Bad Debt Is a Thing of the Past with India's First and Only Credit-Worthiness Tracking Portal

NEW DELHI, November 19, 2017 /PRNewswire/ --

The biggest roadblock faced by the B2B space in India is the late payments. In an economy where SMEs attribute more than 45% in value terms and 99% in numbers, a business getting timely payment from another has become a challenge. Late payments acts as an interest free funding to other businesses and is an early warning indicator for the non-payments (BAD DEBTS) or partial settlements.

DebtorsWatch (DW) is India's first online platform for reporting the trade defaults and thereby recovering bad debts. DebtorsWatch is a web-based interactive portal helping businesses report trade defaults, perform credit checks and monitor customer's credit worthiness. DebtorsWatch provides a very effective debt/cash-flow management solution, which it does by playing as the virtual credit manager, by keeping an eye on all the debtors through its innovative debt collection tools. Like CIBIL, where financial institutions report the defaults of their borrowers; the data for which is used by other lending institutions for doing credit checks; DW allows businesses to report trade defaults against any business, which can then be used for performing credit checks by other members on the platform.

CA Deepanjan Periwal, the founder of Debtors Watch says, "In countries like USA, UK, Australia, credit tracking is a very common phenomenon to check the creditworthiness of a person based on the historical payment performance. In India, things are not transparent enough. Shrewd debtors were keeping the market in dark and eloping away after completing the cycle of debt sufficiency." He further adds, "We, at DebtorsWatch, are targeted towards introducing a transparency in the market where we are inviting people, by giving them an additional hand to recover money."

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.

Reporting of bad debts on DW is free, fast and simple. Businesses can report bad debts with a couple of clicks by uploading documents supporting their claim. On reporting a default the portal sends a series of email and text reminders to debtors asking them to clear their dues. Failure to do so result in Default being registered on the platform. DW's database is available to its registered members, hence reporting of a bad debt will encourage companies to pay the amount owed by them in order to resolve the defaults reported against them. Considering this fact DW also allows, customers to 'put a response' or 'Agree to Pay' for the defaults reported against them. Eventually it allows reporter to close the default, if he chooses to do so.

So the next time you decide to lend money or offer credit to customers, remember to perform a check on DebtorsWatch. You can also find them on Facebook, Twitter, and LinkedIn.  Alternatively, to know more, visit www.debtorswatch.com and watch the video https://youtu.be/aawZeQm59_A

Media Contact : Akash Singh, media@shamoor.com , +918376903305, Shamoor

SOURCE DebtorsWatch



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