LONDON, February 14, 2022 /PRNewswire/ — A UK entrepreneur who recently launched an automated digital platform to collect business debt thinks he’s paid the country’s oldest bill – and in less than an hour!
Gary Brownfounder of Debt Register, used his system to successfully collect a £2,502 debt over four years (1,499 days) overdue – and he did it within 45 minutes of the news going live software platform as a service and debt being downloaded.
Gary invented the system after spending his life working in credit management and growing tired of customers sitting on their bills without paying them: “It’s an industry-wide problem and I I was determined to do something about it,” he explains.
“There are hundreds of companies that generate large volumes of often low value debt, where their only solution to late payments is to cancel them or go to court. But with the judicial system which has practically stopped, and with no guarantee of success anyway, I felt there had to be a better way. And so Debt Register was born.
Gary says the system is also effective in collecting larger debts, and from overseas: the largest debt collected to date was $1,119,412.80 of a debtor established in France.
Simply put, Debt Register is a software platform that automatically identifies and verifies a customer’s email contacts responsible for paying bills. (Incorrect emails are still the number one cause of unanswered collection requests.) He asks that this bill be settled, with the implication that failure to do so will result in the company being reported to major credit reference agencies. (BOW). This hurts their credit score, as well as their reputation, in an age when payment performance must be reported to shareholders.
“Debt Register offers a tangible and direct consequence for these companies if they continue to fail to pay an undisputed, overdue bill,” he adds, “and it’s that ‘consequence’ that seems to focus the mind!”
The technology was recently shortlisted in the Innovation and Technology category of the UK’s leading awards programs for the credit industry.
SOURCE Debt Register