On 17 March 2020, British Chancellor of the Exchequer Rishi Sunak addressed the nation, setting out a package of urgent economic measures to support businesses and employees. He recognized Covid-19 as a public health emergency, and also an economic emergency.
It will be won through a collective national effort”, he said.
Businesses in a range of industries are working to get SMEs through the emergency. Amongst them stands Sidetrade, which understands how vital cashflow is to the survival of SMEs in an economic crisis.
Lengthening of B2B credit terms, inability to post or receive invoices and reminder letters, unreachable debtors due to containment measures, disorganisation of teams not accustomed to working remotely, loss of control over their arrears… Cash flow is under high pressure, especially for SMEs.
Given the threat to the economy, tech companies like Sidetrade are joining a vast movement of citizen solidarity to support SMEs. Sidetrade is making a special free offer, called “CashControl“, to help SMEs control and secure their cash. CashControl is powered by Sidetrade’s exclusive artificial intelligence technology, used by leading corporations.
For small businesses to survive, especially in an economic downturn, they must get paid. The Public authorities are right to hold payers, especially large companies, accountable. With the outbreak of the pandemic, SMEs’ first priority was business continuity; the next priority is collecting accounts receivable. The following weeks will see whether or not cash, their lifeblood, comes in. Sidetrade will be there for them. We consider it our duty to stand by them in these unprecedented circumstances by providing AI technology that will make a real difference.”
− Olivier Novasque, founder and CEO of Sidetrade
Sidetrade has taken its Artificial Intelligence technology designed for large businesses, and rescaled it for SMEs. Sidetrade’s CashControl solution is available free of charge, until 30 June 2020, to any company with a turnover of between £8M and £400M. Driven by powerful machine learning algorithms, CashControl has unique features, such as unlimited digital dunning letters, and automatic installment payment scheduling for difficult cases.
CashControl meets the need of SMEs to improve the order-to-cash process through digitisation. The solution is based on Sidetrade’s AI tech named Aimie. Aimie can carry out payment recovery actions without human intervention and constantly adapts strategies according to the changing behaviour of each payer.
With the free CashControl solution, Sidetrade is hoping to arm SMEs for the battle ahead.