Scottish tech firms Know-it and Gigged.AI have partnered to help minimise the number of late payments suffered by freelancers working for commercial clients.

Late payments are a prevalent problem for freelancers. Around four in 10 (41%) clients hiring freelancers are consistently paying late in the UK, with more than half (55%) of freelancers having done work that they have not been paid for, according to research by The Credit Protection Association.

The Know-it and Gigged.AI partnership will give freelancers the ability to mitigate credit risk, increase cashflow and reduce debtor days, the firms have said.

Automated credit management technology, provided by Know-it, will help freelancers to run business credit checks, monitor changes, automate payment chasing and collect overdue unpaid invoices.

Commenting on the new partnership, Know-it CEO and Founder Lynne Darcey Quigley said: “Late payments are a massive problem for freelancers in the UK.

“We’re currently witnessing the rise in the gigged economy with over 2 million freelancers in the UK who contribute approximately £125 billion to our economy.

“It’s vital that we do what we can to help keep these valuable members of the UK workforce afloat. Know-it will help ensure that freelancers who use the platform get paid quicker for the work they do and boost their cashflow”.

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The Gigged.AI is platform will allow users to post a gig on the platform and their matching algorithm will help to locate the best talent. Freelancers can also search for gigs and send proposals or let the platform’s AI find the best matched gigs automatically.

Gigged.AI Co-founder and CEO Rich Wilson added: “As Gigged.AI build our community of freelancers we proactively seek out partnerships that will add value to them.

“Most freelancers suffer from late payments especially when they directly engage with a company. We are thrilled to partner with Know-it to help freelancers collect unpaid invoices.”

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