Clear Factor is the first fully digital invoice finance platform which overcomes major problems in SME finance around access, unfair expectations around collateral and costs. It levers new data within a digital experience to solve problems of cost and customer experience, reducing the time to money to minutes.
The Customer
The Challenge
When looking for a leading provider of credit information, Clear Factor tested all of the main credit referencing agencies before making any key decisions. Clear Factor needed key financial data in order to run Know Your Business (KYB) checks, and ensure they were working with legitimate businesses.
Clear Factor experienced delays in responses when speaking to other providers, and during the initial process communication between the CRA provider and the customer was key. CEO of Clear Factor, Sanjay Padhee say’s "Creditsafe were always quick to respond, which made the process much easier for us". Sanjay had also experienced Creditsafe in the past so having this previous knowledge and trust in our data ultimately helped the decision to use Creditsafe.
There was also a need to have all of the data in one place. Using the Creditsafe Connect API, Clear Factor were able to access business, consumer, complicance, and KYC data all through a single API.
The Solution
Clear Factor use Creditsafe data to help verify the legitimacy of the businesses they are working with, and to run KYB and KYC checks. The ability to have access to real-time credit information, gives Clear Factor the information they need to help with the scoring of their invoices.
Sanjay emphasises on how having a designated account manager helped the initial process and having one-to-one support after sales is vital to the working relationship. Sanjay adds ‘You work with businesses but you also work with people, having a designated Account Manager was key for us’.
Clear Factor also use Creditsafe data via our Connect API. Our API enables businesses to integrate company profile information straight into a CRM system, allowing businesses such as Clear Factor to speed up their onboarding process, and as mentioned, help with scoring their invoices.
To take our data even further, Clear Factor plan to use ID Scan to further enhance their onboarding process and ensure they are working with genuine businesses.
You work with businesses but you also work with people, having a designated account manager was key for us.
Sanjay Padhee
Clear Factor, CEO