CreditorWatch launched CreditorWatch Collect recently, an automated debt collection tool that is designed to help businesses with cash flow problems.

This new offering allows businesses to efficiently manage their receivables, collections and accounts receivable processes. This is essential during these difficult times when maintaining a cash flow is critical for survival.

Australia’s current economic climate is one of the most challenging in recent times for business. Supply chain disruptions and labour shortages are just some of the factors that make it so difficult. High inflation rates, interest rates, and supply chain disruptions all contribute to this. It is crucial that businesses continue to grow in such a climate by successfully collecting debts from their customers and partners.

CreditorWatch’s January 2023 Business Risk Index shows that B2B receivables have reached their lowest level since January 2015. Trade payment defaults increased by 39% YoY. This indicates the increasing difficulty of businesses in collecting debts.

CreditorWatch Collect was designed to help businesses manage their finances efficiently and optimize their collection process. Businesses can use automation to speed up the payment process, while also reducing costs and saving time. This is a valuable tool that helps businesses maintain financial stability during these difficult times.

Patrick Coghlan is the CEO of CreditorWatch. He believes that business owners should be concerned about the increasing trend in trade payments defaults. He said that businesses need to make sure they get paid on time in order to pay their liabilities and maintain sufficient working capital.

CreditorWatch Collect is a new B2B solution that extends CreditorWatch’s suite of credit risk management tools. It now includes customer onboarding, assessment, monitoring and credit risk, as well as automated debtor assessments and collections.

The tool offers a new approach to collecting debts. It empowers companies to reduce past due invoices. This can help them receive payment up to 14-days faster.

Matt McFedries (Head of CreditorWatch Collect) highlighted that the tool provides direct connectivity to major financial tools, customizable workflows and automated reminders. It is a scalable and efficient function that allows finance teams and business owners to focus on more important tasks.

He added that “CreditorWatch Collect” reduces the burden of debt collection by automating it on a customer-friendly, intuitive account level. This helps businesses recover their outstanding debts faster.