Delighted to share that Chaser has been shortlisted for the Best Use of Technology in Credit & Collections award at the 2024 Credit & Collections Technology Awards.
This award recognizes the new technological developments available to organizations using Chaser including: Auto-call, Payer ratings, and Recommended chasing times. These three functionalities were designed to help businesses benefit from cutting-edge AI and automation solutions, at a cost-effective price. Chaser is delighted to be recognized by the Credit & Collections Technology Awards for how these AI and automation tools have supported businesses worldwide in reducing late payments, bad debts, and improving cash flow in the most efficient way possible.
How AI and automation is supporting credit teams
Late-payments are only getting worse, with £7.4billion currently-owed to UK-SMEs (Capital On Tap). Dealing with this is putting a significant time-burden on already stretched credit management teams around the world.
To help reduce this time-burden on accounts receivable teams worldwide, Chaser has implemented never seen before technology and AI solutions to help businesses address key credit-management pain points. Below are the three-new-technologies introduced in Chaser to help receivables teams reduce manual-work, and maximize chances-of-payment with customer-segmentation and chasing at optimal-times.
1) Credit controllers can now automate the most time-consuming part of their job; phone-calls
Auto calls let credit teams write text to speech templates that become pre-scripted payment reminder phone calls. These pre-scripted messages are then placed as a phone call to their debtors on the times and dates that they choose. Released only on 16th February 2024, this tool letting credit managers automate debtor calls has already been added-to payment chasing workflows of over 200 organizations. Businesses using Auto call have already seen a remarkable average 20-day reduction in days sales outstanding (DSO).
2) Finance teams can now understand debtor payment behaviors instantly
Payer Ratings use data on customers’ payment behavior and compare trends-seen across Chaser, assigning every debtor an AI-generated ‘rating’.
Ratings are ‘Good’, ‘Average’ and ‘Bad’, and predict how-likely a debtor is to pay future invoices on time. This lets often strapped-for-time finance teams see at-a-glance how their customers are paying, and prioritize effectively; instantly understanding which debtors to focus their time on, and which accounts to consider sending to debt collections.
3) Accounts receivable managers will now know the best times and days to chase their debtors, automatically
Recommended chasing times analyze data on thousands of B2B payments to suggest a custom, optimal time-and-day to send payment-reminders to increase chance-of-payment.
It uses AI to reach-debtors precisely when they’re most-likely to pay, automatically; continually-learning and optimizing its recommended chasing time suggestions based on new payment-data, and debtor information and interactions.
Leveraging AI and machine-learning, these recommended times analyze a wealth-of-data, including payment patterns and historical behaviors, to generate tailored-recommendations on best times and days of the week to chase. Organizations using them get paid 3-days faster on-average, representing a 26% average improvement in payment speeds.
These three-pieces of technology bring a new era of efficiency to credit-management around the world, allowing businesses to effortlessly manage late-payments, and take a large-portion of the guesswork, decision-making, and manual, time-consuming work off their plate.
Credit & Collections Technology Awards 2024
After being shortlisted for two awards at the 2023 ceremony, Chaser is honored to be recognized once again by this prestigious organization. If you would like to learn more about these awards you can view the shortlist here or book your attendance for the ceremony here.
