Fintech startup Ormsby Street has launched a new Insight Engine for its free online tool CreditHQ, which will now provide straightforward, actionable insight to small businesses who check the financial health of customers, suppliers and partners.
The Insight Engine launch comes as new Ormsby Street data analysis has revealed that the late payments pursued within the CreditHQ platform average £6,142.
CreditHQ takes data from Companies House and from major credit data supplier Dun & Bradstreet, and uses that data to allow a small business to check the credit status, payment performance and general financial health of more than seven million companies.
In addition to the clear signal that this information gives small businesses, the new Insight Engine now explains what each piece of information means within the context of the relationship that a business has, and gives options on what actions might usefully be taken.
Martin Campbell, managing director of Ormsby Street, said: “More than £6,000 is a sizeable amount for a business to be owed, and could well be the difference between being able to pay staff on time or hitting trouble: thriving or going out of business.
“But trying to understand complex set of data about every customer is the last thing a busy small business needs, so our new Insight Engine looks at this information and decides what’s important, suggesting how businesses can respond when dealing with different types of customer or different circumstances.”
CreditHQ also provides other information on a small business’ customers, including company number, trading and registered address.
It also provides regular updates on credit ratings, so a small business will be kept abreast of any changes in a customer’s ability to pay. A user adds a company to their Watch List and will receive alerts when the company’s financial details change.
Campbell added: “Late invoice payment is the biggest contributor to poor business cash-flow, which in turn is a major inhibitor of business growth.
“We are addressing a significant problem for small businesses and to use data in this way, presenting the analysis in simple terms that any business can understand is an invaluable tool for any SME.”