Cashflow management is a major issue for all businesses. Managing pending payments, maximizing recoveries and minimising losses from unpaid invoices can be costly and time consuming.
An Australia-based fintech company, Credit Clear is promising to make receivables management simple, easy, and stress-free for businesses while also reducing credit department costs and improving unpaid invoice recovery rates.
Credit Clear’s unique, smartphone-based app allows business to send timely, friendly and cost effective reminders to consumers about unpaid bills while also making it simple for them to set up an instalment plan or pay in full – all via their phone.
Credit Clear was co-founded by Lewis Romano and Mark Casey in 2015 and is already serving businesses and consumers from across the globe. It is growing rapidly with an established network of more than 800 clients comprising SMEs to large-scale corporations, mainly across Australia and New Zealand but also in Europe and, via a licensing agreement, in the USA.
AN INNOVATIVE APPROACH TO DEBT RECOVERY
When they first established Credit Clear, Lewis Romano and Mark Casey’s vision was to bring about a paradigm shift in the way businesses and consumers managed their repayments.
They say the simple, but ground breaking receivables technology they developed has resulted in a win-win for business and consumers alike, leading to improved receivables turnover, lower costs for invoice issuers, and an overall better experience for debtors.
The technology establishes a network that connects businesses and their customers through a tech-enabled communication platform. The communication platform enables companies to send payment reminders to customers in their smartphone’s default language. Along with the auto-translation feature, this platform uses a location engine that ensures that consumers receive messages in their local time zone.
The system also allows consumers to choose a repayment plan according to their financial situation and needs. The payment plan engine is another feature that adds ease to the consumers’ overall debt management process. The consumers can pick the frequency of payment and even fix an amount. It helps them work around their financial commitments, saving them from defaulting payments in the future. Importantly, Credit Clear’s business customers report significantly improved recovery rates and lower costs of collection overall.
Better Receivables Management
While the Credit Clear system makes managing debts and repayments easy and simple for consumers, the company’s primary focus is on eliminating the complexities in receivables management for businesses operating across all sectors including the finance, transport, telecom and utilities industries.
Credit Clear’s customer services division works to build tailored debt recovery programs for clients that not only help businesses effectively manage collections but also create programs that suit their individual business model.
The company’s receivables management system assists business owners to streamline all processes across the credit lifecycle, regardless of their niche. It works on software that has been designed by Credit Clear’s in-house tech team. At the heart of the platform is Collexit – a technology with which businesses can manage the end-to-end processes of collections.
Credit Clear’s solutions are flexible, allowing businesses to fully outsource their call handling facilities or simply providing overflow assistance. Another benefit of the Collexit technology is skip tracing which helps locate defaulters when they cannot be found at their residence or workplace etc.
A Secure Ecosystem for Transaction Facilitation
Safe and secure facilitation of transactions is an absolute priority for Credit Clear. It uses next-gen heuristic threat detection systems along with vulnerability assessment tools that contribute to building a strong security network. A compute engine backed by Microsoft Azure cloud offers reliable disaster recovery and failover functionality. All the transactions processed through the platform are fully encrypted, and the company ensures that the data of the clients never leaves safe borders.
Credit Clear is chaired by Gerd Schenkel with Mark Casey as a director and Lewis Romano as the executive director. They work with a team of industry experts, who possess extensive experience in the field. Together they have helped the company acquire local and international clients such as AGL energy Limited, Prospa Group Limited, Synergy, BMW Financial Services, and Transurban Group.
After raising $9 million through a pre-IPO private placement in December 2019, Credit Clear acquired Credit Solutions Pty Ltd a traditional debt collection firm. The acquisition further helped Credit Clear expand its horizons while creating a holistic and cohesive debt management system.
According to recent press, the company has generated more than $11 million in revenues. It listed on the ASX on October 26, 2020. The company’s exponential growth is an indicator of its potential to disrupt the debt recovery industry by providing a simple and effective new technology solution.
LITIGATION AS LAST RESORT
While customers report significantly lower costs and better recoveries from using Credit Clear, and consumers enjoy the convenience of the smartphone based flexible repayment options, sometimes companies will still need to resort to legal action to recover long term bad debts.
When this occurs, Credit Clear offers the services of its in-house legal firm, Oakbridge Lawyers making the company a truely holistic solution for both businesses and consumers when it comes to receivables management and debt tracking.