The automated and seamless Credit-to-cash process shall help businesses to optimise resources better, improve collections, mitigate credit risks and increase efficiencies. The platform adds two unique features: legal notices and Data powered business analytics, enabling bureau-style notification assistance for smaller businesses and providing data-driven insights into payment behaviour.
“The biggest challenge for MSMEs today is cash flow management, which impedes their growth and operations. In many cases, not receiving payments worsens the situation. Recognising this, we at Recordent designed our platform with a strong emphasis on better cash-flow management and business expansion unique to this community. The new enhanced features will help to strengthen seller-buyer relationships through data & analytics,” said Recordent India CEO Winny Patro, in a statement.
The easy-to-implement, easy-to-use tech platform will harness the power of data and technology to enable businesses to optimise cash flows and accelerate secured growth.
The key features automating the business process include; Buyer onboarding, a thorough credit check of buyers using Equifax-powered credit reports, and Recordent report for buyers reported on the platform. Invoice Management, Invoice Reconciliation, Payment Reminders, and the SoA (Statement of Account) feature will supplement this. The upgraded Payment Reminders will provide the buyer with a buyer dashboard and reminder messages via SMS, email, and IVR.
The new feature has also introduced the ability to report buyer dues exclusively to the buyer first without influencing the buyer data for Recordent B2B reports. In the event of an overdue, the buyer data is analysed on the Recordent platform, and a bureau repository payment reminder is shared to inform on the consequences of delayed payments and improve recovery chances. Recordent platform has over 37000+ users in India and has registered over 8 Lakh+ invoices valuing over 4,688 crores.
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