SHERIDAN, WY / ACCESSWIRE / January 22, 2024 / The US-based fintech company, Paidre, launched a self-serve digital platform to assist small businesses in managing non-paying customers in Singapore today. The platform enables businesses to collect unpaid customer invoices across multiple channels, reducing the time and resources required for manual debt collection. The automated and AI-optimised repayment process caters to B2B and B2C debts of up to $20,000, aged less than 2 years.
Many businesses are unaware of the available strategy when customers ignore payment reminders. Paidre addresses this issue by providing an online platform for businesses to recover late payments from high-risk customers. The platform enforces accountability by sending a formal notice to the debtor. If this notice is ignored, the transaction is furnished to credit rating agencies to inform other lenders of the debtor’s payment behaviour, potentially limiting their future borrowing ability If the debtor is an individual, the downgrade in credit score may also impede one’s employment prospect. Additionally, Paidre’s legal team will assist with the filing of a small claim with the state court and oversee legal proceedings, allowing creditors to have their cases heard rightfully before a magistrate without incurring hefty litigation costs.
The platform also offers creditors the option to resell the debt to third-party restructuring agencies for improved cash flow. The platform allows businesses to start pursuing their debts within minutes of entering details of non-paying customers. Using machine learning and big data, Paidre determines the optimal dunning cadence for each debt.
The system has shown to improve repayment rates by up to 350% compared to traditional methods and is up to 9 times faster than undertaking the full legal processes. Unlike traditional agencies, Paidre requires no upfront fees and does not deduct commission on repayments. Payment is made directly to the creditor’s bank account, and Paidre’s revenue comes from a small percentage charged to the creditor on successfully repaid sums.
Research by MarketInvoice in 2017 revealed that 62% of invoices from SMEs faced an average delay of 18 days beyond their due dates. "Many business owners are unsure of how to proceed when customers ignore payment calls. This can lead to negative cash flow and difficulty in making timely payments to employees and suppliers," said Shawn Hu, founder of Paidre.
Paidre’s mission is to ensure businesses are paid on time, fostering a sustainable financial ecosystem and a fair society. As a testimony, Jeremy Chua, a Paidre user, shared, "Paidre’s innovative approach to debt management recovered 80% of our unpaid debts within the first month, significantly stabilising our cash flow."
About Paidre
Paidre provides a simple solution for small businesses to handle potential bad debts, saving money and effort on individual claims. Its tech-enabled platform aids businesses in resolving non-performing accounts receivables by overseeing the entire repayment process. Collaborating with lawyers and credit bureaus, the platform takes swift action to penalise poor credit practices to secure repayments. With no upfront charges or commission deductions, businesses retain 100% of collected funds. Paidre only earns a 10% fee on successful repayments. For more information, visit www.paidre.com.
Media Details
Company Name: Paidre
Contact Person: Jerry Canter
Business Mail: jerry.canter@paidre.com
City and Country: Sheridan, Wyoming, United States
Website: https://www.paidre.com
SOURCE: Paidre
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