Chaser API has been available since January 2023. It allows businesses to connect their CRM or ERP directly to Chaser, irrespective of which vendors they use.
It’s now easier than ever to use Chaser to help you automate and manage your accounts receivable and get your invoices paid faster.
This has many benefits for SMEs, including streamlining their accounts receivable processes, reducing manual invoice entry and, ultimately reducing the risk of non-payment by having complete visibility on the status of invoices and automatically chasing any overdue ones.
The introduction of Chaser API is timely due to the current uncertain economic environment leading to a rise in the late payment of invoices and can be used as an essential tool to boost cash flow.
What is an API?
Application Programming Interfaces (APIs) are code that allows two separate software applications to communicate with one another.
They are used by web developers to access proprietary software applications. In practice, they work by being a messenger that takes a request from one system and delivers it to another.
Everyday users, such as accountants and business owners, can reap their benefits as they can use them to access and operate similarly regardless of the device or operating system they are connected through.
Many of the services and software platforms accountants and SMEs use for everyday tasks use APIs as an intermediary for connecting two different applications. This includes HMRC, Companies House, CRM, and cloud accounting vendors.
For example, Xero’s partners can connect their services to the accounting vendor’s API to participate and be listed in their app marketplace. By using Xero’s API app, partners can access the likes of transactional data and charts of accounts and pull them into their own applications.
APIs contain rules and requirements of how one system can communicate and interact with one another so API developers can retain control over how they are used by other applications.
How is Chaser API different from Chase Import?
Until now, business users of accounting software that doesn’t integrate directly with Chaser have had to rely on Chase Import to get their receivables data into Chaser.
This allows you to import receivables data via a CSV file from outputs exported out of accounting software.
While this has been an effective workaround to direct integrations, Chaser API is a more sophisticated solution as data is transferred securely and via automation. This saves time due to removing manual processes and reduces the risk of human errors from failed downloads and uploads.
Direct integration with ecosystem players opens up a world of possibilities
With Chaser API, you can connect any accounting system, such as SAP, as well as other applications in the cloud ecosystem, to Chaser.
Businesses that use bespoke tech stacks for their finance and operations that may have previously been unable to leverage AR automation are now on the same level playing field as those that use direct integrations.
This can result in productivity gains due to being able to generate real-time data on the payment status of invoices and insights into customers’ financial health.
For example, companies may choose to use Chaser API to connect to their CRM tool to provide up-to-date information on customers who have overdue payments. This will enable sales personnel and account managers to make commercial decisions on extending credit based on the payment history and value of future contracts and purchases without needing to communicate with other business departments.
Key benefits of using Chaser API
Other benefits of Chaser API include:
Reduce manual work
The direct transfer of data back and forth from Chaser, accounting software, and ecosystem apps, removes the need to produce spreadsheets and frees up staff time to focus on more value-adding tasks, such as identifying revenue patterns and optimising customer acquisition.
Streamline your accounts receivable workflow
Having systems connected and updated seamlessly will streamline accounts receivable workflows so that real-time data is readily available, enabling businesses to take action on late and non-payers to boost the chances of getting paid outstanding funds in full.
Use receivables management functionality within the Chaser platform
Direct integration with Chaser allows users to access the receivables management functionality from within the Chaser platform.
This will be particularly useful to growing businesses that will likely find it harder to maintain full visibility on their customers due to increasing demand for their goods and services.
This provides access to a range of functionalities within Chaser to help businesses reduce late payments such as:
- Automated, email and SMS payment reminders to increase the chance of prompt payment
- A dedicated Payment portal for every customer, which can be linked to within emails and text reminders, allowing easier faster payments
- Custom payment reminder schedules, so you chase customers on the best times and days to encourage timely payment, automatically
- Advanced personalisation features so every interaction looks like it's come directly from your business, reflecting your brand and tone of voice
- Credit checking tools are available to help reduce credit risk and provide up-to-date reports and alerts on your customers
- Multiple payment options for customers including bank transfer and payment installment plans
- A consolidated comms history for every invoice and every customer, including replies, so you can track all receivables activity in one place
- Reports and insights such as customer payment behaviour ratings and days-sales-outstanding charts, to help you spot problem areas and improve your process
Data security
Chaser API has HTTPS security and 2-factor authentication access. This robust approach to security minimises the risk of data being misappropriated or leaked, which is harder to avoid with spreadsheets.
Incorporate Chaser API to wrestle back control of late payments
Implementing Chases API will help minimize the instance of late payments and bad debt by being able to automate credit control and debt chasing.
Learn more about how to connect your tech stack with Chaser API for faster invoice payments here.
