Check-it, Chase-it, Collect-it: Know-it launches new standard for credit management
Glasgow-based fintech start-up, Know-it, has today launched its beta cloud-based credit management platform. Founded by Lynne Darcey Quigley, the Know-it platform gives businesses the tools to automate and simplify the way they manage the credit control process, helping save time, reduce debtor days and increase cash flow. The platform is yet another example of the on-going innovation in the Scottish technology industry, illustrating the continued resilience the sector has shown throughout Covid-19.
Know-it 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 beta platform also gives finance teams and business owners a simple way to check their customers’ credit worthiness and ensure customers pay on time through scheduled reminders and customisable chaser emails, letters and SMS. All of which help reduce debtor days and increase cash flow. Users can also get instant quotes to collect unpaid invoices quickly and efficiently through their debt recovery partner Darcey Quigley & Co, as well as monitoring and acquiring reports on commercial debts.
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, our new platform enables all credit control functions to come together in one place. By removing the need to access multiple different platforms, the cloud-based platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices and more. 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.
“As the pandemic continues to rip through the business community, this is now a crucial time for technology to step in and offer a helping hand through an affordable and effective credit management platform. In the past, smaller businesses in particular have been unable to access the necessary resources required to automate this process. With the launch of Know-it’s platform, businesses of all sizes are now able to check it, chase it and collect payments, all in real-time and without the headache of manual processing.”
The Know-it platform has launched against the backdrop of the ongoing Covid-19 pandemic, as well as an increasing culture of late payments and financial fraud, which have both mounted the pressures on businesses and their finance departments. According to recent research, around 60% of SME owners believe that the government must offer greater support for businesses, this is despite the various support schemes having already been introduced.
Discussing the Know-it platform launch, John Strachan, Business Growth Advisor at Business Gateway, who’s support included access to a suite of workshops, industry experts and 121 advisors commented; “It is very promising to see innovation continuing to emerge from Scotland’s technology sector, particularly in the present climate. The current resilience being shown from businesses within the sector will undoubtedly hold it in good shape for many years to come and we are excited to see how the Know-it platform can support businesses of all sizes through the pandemic and beyond.”
Jack Malcolm, Relationship Manager, West Scotland, Royal Bank of Scotland said: “Royal Bank of Scotland is proud to have played a part in Know-It’s journey, helping support Lynne and the team from their inception and beta testing, through to providing funding to achieve its growth plan and the launch of today’s credit management platform. As a leading champion of Scottish SMEs, we look forward to continuing to work with Know-It, and are excited to see what the future holds for this promising Scottish fintech.”
Lynne concludes: “Although this platform has been several years in the making, it was not our intention to launch in the wake of a global pandemic, but there is a timely opening for the beta platform to provide an additional level support for vulnerable businesses at a point when they need it most. Support from automated and effective credit management systems have traditionally been out of reach for them until now, so we hope this technology will provide businesses with a comprehensive and holistic solution needed to work smarter, at a time when financial accountability is key.
“Here at Know-it, we are proud to be the latest Scottish innovators harnessing the newest technologies and provide a solution for businesses to overcome the challenging, real-world issues facing their operations.”