A new service called CreditorWatch has been launched to warn start-ups from doing business with shonky operators who carry poor credit ratings.<\/p>\n
<\/span><\/p>\n <\/p>\n CreditorWatch allows small businesses to expose clients who have failed to pay their invoices on time, and monitor current and potential clients\u2019 credit ratings.<\/p>\n <\/p>\n Spokesperson Patrick Coghlan says there are three phases to the CreditorWatch concept.<\/p>\n <\/p>\n \u201cYou can monitor your clients, you can expose bad debtors, and you can use the [CreditorWatch] logo on your invoices as a preventative measure,\u201d he says.<\/p>\n <\/p>\n Users essentially share information on a name-and-shame basis. They create an account by submitting their billing and contact information.<\/p>\n <\/p>\n By entering the ABN or name of a business, users will be able to view any defaults registered against them.<\/p>\n <\/p>\n By adding the business to their WatchList, they will be alerted via email of any future defaults registered against the company they are monitoring.<\/p>\n <\/p>\n Registering a default against a business can be done once a debt is 30 days overdue and requires the user to upload a document such as a statement, final notice or legal letter.<\/p>\n <\/p>\n Other CreditorWatch users will then be able to view this default and document, and receive an email alerting them to this information.<\/p>\n <\/p>\n Coghlan says CreditorWatch is a valuable form of business insurance, and start-ups have an advantage because they can sign up in advance.<\/p>\n <\/p>\n \u201cWe see ourselves first and foremost as a prevention [measure] rather than a cure,\u201d he says.<\/p>\n <\/p>\n \u201cIf you do have an alert that comes through to you \u2013 warning you about a prospective or current client \u2013 [the monthly fee of] $24 could potentially save you $10,000.\u201d<\/p>\n <\/p>\n \u201cWe find small business owners want to be able to tell people [about bad debtors]. They\u2019re angry they\u2019re not going to get their money back so the next best thing is exposing the shonky operator.\u201d<\/p>\n <\/p>\n CreditorWatch was created by the managing director of a publishing company who was sick of dealing with advertisers who refused to pay their bills.<\/p>\n","protected":false},"excerpt":{"rendered":" A new service called CreditorWatch has been launched to warn start-ups from doing business with shonky operators who carry poor<\/p>\n","protected":false},"author":2,"featured_media":60321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42450"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42450"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60321"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}