CreditorWatch plays a valuable role in supporting our financial account monitoring. Through this site and emailed updates, we are able to make prompt decisions regarding account applications and maintain up to date information in regard to our client database. We utilise the CreditorWatch logo on our statements and follow up notices and find this affiliation encourages quick settlement of outstanding accounts. In turn, we support this system by registering the defaults we occasionally incur and find uploading this information very easy. We would encourage all our industry partners to utilise this system as this can only result in a positive outcome in minimising debt.
On behalf of Formline Group, I would like to take this opportunity to thank CreditorWatch for providing great services in monitoring clientele and debtor management. To be able to examine a new client’s history prior to engagement in contracts and then have a central list managed by CreditorWatch who send alerts for any changes to the entity has proved extremely beneficial to Formline Group. Then from the same service provider, to be able to effectively communicate to clients regarding outstanding accounts has taken the headache out of debtor management. We have had great responses from debtors to whom we have issued warning letters notifying of our affiliation with CreditorWatch – the possibility of us registering a default against their company spurs them to action. Having the backing of CreditorWatch has given us greater security in our dealings with our clients. It is a pleasure to deal with a professional company who provide fast and efficient follow-up service and willingness to assist however possible. I would have no hesitation in recommending CreditorWatch’s services with confidence to any potential client. It is a must-have tool for every company, no matter how large or small.
We received the "30 day free trial" mail out and decided to try CreditorWatch. We were very happy with our initial assessment and the video tour was informative and entertaining. We had been using another debt reporting system but found it did not meet our needs and was not at all user-friendly. Members of the CreditorWatch team were more than happy to come out and give us some training and a better understanding of the features. After that, we were completely sold on CreditorWatch. Once we were able to email across all our debtors they were loaded on to the system within 24 hours. We have found the site very user-friendly and uploading is very easy. CreditorWatch is always available to give us help over the phone. We have integrated CreditorWatch into our accounts set up procedure, giving us an insight into the people we are looking at doing business with. One of the best features is the email alerts, giving us information about changes to our customers’ business details. It lets us monitor businesses that we are concerned about. We also find it invaluable to be able to use the CreditorWatch logo on letters and have it on our statements that we are members of the CreditorWatch community. We are extremely pleased with CreditorWatch and are always happy to refer other companies facing challenging customers to the site.
Instyle Contract Textiles Pty Ltd
When I signed up to CreditorWatch, my first email came very quickly, fully detailing possible problem accounts. Well… this left me absolutely stunned. I had accounts currently in use where administrators had been appointed months ago and I didn't know. It alerted me to legal actions which has given me a heads up to watch certain accounts. It threw alerts at me where ABN’s had changed. Names had changed, ABN cancellations. The list goes on… Everyone that knows me in the industry knows that I am usually a stickler for detail, CreditorWatch opened my eyes that all is not as it seems. I will now think of them as my guardian angels, silently at work behind the scenes looking over my accounts. After a frantic couple of days correcting everything, I can now breath with a sigh of relief, thanks CreditorWatch (do you deliver coffee as well?) Try their free trial period, trust me you wont be disappointed. We are extremely pleased with CreditorWatch and are always happy to refer other companies facing challenging customers to the site.
CreditorWatch has become our silent Credit Officer (without the need for a desk!). We have found CreditorWatch to be an invaluable tool to help monitor & control our Debtors. We are automatically advised of any changes to the structure of the businesses we deal with as well as any defaults, court actions etc. The system is easy & efficient to use as we originally provided our client list to the Team at CreditorWatch which was automatically uploaded. Daily emails are sent advising of any changes to our client database or adverse information. This enables us to act quickly and mitigate against any further losses that we may have incurred if we had not been advised at this early stage of a company experiencing hardship. The CreditorWatch logo on our Invoices and Statements is a handy deterrent to any clients who may think of defaulting, Clients are advised that they will be defaulted with CreditorWatch which we find is quite an effective tool to help "motivate" our customers to pay us. In today's economic environment, we cannot underestimate the importance of timely information & this is where CreditorWatch delivers.
Total Office National
Total Office National has actively used CreditorWatch since June 2012, during which time we have found it to be a valuable tool in monitoring existing business as well as investigating the viability of potential new business. Our accounts department has integrated use of the CreditorWatch website into its general system, to make it an essential part of our safeguarding procedures. We are able to search names of prospective customers, whilst also making important checks to satisfy ourselves that these businesses are running smoothly and paying their debts. CreditorWatch allows us to maintain a watch list of selected customers/debtors. This list is compiled by us via the CreditorWatch website and works to monitor and keep us informed of the affairs of these customers in as far as they may affect their ability to satisfy their debts. Default notices, changes to organisational structure, directorship changes and other material issues are notified to us immediately, enabling us to make prompt decisions regarding current and future dealings with these businesses. Another feature offered by CreditorWatch is the use of the downloadable CreditorWatch logo. This is effective when used in documented communication with stubborn debtors where we need to request payment which is outside our terms. As a tool depending largely on its community of users, making debtors aware of our association with CreditorWatch encourages settlement of debts in an effort to prevent negative reverberations. In the current economy, we are constantly faced with challenging commercial decisions. We consider CreditorWatch a useful tool in helping us make the right decisions for our business.
Torino Food Services
Torino started using CreditorWatch a few months ago, since that time it has helped alert us to a number of customer that have had bad debts or court defaults against them and in a few cases applications to windup or administrators appointed. The CreditorWatch Membership logo and final demand template have really helped to collect on slow payers; they are scared of being listed on CreditorWatch and usally pay up very quicky when threatened with being Defaulted on CreditorWatch. When you are selling to hundreds of customers every week its impossible to keep on top of all of the changes and problems going on in the background CreditorWatch alerts us daily to any adverse changes with our customers so we can change our credit terms or take action to collect quickly from companies getting into trouble.
A & W Hollier
A & W Hollier have been using Creditor Watch for the past few months and have found it to be quite valuable. The alerts received enable us to keep the accounts up to date when customers change details. It is quite a common occurrence for them not to inform their creditors. This allows us to be proactive and ensure we are dealing with the correct entity at all times – which is very important in these troubling financial times. I have found great benefit in the default alerts – it gives me a nudge to be extra careful or to immediately stop supply/take action depending on the customers current payment status with us. To top it all off – it is easy to register or deregister an account to watch and a quick entity check is a breeze. I can also get in contact with my counterparts in other companies if required!
FujiFilm Australia Pty Ltd
The real-time info we receive through the CreditorWatch system has provided up with the earliest possible warning of delinquency. I would recommend their services to all. The staff are helpful and enthusiastic.
CreditorWatch has helped us watch our current list of debtors as well as being able to run quick checks on new debtors.
When businesses apply for a credit account with us, it’s reassuring to know that there is somewhere I can refer to, to gain credible information on them.
We have been very happy with Creditor Watch. It’s not a big investment and in these trying times, every little bit of info we get helps.
Fujitsu General (Aust) P/L
I find the website and service very good - you have a convert here, I must admit that I was very sceptical of it when first came to my attention.
Just a quick note to let your company know how CreditorWatch has worked for my business. As you can see on my email signature there are several groups for which I am openly proud to be associated with, including CreditorWatch. I also use this to my advantage when writing an email and letting a potential debtor know that I am about to register a default against them on CreditorWatch. I generally get paid within twelve (12) hours once sent!
We handle all payments ourselves, and have seen an increase recently in the number of days it takes to receive payment from many restaurants. Being able to have a website which we can check on companies before we deal with them will save us a fortune in bad debts. We had two restaurants in Melbourne who have owed us over $10,000 each for 2 years. It won't happen again.
Now Careers have found that being a CreditorWatch customer is of paramount value to our business. The account is easy to navigate and very user-friendly. Having the benefit of using the CreditorWatch logo on all our invoices and statements is encouraging prompt payment from our customers.
The Silent Partner
CreditorWatch alerted me to the fact that one of my clients had defaulted with another company. I was able to quickly reduce my exposure and negotiate cash on delivery for future dealings.
Lindsay Yates Group
We have been promoting CreditorWatch on all our invoices and with follow-up correspondence with our debtors, it's made a big impact on our ability to collect receivables.
CreditorWatch flagged a client that had a suspicious payment record so we declined to take on the work. We heard later that client never did pay their bill, which would have seriously damaged our cash flow. Just being a member of CreditorWatch is very helpful in retrieving payments as no-one wants to have a default registered against their name.
We are new to CreditorWatch however we have posted the CreditorWatch logo onto our invoices and statements and can see our debtors paying quickly.
Using CreditorWatch as a leverage to extract late payments has worked very well. It is also a great platform for suppliers to network problem accounts with each other. Highly recommended.
GJ's COMPUTER SERVICES
CreditorWatch has assisted my business in a myriad of ways, including its ease of access, simple sign-up, ability to easily check and record my business customer's details and the ability to use CreditorWatch as a tool for those rare customers whom are tardy in payment of their invoices.
BLINDS BY PETER MEYER
It has allowed us to track some of our customers and assisted us in making relevant business decisions regarding credit.
This is a really fantastic, easy to use website that can help with bad debtors. It's a great way to monitor accounts, the more people within our industry that sign up, the more effective it will be.
DAVYDICK & CO. PTY. LIMITED
This service has helped me share info about bad debtors. Hopefully this will prevent other businesses from getting caught out.
Hayball Pty Ltd
This has proven a valuable tool in keeping track of existing and potential clients. It's like having an extra employee in the background that is solely focused on watching clients financial behaviour. It's good to have the information bought to your attention when it happens as opposed to reading it in the media or finding out when you are the 50th creditor in line.
IT Profits Pty Ltd
It is a relief to know that CreditorWatch allows me to let other small businesses know the problems I am having with obtaining payment from a large company. The competitors are just too expensive for a small business such as myself to use so CreditorWatch fills this gap nicely.
Ausworld Group Pty Ltd
I have found CreditorWatch to be very useful to use before accepting new clients, it offers that extra protection knowing who we are taking on as a client.
Beacon Imports Pty Ltd
Already have feed back as a result of the membership logo on our statements sent to clients now we are a member.