Day: June 7, 2022

LONDON, June 7, 2022 /PRNewswire/ — The burgeoning financial crisis plaguing consumers and small businesses, is causing a severe cash-flow problem. It’s an extremely worrying picture and, unfortunately, things do not look like they will get better anytime soon.

Luckily, an effective solution is at hand.  Finance business, Payfor, represents a growing customer portfolio of SMEs boosting their cash flow with up to 50% more cash in the bank and an 85% invoice collection success rate.

With services ranging from account receivables management to cross-border debt collection and legal recovery, Payfor is the last line of defence for many businesses.

Figures from the Office for National Statistics show that 2 million of the UK’s small businesses had less than three months’ worth of cash left to support their operations. According to the chairman of the Federation of Small Businesses, around 10% of those (200,000) were in “serious trouble”, and another 300,000 “have only got weeks left”.

Giles Goodman founded Payfor in 2018. Prior to this, he was in the music industry negotiating record deals for top 40 artists like  Robert Miles, Fatboy Slim and Fedde Le Grand. He’s also developed and sold luxury properties in Tel Aviv.

“Before I started Payfor, I did actually have an experience of my own business being owed money. I’ve been in the same position as many business owners, feeling the frustration and despair of trying to recover funds  from a company that is on the other side of the world.”

Commenting on the current predicament of businesses facing hardship, Goodman adds:

“When doing business, “Cash Is King. Companies need liquid capital to cover overheads and reinvest in growing their business. Right now, so many SMEs are being deprived of this by larger corporations or unreliable clients. With the additional external force of record inflation adding pressure, the cracks are beginning to show.”

According to the ONS, in the UK, the five-year survival rate for businesses born in 2014 is 42.5%. Goodman speculates that a large portion of failed businesses are due to not being able to keep up with chasing payments for the services that they deliver, a problem he vows to fix:

“When starting out in business, it can be crippling to your operations to be owed money. I started Payfor to take away the stress of having to chase payments for services you’ve already delivered. Our core belief is that companies deserve to be paid on time!”.

Payfor provides outsourced Accounts Receivables. It works as a white label service to issue, chase and collect monthly owed invoices. By outsourcing this operation, companies optimise working capital, saving time and resources.

“We actually increased the amount of money that was in our bank account by 50% within the first three months that we took on Giles and Payfor. That’s a huge increase compared to when we had our accounts receivables team that was internal.” says Paolo Zanini, CEO of a video production agency.

Debt collection was where Payfor originally started and still makes up the bulk of its business. Now that the company has grown, this service now follows on seamlessly from the account receivables management and is complemented by a Legal Recovery service which manages litigation for clients at no extra cost.

About Payfor:

Payfor is a B2B collection agency based in London but operating worldwide. Its aim is to work with companies and increase their cash flow by overseeing their invoicing and late payments. More information can be found at: https://www.payfor.global

Media Contact:
Jenna-Leigh Soobramoney
Head of Marketing
TBD Media Group
j.ancill@tbdmediagroup.com

Video – https://mma.prnewswire.com/media/1834355/Payfor.mp4

–        Successfully earned performance certification of Explosive and Narcotics Traces Detector for the first time in Korea

–        Expected to promote the expansion of exports from Asia to the US and Europe.

SEOUL, South Korea, June 7, 2022 /PRNewswire/ — NEWONE S&T Co., Ltd., a technology venture company, announced that it had acquired Certification of Aviation Security Equipment Performance from the Ministry of Land, Infrastructure, and Transport for the first time in Korea.

The first product in Korea to obtain Certification of Aviation Security Equipment Performance is a piece of explosive and drug trace detection equipment (model name: IONAB). IONAB was 100% developed using proprietary technology based on IMS (Ion Mobility Spectrometry).

Only about five countries, including the US and the UK, have succeeded in producing and certifying explosives and drug trace detection equipment ahead of Korea. This is even more impressive when considering the current situation. The government of Korea is promoting the competitiveness of domestic equipment and expanding the overseas market at a government-wide level to capture the aviation security market, which shows great growth trends but has a high barrier to entry. IONAB from NEWONE S&T Co., Ltd. is an illustrative case

IONAB has been supplied to countries and agencies all over the world in the past 5 years, including the Department of Narcotics Control in Bangladesh, the Ministry of Public Security for Yunnan Province in China, and the Government of Warak Province in Malaysia. IONAB also has been put to use in high-risk spaces and large numbers of international events that have a greater need to more accurately detect dangerous substances such as the Pyeongchang Olympics, the Gwangju World Swimming Championships, and Ultra Korea 2019.

IONAB needs only 5 seconds to detect dangerous substances and maximizes user convenience with its portable size of only 3.8kg (excluding external battery) in weight and 40cm in length. It also includes an LCD tilting function. Its robust battery also lasts up to 6 hours.

According to NEWONE S&T, thanks to the use of non-radioactive sources, IONAB could help to reduce the risk of radioactive isotopes, the burdens of employing radiation safety managers, and the extreme costs of radioactive equipment disposal.

“With this acquisition of certification, it is expected to gain momentum not only in Korea but also in the expansion of export channels around the world,” said Park Jin-young, CEO of NEWONE S&T Co., Ltd.

Photo – https://mma.prnewswire.com/media/1832189/IONAB_Korea_s_Explosive_Narcotics_Traces_Detector_granted_Certification_Aviation_Security.jpg