Bumpy roads have had a common topography for small- and medium-size enterprises during the economic downturn. Businesses that press forward on thin or uncertain margins can ill afford clients who refuse to pay their debts. And that’s where Colin Porter comes in.
The Australian entrepreneur started CreditorWatch in late 2010. The company tracks and catalogs bad debtors, and shares that information with subscribing businesses.
In an interview with Anthill Editor-in-Chief James Tuckerman, Porter, who ran a printing business for several years, says he had first-hand experience with the bad seeds. “You’re not only not going to get paid, but the business had no intention of paying you.”
With rates starting at $24 a month, CreditorWatch will not only monitor businesses, but allow subscribers to show off the CreditorWatch logo on invoices and other documents.
Porter said his company adheres tightly to privacy law, and posts a debt problem only if it comes with supporting notices or legal documents. And Porter said CreditorWatch makes the distinction between flat-out bad debtors and those who have fallen behind but intend to day. After all, as previously noted, these are tough times.