Late payments are driving up the cost of purchases. 40-50% of the value of invoices is held up by late payments, causing huge cash flow problems for small suppliers.
As a result many SMEs are forced to take out expensive credit, typically at interest rates around 30%, to cover short-term liquidity needs. This, ultimately, feeds through into higher purchasing costs.
At the same time, there is significant public pressure to reform payments practice with legislation from the European Union, UK and US governments.
Previse’s technology enables buyers to safely ensure their suppliers are paid the day they issue their invoice, or from receipt of purchase order, at a very attractive financing rate.
Previse makes instant payments the benchmark for B2B payments. It offers a sustainable solution which allows buyers to nurture suppliers and reduces the need for suppliers to rely on expensive short-term credit, cost savings which can feed through in reduced purchase prices.
With hundreds of millions of data points. Previse’s artificial intelligence makes a highly accurate assessment of each invoice. The risk of any losses is borne by the funders.
It has frictionless implementation, requiring no new on-boarding of technology or the need to change payment processes.