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Credit Management

Small businesses in Northern Ireland are chasing late invoices with an average value of £8,000

By CreditMan Monday, June 15, 2015

Small businesses in Northern Ireland are chasing late invoices with an average value of £8,000 , according to new data analysis from fintech start-up Ormsby Street, the company behind free credit-checking tool, CreditHQ.

Ormsby Street is one of the organisations attending MoneyConf, the dedicated two-day conference featuring the world’s leading fintech companies and a new wave of fintech startups that begins in Belfast today.

Its CreditHQ is a free online tool that allows a small business to check the financial health of customers, suppliers and partners. 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, providing them with straightforward, actionable insight based on that analysis

“£8,000 is a significant amount for Northern Irish small businesses to be owed, and it’s a similar story all over the world, with small businesses dogged by late payment of invoices,” said Martin Campbell, Managing Director, Ormsby Street. “The CreditHQ Insight Engine brings all the benefits of big data to any small business using the tool, suggesting how businesses can respond when dealing with different types of customer or different circumstances. This allows them to concentrate on running their businesses efficiently and focus on future growth.”

MoneyConf is the sister event of Web Summit,Collision and RISE and aims to demonstrate how innovations are transforming every aspect of commerce and provide an overview of the trends that matter in the payments and finance landscape.

“There is arguably more innovation in the fintech sector right now than any other industry in the world, and we want to be at the forefront of that innovation,” continued Martin Campbell. “Our platform is addressing a major problem for small businesses and I’m looking forward to showcasing it amongst the other fintech innovations on show at MoneyConf, which already looks becoming a must-attend event.”

Ormsby Street is one of the UK’s most renowned fintech startups. CreditHQ is used by more than 25,000 UK small businesses, and Ormsby Street was recently: selected for the prestigious Startups 100 list; chosen by The Next Web Europe for one its ‘Pitch’ spots to talk about CreditHQ on stage in front of an audience of startups, investors and industry leaders; and participated at the SXSW event in the US, where it was representing UKTI as one of their ‘best of British’ firms.