Recordent upgrades its tech stack to provide Automation for MSMEs, from buyer screening to sending legal notices to defaulters, via its Data Powered platform
Recordent, a new-age credit management platform, has upgraded its technology stack to provide end-to-end Credit-to-Cash (C2C) management for MSMEs, reinventing the credit management industry. The automated & 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 behavior.
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 a 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.
This credit intelligence assists businesses in determining their total exposure across their account base. It gains visibility into credit risk and quickly onboards customers, sets the right terms, understands customer linkages, gets paid on time, and assists in cash flow improvement.
Another two distinct features are the ability to send legal notices to buyers who have defaulted on payments despite payment reminders and bureau-style notifications, as well as data-powered Business Analytics, a new offering for businesses seeking detailed insights into buyer-level payment behavior, overall overdue analysis, sales & receivable analytics, and more.
“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.
Recorded platform has over 37000+ users in India and has registered over 8 Lakh+ invoices valuing over 4,688 crores. The platform offers Gold, Platinum and Diamond subscriptions to its Clients. Furthermore, it offers the majority of the key services on a “Pay As You Go” basis, with the Gold Plan being the most basic membership at no cost. With this, Recordent strengthens its position in the credit-to-cash management space, with a unique bureau model and other offerings in Credit Risk, Analytics, and Financial & Legal Services.
