Know-it, the all-in-one credit management solution for businesses, has partnered with Nimbla to offer single invoice insurance in-platform.
“Credit Insure-it” is a new feature to Know-it and is powered by Nimbla. It provides an extra layer of protection to business’ cashflow in the event their customers go into liquidation or administration by providing single invoice insurance. SMEs can select which invoices to protect, insure them in seconds and trade confidently despite market uncertainty.
Credit Insure-it joins Check-it, Chase-it and Collect-it as the 4 elements that make up the Know-it platform, empowering businesses to mitigate credit risk, reduce debtor days and boost cashflow all in one place.
Users of Know-it also have access to Unsecured Creditor Claims data allowing them to see losses suffered by a business as a result of their customers going into liquidation or administration. Now, not only can Know-it users identify liquidations and administrations that could impact their invoices being paid on time, they can now insure their invoices in the event their own customers go into liquidation or administration, providing a much needed safety net.
Know-it Founder & CEO Lynne Darcey Quigley says on the partnership “there’s a great synergy between Know-it and Nimbla as both provide great solutions to business’ finances during times of need. With Know-it giving the facility for businesses to credit check and monitor, automatically chase late payments and collect overdue invoices in one platform, now we’re delighted to be able to offer single invoice insurance so businesses can still access cash they’re owed in the event of their customers going into administration or liquidation by protecting their invoices. £5.8bn is lost annually due to liquidations and company insolvencies more than doubling and reaching the highest quarterly number since 1960 this year, there has never been a better time to stay protected. Times are changing and we can see the very real risk of company administrations/liquidations increasing, so having credit insurance to cover commercial invoices is priceless.”
Blair Pusey, Head of Sales and Partnerships at Nimbla says “When we first sat down to explore what a partnership with Know-it might look like, it was clear that our cultures aligned just as well as our products. Customer feedback and input from the SME community was a constant reference point as we discussed what SMEs need to know to protect their businesses. Together we are able not only to highlight the risk of insolvency and impact of bad debt, but actively help avoid it through insights and trade credit insurance. We are delighted to partner with Know-it and enable SMEs to mitigate risk, reduce debtor days and increase cashflow.”
Lynne adds “A recent report has shown 60% of businesses are impacted by invoices being paid late, so it is critical that businesses have a plan in place for when payments are not made on time.”