A London-based startup is looking to help SMEs fix the issue of late payments through a B2B app that provides reputational scores for companies based on their previous transactions.
StonePay says that two in five invoices in the UK are paid late, which often has serious consequences for small firms and their cashflow.
The firm wants to tackle this with a community-led app that lets companies manage their reputation score based on previous successful transactions, turning confirmed payment history into points. StonePay captures data from the two parties directly involved in the transaction, confirming each other’s performance.
Participants can build their reputation rating and trust profile, sharing it to prove their trustworthiness, or to obtain better credit conditions and improved business terms.
Filippo Mazzei CEO, StonePay, says: “There is a huge need for B2B businesses across the globe to be able to trust each other and to control their business reputation without having to rely on traditional methods that cost money and cause delays in operations.
"Our aim is to eradicate late payments, limit risk, and offer the good payers the benefits they deserve!”