Commissioner for Small Business, The Association of Small Businesses, CBI, Liz Barclay, British Chambers of Commerce and large banks among others.
The platform is another example of the ongoing innovation in the Scottish technology industry, and illustrates the continued resilience the sector has shown in recent economically volatile years.
As part of the commercial launch, Know-it will be exhibiting at Sold Out Xeroconin Tobacco Dock, London, 20 and 21 July in association with accounting app Zero.
