It seems, when a customer doesn’t pay, there’s little you can do. You can try legal action but it’s expensive and even if you win the case there’s no guarantee of getting paid. So what other choices do you have?
Deepanjan Periwal, a Chartered Accountant, Founder of DebtorsWatch, talks about India’s first online platform which helps businesses to: (i) Report bad bebts online, helping recover the same; (ii) Check reported defaults and court judgments of a customer before engaging with them; (iii) Monitor existing customers on an on-going basis for any adverse changes; (iv) Access to debt collection tools.
Like Banks and NBFC’s report defaulting customers to CIBIL, businesses report trade defaults on DebtorsWatch. DebtorsWatch has been designed to make it easy for businesses to check credit information and make informed decisions before granting credit to new customers. Deepanjan believes the service is invaluable to any business facing bad debts. It’s becoming harder to remain cashflow positive when business defaults and late payments are increasing. You work hard – why shouldn’t you get paid? Alert others about defaulting customers and get alerted through defaults registered by others. DebtorsWatch reduces your vulnerability to bad debt.
DebtorsWatch is recognized by Ministry of Commerce and Industry, Government of India under #StartUp India Initiative for developing innovative platform to help business (SME’s) report bad debts, check credit worthiness and monitor customers on a real time basis.
Since the launch in March 2017, the company has had hundreds of members sign up and businesses registered for not paying their debts.
“Our members includes some of the banks and NBFC’s, who sees our site before granting any loans and also as an early warning indicator for potential bank defaults” says Deepanjan Periwal
DebtorsWatch members are also allowed to use the DebtorsWatch logo on their invoices, agreements to encourage a prompt settlement. To find out more, visit the website and watch the video at www.debtorswatch.com