Patrick Coghlan

CreditorWatch, a leading Australian commercial credit reporting bureau, today launches a new debt recovery tool, Debtor Management to help finance teams and small business owners (SBOs) and operators recover a larger proportion of overdue debt.

This solution launches at a critical time, where late payment times are increasing and business insolvency rates are at record highs. 

Businesses are struggling to maintain a healthy cash flow, and having a best-practice debt recovery process in place can be the difference between surviving these tough conditions or not.

According to ASIC, ‘inadequate cash flow or high cash use’ is the most common reported cause of business failures by registered liquidators (52% of reports).

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.”

How does it work? 

Debtor Management helps businesses manage and escalate late payments with ease by:

• Reducing the amount of manual work involved in identifying late-paying customers, assessing the risk of non-payment.
• Escalating overdue debt that often gets ignored or unactioned by debtors.
• Automatically creating the most appropriate type of collection letter depending on the number of days and amount overdue for each customer.
• Freeing up time for finance teams and business owners while improving their collections rate to improve their cash flow.

Availability

This new solution is available to CreditorWatch customers at no extra cost to their current subscription, demonstrating the company’ commitment to helping Australian businesses trade more confidently with their customers.

Success story

During the pilot phase, a CreditorWatch customer used Debtor Management to create 65 collection letters within 10 minutes and successfully recovered over $500,000 in overdue payments within seven days.

The post New CreditorWatch tool helps businesses get paid appeared first on AdviserVoice.

LAB is leveraging CreditorWatch’s unique and comprehensive registry and credit risk data to deliver key automation and risk mitigation features into its digital onboarding and client lifecycle platform.

The partnership has already resulted in the incorporation of UBO discovery into LAB’s digital onboarding experience for an enterprise customer, resulting in uplifted straight-through processing and countless hours saved in back-office checks. This solution also significantly reduces manual keying by the applicant, speeding up onboarding and improving accuracy.

LAB has also recently commenced the rollout of a solution to continuously monitor for key risk indicators in its customer’s investor bases through their engagement lifecycle. This is enabled by CreditorWatch’s access to more than 50 public and private data sources, including ASIC lodgements, ATO debt records, ABR data and trade payment defaults.

CreditorWatch’s platform is now integrated with LAB Verify, which orchestrates verification directly within the digital onboarding journey and throughout the client lifecycle. Having direct integration with the CreditorWatch platform empowers LAB Group customers to make better informed risk decisions and drive further efficiencies across client lifecycle management requirements.

Nick Boudrie, CEO and co-founder of LAB Group, said: “It’s been a pleasure to work with CreditorWatch who have helped LAB tailor solutions to address our customer’s unique problem statements. This integration upgrades our capabilities to meet the needs of organisations with complex due diligence requirements, leveraging CreditorWatch’s specialist expertise in business data and the robustness of its infrastructure.

“By expanding our LAB Verify capability, this integration allows us to help our financial services customers to meet their regulatory obligations and mitigate operational risk while also achieving a reduction in manual back-office overhead. We’re excited to help broaden the audience that CreditorWatch can reach, while bolstering the capabilities that LAB Group can offer to its existing and new customers.”

CreditorWatch CEO and co-founder, Patrick Coghlan, said: “We are always excited to work with businesses that are as innovative and committed to improving the customer experience as LAB Group. The synergies between our businesses will most definitely result in some very exciting outcomes. We look forward to contributing to the next stage of LAB Group’s evolution through the provision of our unique data.”

The post LAB Group integrates with CreditorWatch to automate complex due diligence in digital onboarding   appeared first on AdviserVoice.