A new start-up fintech is set to revitalise the manufacturing industry after COVID-19 as it aims to get businesses paid within seven days, resolving the long-standing issue of late payments.
Debt Register has developed a purpose-built digital platform to resolve debts anything up to 10 times faster than traditional legal action, and for a fraction of the cost. Thanks to the digital nature of the platform, it will enable manufacturers to work globally to quell late payments enabling the industry to get back to full capacity quicker.
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.
Debt Register is, first and foremost, a global payment accelerator that enables a business to identify late invoices on their ledger and allow the platform to do the rest. Debt Register contacts the debtor automatically and in the appropriate language, requesting that the payment is settled, and ensuring the invoice is correct and not in dispute.
By leveraging its relationships with leading credit reference agencies (CRAs) to report unpaid and overdue debts, debtors are encouraged to settle any overdues promptly to avoid their credit scores being negatively impacted.
The age of the debt appears not to be a barrier to its collectability: in one trial with an international client, payment was received for a 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, said the product and platform were created out of necessity within the industry: “Overdues continue to be an issue and whereas some resort to the courts, legal action is time-consuming and costly, and outcomes are difficult to predict.
“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 such as local cafes and restaurants, Debt Register provides a lifetime free credit service allowing them to load and collect up to five free debts a year.
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.
For more information or to set up a free demonstration, please visit: https://debtregister.com