The solution to the £61 billion late payment problem has launched with Know-it’s credit management platform
Scottish fintech start-up Know-it has officially launched their cloud-based credit management platform. Founded by Lynne Darcey Quigley, the new platform gives businesses the tools and intelligence to automate and simplify the way they manage credit risk and the credit control process, helping save time, reduce late payments and allow them to focus on other aspects of their business.
The Know-it platform, which is the first of its kind, allows businesses to credit check and monitor, chase for payment, collect overdue unpaid invoices, and more, all from one place. By partnering with some of the UK’s leading accountancy software and credit reference agencies – such as Xero, QuickBooks, Sage, FreeAgent, and Graydon – users can instantly credit check companies, get live data, and real-time updates to monitor customer’s credit behaviour and mitigate potential credit risks.
The platform also gives finance teams and business owners a simple way to check their customers’ credit worthiness. It also ensures customers pay on time through scheduled reminders and customisable chaser emails, letters, and SMS, helping reduce debtor days and increasing cash flow. Users can also get instant quotes to collect unpaid invoices quickly and efficiently through their commercial debt recovery partner, Darcey Quigley & Co, as well as receive 24/7 case updates.
Lynne Darcey Quigley, CEO, and Founder of Know-it, explains, “Know-it is a fresh perspective on a traditional process – while the credit control process hasn’t changed over time, our new unique platform brings together all credit control functions into one place. By removing the need to access and subscribe to multiple different platforms, our cloud-based platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices, and more all from one easy to use platform, levelling the playing field for SMEs. This is set to transform the way businesses view the credit control process, as it will immediately help them save time and costs by providing real-time data, all from the convenience of one place.
“With the current financial climate mounting huge pressure onto the economy, businesses across the country need all the help they can access. This is a crucial time for technology to step in and offer a helping hand through an affordable and innovative credit management platform. With the launch of Know-it’s platform, businesses of all sizes are now able to Check-it, Chase-it, and Collect-it, all in real-time and without the headache of manual processing.”
The Know-it platform has launched against the backdrop of a global financial recovery and an increasing culture of late payments, which have mounted pressures on businesses and their finance departments. According to recent figures, the UK is expected to experience the slowest economic growth among other developed nations and almost half a million SMEs are at risk of failure as a result of late payments. This bleak outlook for UK businesses only intensifies the need for further support for businesses to gain access.