Kolleno to help SA businesses put an end to late invoice payments

When the SA economy was devastated by the impact of Covid-19, more than 50 CEOs of well-established businesses took a bold step and committed to paying their SME suppliers in less than 30 days. 

Under the leadership of several organisations, including Business for SA, SA SME Fund and Business Leadership SA, the #Payin30 initiative became a sign of goodwill to support small- and medium-sized businesses. 

Late payments have been an issue in SA, long before the economy was devastated by the pandemic. Research indicates that 91% of SMEs in SA experience overdue invoices at any given time, with an average of R99,801 outstanding. 

As a result, the growth of this vital segment of the economy is stalling.

Having spent considerable time working with businesses in SA, Europe and the North America to address late payments, the Kolleno team witnessed the challenges that outdated legacy systems and processes have on the ability of businesses to effectively manage working capital. It has also seen the impact of late payments and unstable cash flows on the long-term health and success of businesses.

The credit solution company is excited to support the #Payin30 initiative to help end issues of late payments and empower businesses in SA to thrive — not just survive. 

What Kolleno is doing to help

The team at Kolleno will be offering its cloud-based accounts receivable management and cash collection platform to 100 businesses in SA for free for three months.  

Kolleno plans to provide each of these businesses with real-time data and visibility to better manage their receivables and financial health, and seamlessly automate and streamline core processes, communications and payments. This will allow businesses in SA to focus on what matters most — their clients and their business. 

If you are interested, contact Sipha Ndawonde, Africa operations at Kolleno on sipha.ndawonde@kolleno.com. 

This article was paid for by Kolleno.