“Any solvent company can pay their banks and lenders on time, thereby maintaining a decent credit score, while simultaneously delaying or not paying for their goods and services,” says entrepreneur and StreetCred CEO Jonathan Caine. “So straight away you’re only getting half of the picture. Now add semi-insolvent companies into the mix. They can do exactly the same thing while sliding into administration, possibly dragging countless business partners into the fray with them.”
Last month, the FSB released figures showing that up to 84% of small businesses in the UK claim they're routinely paid late and Experian also released data suggesting freelancers are increasingly struggling with late invoice payments, too.
StreetCred allows anyone sending an invoice to report if it was paid on time, late or not at all. Then it does the same thing as traditional CRA’s; calculate a score showing who pays and who delays.
Jonathan Caine, StreetCred’s CEO explained; “Every invoice on StreetCred is between the sender and receiver only. We will never share specific details with anyone, but we will warn you if multiple members report not being paid by a company you trade with and help freelancers find out how promptly potential employers have paid in the past. Plus you’ll be able to share your score whenever/where ever you like.”
Jon recently addressed members of the World Bank and CRA’s from almost everywhere around the globe and is also speaking at The Business Show 2018 in November.
You can get help with late payment from the Small Business Commissioner complaint scheme or via FSB Debt Recovery.