Hyderabad: Recordent, India’s pioneering credit and payment reporting platform, announces the enhancement of its payment reminder notifications feature through the globally used messaging platform WhatsApp as an additional medium apart from the existing ones like E-Mail, SMS and IVR. This innovative addition is custom-tailored to enhance engagement and uplift collection rates, specifically benefiting SMEs and MSMEs by offering a streamlined approach to managing their financial responsibilities.
For small and medium enterprises (SMEs), timely payments are crucial to maintain operational balance. Any delay in payments can disrupt their cash flow, impacting day-to-day operations, inventory management, and growth opportunities. This disruption often extends to their ability to pay vendors or employees promptly, affecting overall business stability. Hence, implementing a reliable and efficient payment reminder system like WhatsApp becomes indispensable. It ensures that SMEs can maintain a steady cash flow by promptly reminding clients of pending payments, thereby sustaining their operations smoothly.
The integration of WhatsApp for payment reminders brings multiple advantages for business operations & efficiency. Through personalized messages, individual client needs are met, ensuring prompt payments. This new feature of notifications via WhatsApp expedites reminders, ensuring timely reports are read within minutes, thereby significantly reducing delays and enhancing overall system efficiency. This strategic integration perfectly aligns with Recordent’s commitment to empowering its clients, simultaneously benefitting the organization.
Complementing the WhatsApp payment reminder service, Recordent has recently introduced Collection notices from Recordent Credit Registry, a non-banking payment reporting platform. These collection notices are aimed at creating a sense of urgency and accountability by accounting for the communication trail and ensuring accessibility to payment history. This feature is designed to expedite the resolution of default payments without negatively impacting the buyer-seller relationship.
Mr. Winny Patro, CEO and Co-founder of Recordent Pvt Ltd emphasized, “We understand the critical role of timely payments for our sellers and the pivotal function of effective communication in achieving this objective. Our integration of WhatsApp as a convenient and cost-effective solution for payment reminders, alongside the newly added Collection notices from Recordent’s Credit Registry, underscores our commitment to offering comprehensive solutions that adapt to our client’s evolving needs. Our dedication remains steadfast in providing our clients with cutting-edge solutions and services for their financial success.”
Recordent has a successful subscriber base of 11,000+ members/customers. In addition, the total count of invoices uploaded by the customers on the platform to date is approximately 8.5 Lakhs+. Recordent’s clientele includes leading companies like PM Cona, Pennar Industries, Furlenco, and BhadePay, who have managed their credit management portfolio efficiently.
Recordent is a technology platform helping businesses improve collections by credit profiling their customers with payment data, reducing risk by providing insights into customers’ payment history. The company is closely working with 50+ SME industry associations. It plans to continue establishing meaningful partnerships to add value to the association members in their credit management practices by improving collections and reducing credit risk. Along with FSDA India, Recordent has recently engaged tie-up with the Bombay Industries Association and Taloja Industries. In November 2021, Recordent raised $400,000 in angel funding from the Family Office of Kantamaneni & IIM Calcutta Innovation Park and other angel investors from India and the US.