This is intended to create a new service allowing UK SMEs to protect their income on an invoice-by-invoice basis.
The UK’s Federation of Small Businesses (FSB) estimates that late payments cause up to 50,000 company closures a year at an annual cost to the economy of GBP 2.4 billion.
Via the Countingup app, users will be able to access Hokodo’s Invoice Protection tool to request quotes. By so doing, they can ensure that their highest and most business-critical invoices are covered. They can identify individual invoices they want to protect and purchase and pay for insuring them through a tick box process. The price of insuring each invoice with Hokodo’s solution is typically between 0.25 and 1.5% of the overall value of the invoice.
Countingup has already established a link to the Hokodo solution within its app. The two partners are now working on integrating their solutions more closely to further streamline the experience for users.
Countingup was set up in September 2017 and is venture capital backed.
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