By Oliver Smith on Thursday 30 January 2020
Because unpaid invoices and defaults are bad for everyone’s business.
Every day small businesses are left facing overdue, unpaid invoices which could be detrimental to their survival.
That’s not just bad news for businesses, it’s also bad for their creditors who’ll be left out of pocket should the business fail.
Enter Just Cashflow, which AltFi can exclusively reveal is today launching a free suite of anti-fraud services to help its SME borrowers to vet their clients and customers.
The service will include advanced checks for connections between the officers, owners, and controlling shareholders of a potential customer, and their relationships with other businesses, addresses or disqualified directors both domestically and internationally.
Typically business owners might search on Google or Companies House, but Just Cashflow argues this isn’t sophisticated enough to tackle the £1.5bn losses that SMEs suffer from fraud each year.
“The software and services have been built with input from experienced fraud investigators, who have partnered with technologists to turn their insights into practical tools any business can and should use,” said Just Cashflow Executive Chair John Davies.
“For nearly eight years we’ve been targeted by fraudsters—as have our customers—in a manner of different and clever ways. We’ve used this experience to influence the design of services that deliver far beyond what is currently available to the average SME.”
Just Cashflow is an alternative lender offering revolving credit facilities of between £10,000 and £2m, and with interest rates from as low as 0.06% per day.