FinTecrity digitizes invoice and receivables management for SMBs.
The EOS Group stands for debt collection services and debt purchase worldwide. It is also developing solutions and services not tied to specific third-party collection systems with its wholly owned fintech subsidiary FinTecrity, whose products help small and medium-sized businesses digitalize their invoice and receivables man-agement and maintain liquidity, especially in times of crisis.
- EOS subsidiary FinTecrity offers B2B and B2C solutions not tied to specific third-party collection systems.
- The cooperation between TeamFaktor NW GmbH, DV Deutsche Verrechnungsstelle, and FinTecrity has yielded a billing product and a factoring product.
- These digital solutions help improve the liquidity of small and medium-sized businesses (SMBs).
- Retailers also benefit from the improved liquidity of their customers and act as multipliers.
- The combination of state-of-the-art technology and human expertise results in the best possible service and support for customers.
When FinTecrity launched its new online portal in April 2020, no one could have guessed that the timing would unintentionally turn out to be so favorable. The Covid-19 pandemic was still in its infancy, and many companies were already wrestling with serious concerns about their liquidity. But even in normal times, its products should help customers maintain liquidity and minimize the risk of default.
Digital factoring solution frees up liquidity.
“Especially in times of crisis, companies are asking themselves a fundamental question: How do I get my money, and how do I get it as quickly as possible? Our factoring solution means that they no longer need to worry about issues such as payment deadlines and defaults,” says Gaspar. Instead, companies can upload their invoices to the DV portal. Thanks to a real-time creditworthiness check, the company will know after just a few moments whether the factor – TeamFaktor NW GmbH in this case – will purchase its invoice. If the invoice is purchased, the full amount is in the company’s bank account within two days at the latest. The customer is invoiced for the factoring fees on a monthly basis.
FinTecrity products focus on SMBs.
When I have earned my money for the month I do not upload certain invoices until the turn of the month, in the certain knowledge that I will have my money within two days.
Retailers also benefit.
Because our customers get their money faster, they pay our invoices a lot faster too – usually after eight days.
Other solutions are already in the works.
FinTecrity is currently working on new features to resolve existing media interface issues and streamline the processes even more. Marco Gaspar gives an example: “Customers today still upload their invoices to the portal manually. We are currently working on a solution that will allow this to be done with one click in the software used by the SMB after creation. Our solutions should make the job easier for customers. To that end, we listen closely to our customers and observe how they use our services.” Additional services, such as a factoring solution for lawyers and a billing platform for driving schools, are already being developed.