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CreditorWatch offers free tool to combat late payments

CreditorWatch is launching a powerful solution, Debtor Management, designed to empower businesses in their battle against late payments and cash flow challenges.

This new tool arrives at a crucial juncture, with late payment trends on the rise and business insolvency rates soaring to unprecedented levels.

In today’s economic climate, maintaining a healthy cash flow is more critical than ever. Having an effective debt recovery strategy can make all the difference between surviving these challenging conditions or succumbing to financial strain.

According to ASIC, inadequate cash flow ranks as the primary reported cause of business failures by registered liquidators, constituting 52% of reports. Recognizing this urgent need, CreditorWatch has streamlined the debt recovery process with the introduction of Debtor Management.

This innovative tool simplifies debt recovery for businesses in several key ways:

  1. Automated Workflows: By automatically identifying late payers and assessing risk, Debtor Management significantly reduces manual effort, allowing businesses to focus on core operations.
  2. Effortless Escalation: Tailored collection letters are generated based on payment delays and amounts, ensuring that overdue debts are promptly addressed and resolved.
  3. Improved Efficiency: By freeing up valuable time for finance teams and business owners, Debtor Management not only enhances collection rates but also boosts overall efficiency and cash flow.

Debtor Management is available as a complimentary add-on for existing CreditorWatch customers, underscoring the company’s commitment to facilitating secure and confident business transactions.

During the pilot phase, one customer utilized Debtor Management to effortlessly generate 65 collection letters in just 10 minutes. This swift action resulted in the recovery of over $500,000 within a week, demonstrating the tangible impact and effectiveness of the tool in real-world scenarios.

CreditorWatch CEO Patrick Coghlan says Debtor Management can help small businesses avoid being taken advantage of by larger businesses. “We know that SMEs are three times more likely to be paid late than larger businesses,” he says. “The solution has already helped one business recover over half of their outstanding balance within seven days of using it. It’s proof that Debtor Management is a powerful tool in helping small businesses get paid and improving cash flow. We have made this tool available to all existing customers at no extra cost. It gives small businesses a boost and an extra chance to survive in these tough trading conditions.”

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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