Commercial credit reporting bureau CreditorWatch has acquired Debtor Daddy Limited, an automated receivables management software and collections service provider and will market the automated receivables solution as CreditorWatch Collect in Australia, helping businesses get paid faster and with less effort through process automation, workflow tools and insights.
CreditorWatch Collect provides customers with:
• Automation of best-practice accounts receivables processes to reduce manual work;
• Built-in workflow tools to organise your team and maintain records;
• Access to multiple communication channels to help businesses better communicate with their customers including email, sms and first party collections; and
• An efficient, scalable collections process to empower businesses to collect more, with less resources.
The acquisition comes at a time when Australian businesses are focused on cash flow as they feel the pinch of supply chain disruptions, rising inflation and interest rates, labour shortages, high fuel costs, and global uncertainty.
In one of the most challenging and complex trading environments in decades, trade payment defaults, a key indicator for insolvencies, are surging, up 53 per cent year to year, and the risk of default is expected to rise across the country during the next 12 months*.
CreditorWatch CEO Patrick Coghlan said: “The decision to launch CreditorWatch Collect was based on customer demand. Right now, cash flow is absolute king, and many Australian businesses are more concerned about cash flow than customer acquisition. They need to protect their existing business and ensure they are getting paid to remain profitable and stay in business.
"CreditorWatch’s credit management solutions help businesses strengthen due diligence, mitigate risks and secure their cash flow. We provide exclusive credit risk insights, helping our customers make smarter decisions to protect themselves in this complex economy.”
*Creditor Watch Business Risk Index
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