Cash is king: CreditorWatch launches fast and easy debt collection service
CreditorWatch Collect helps businesses mitigate risk, empowering them to collect on overdue or unpaid invoices to improve cash flow
CreditorWatch today launched its automated debt collections solution, CreditorWatch Collect. The latest offering from the commercial credit reporting bureau gives businesses struggling to keep on top of cash flow access to a tool to transform their accounts receivables and collections processes. At a time when keeping the cash flowing is essential for business stability, CreditorWatch Collect will help businesses get paid faster while saving time and money.
High inflation and interest rates, supply chain disruptions and labour shortages are all compounding, causing the most challenging trading conditions for Australian businesses in recent history. As a result, businesses increasingly depend on the successful collection of debts from customers and partners to keep moving. Despite this, CreditorWatch’s January 2023 Business Risk Index shows that B2B trade receivables are at their lowest point since January 2015, with trade payment defaults increasing to 39 per cent YoY.
The optimisation of collections is a critical component of credit risk management and businesses need better tools to improve their Accounts Receivable (AR) success rates and remove slow payers. If they don’t they risk a house of cards type effect as unpaid invoices snowball and cause cash flow challenges across their business.
CreditorWatch CEO Patrick Coghlan said, “the upward trend in trade payment defaults, in particular, should definitely be of concern to business owners. Businesses need to ensure they are getting paid on time to ensure they can pay their own liabilities and have sufficient working capital to maintain their operations and grow.”
CreditorWatch Collect extends CreditorWatch’s range of B2B credit risk management solutions that now spans across customer onboarding and assessment tools, credit risk monitoring, through to debtor assessment and automated collections. The tool provides a new way of collecting debts and empowers businesses to reduce overdue invoices, helping them get paid up to 14 days faster, while giving visibility over debtor account details to identify potential risk.
Head of CreditorWatch Collect, Matt McFedries said, “by providing direct connectivity to major accounting tools, customisable workflows, automated reminders and call queues, we’re helping businesses transform collections to become an efficient and scalable function that allows business owners and finance teams to focus on other important work.
“We know that business owners and finance teams can be inundated with large volumes of outstanding invoices but don’t have enough time to follow up every account. CreditorWatch Collect reduces this burden by automating the collections process on an account level in an intuitive, customer friendly way to help businesses recover outstanding debt faster.”
Interested to see CreditorWatch Collect in action? Book a free demo here.
About CreditorWatch
CreditorWatch is Australia’s leading commercial credit reporting bureau with more than 55,000 customers, from sole traders through to ASX-listed companies.
Our innovative credit management solutions help businesses strengthen due diligence, mitigate risks and secure their cash flow. Providing exclusive credit risk insights, we help businesses make smarter decisions to protect them in this complex economy.
CreditorWatch Collect takes the hard work out of AR so businesses can get paid faster and focus on work that truly adds value to their business.
CreditorWatch was founded in 2011 and has offices in Sydney, Melbourne and Brisbane. Find out more at www.creditorwatch.com.au
Contacts
Michael Pollack
Head of Content, CreditorWatch
michael.pollack@creditorwatch.com.au
0422 513 258
Laura Sanford
Group Account Director, Herd MSL
0455 145 164