London, UK – With an extensive business directory covering over 36 million registered businesses across the United Kingdom, Singapore, Australia, and New Zealand, Formsome is now offering an innovative open source solution to address the pervasive issue of late business payments. By leveraging verified creditor reviews and public data, the platform can assess and determine the payment reputation of businesses.
For years, businesses globally have struggled with late payments. MarketInvoice’s research reveals that in 2017, 62% of invoices from UK SMEs were paid late. On average, these payments lagged by 18 days past their due date. Such delays not only stifle a business’s cash flow but also drain £2.5 billion from the UK economy each year, as reported by the Federation of Small Businesses (FSB).
The repercussions of late payments ripple beyond the businesses directly involved. Stakeholders, including freelancers, suppliers, employees, customers, landlords, and shareholders, bear the brunt of these payment practices. For instance, small-scale suppliers might confront cash shortages due to these delays, potentially leading to operational cutbacks or even insolvency. Likewise, faith in a business could wane among creditors, prompting escalated interest rates or credit denial.
Moving away from traditional credit scoring from conventional credit scoring methods, Formsome uniquely combines registry data with verified creditor feedback to deliver a holistic view of a business’s payment reputation. Persons entering into a contract with a business can harness this data to steer their interactions judiciously. This innovative system motivates businesses to uphold prompt payment habits, which in turn nurtures a robust and principled business milieu.
Jerry Canter, co-founder of Formsome, expressed his enthusiasm, stating, “Launching Formsome signifies our commitment to resolving the endemic issue of late payments. We’re poised to enable all stakeholders to make savvy choices, promoting a more vigorous business landscape.”
Formsome is now available to anyone looking to make informed decisions when dealing with businesses.
For further insights, please visit https://www.formsome.com.
Media Details
Company Name: Formsome
Contact person: Mira Goodsmith
Contact Email: [email protected]
Country: United States
Source: formsome.com