According to the FSB, large companies that drag their feet in settling bills account for the failure of up to 17,000 businesses like yours every year. Now that hardly seems fair so we decided to shift the odds back in your favour. StreetCred is a brand new credit reference agency (CRA) designed to end late and unfair payment practises in the UK by using the traditional CRA model to follow invoices and their repayment instead of repayments to banks and lenders. We call it Crowdsourced Credit Scoring and we are looking for Xero users to beta test the pilot program right now at; app.streetcred.org.uk When a well-known company folded leaving suppliers high and dry we knew the time had come for change. Looking into the situation we saw that traditional CRAs only track debts to banks and lenders so if those debts are being paid when a supplier carries out due diligence everything could look hunky dory – even when it’s not. In the traditional way of doing things problems can occur because there’s no easy way to check invoice payment information and that’s where the first warning flags appear so we developed StreetCred to make doing business simpler and safer. StreetCred is going to give every UK business a real-time StreetCred Score that clearly shows how well you pay your suppliers of goods and services; pay your invoices late and your score goes down, on time and it goes up or stays steady. We automatically collect the invoice data directly from your online accounts package so there’s no extra work involved and we keep these details for 6 months from the Date of Payment at which point they’re permanently deleted. StreetCred is completely unable to make any changes to your Xero account and of course all invoice details are strictly between the sender and receiver only, we will never share specific details of an invoice with anyone else. QuickBooks integration is planned for the end of May so please keep your eyes open in the usual places or sign up for a free account and watch for a notification if you would like to help us beta test that and we would love to hear which service you want us to add support for next, please let us know on social media who you support. And for any Xero users out there who would like to help beta test StreetCred right now or just plain old get a head start on building your own amazing StreetCred Score, please head over to app.streetcred.org.uk and sign up for your free account. Everything you need to know and full contact details can be found in the FAQs section of your dashboard. StreetCred. Credit where it’s due.
