I am thrilled to share that Chaser has been shortlisted for the Best Technology Provider award at the 2024 Credit Awards. The Credit Awards recognize outstanding individuals and companies that have had a significant impact on the credit management industry.
Being shortlisted for the Best Technology Provider category recognizes Chaser's innovative use of modern technology, automation, and AI in helping SMEs worldwide reduce late payments and their negative impacts. After winning the Best Use of Technology award in 2022, the Chaser team is honored to be recognized again by these prestigious awards.
The Credit Awards... are a programme designed to test the industry and reward only the absolute best. It was created to make our industry THINK harder, WORK smarter and DO better. And for this very industry to gain recognition and respect for the work it does for consumers. Every year entries get stronger and stronger, and judging gets tougher and tougher.
- Jenna Abbott, Operations Director, Credit Strategy
Research shows late payments are only getting worse for SMEs, with £7.4billion currently owed to UK-SMEs (Capital On Tap). Dealing with this is putting a significant time burden on SMEs’ already-stretched credit teams.
Based on user feedback, Chaser’s implemented never-seen-before technology and artificial intelligence (AI) solutions to help SMEs address their biggest pain points when it comes to credit-management. See the results below on how features reduce manual work, and maximize chances of payment with customer segmentation and chasing at optimal times.
Thanks to Auto-call, Credit controllers can now automate one of the most time-consuming parts of their job; phone calls. Auto-call lets users create text-to-speech templates in Chaser and send pre-scripted payment-reminder calls according to automated schedules, on the times and days that they choose. Automatically personalized to every recipient, they eliminate the manual work in debtor-phone calls.
Following focus groups, it became clear one of the most time-consuming tasks for credit controllers was payment-reminder phone calls; collating account details, facing answer phones, and waiting for customers to pick up. Released only on 16th February, this feature letting credit managers automate debtor calls has already been added to payment-chasing workflows of over 100 organizations. Adopters have already seen an average 3-day reduction in days sales outstanding.
Payer-ratings use data on customers’ payment behavior and compare trends seen across Chaser, assigning every payer an AI-generated ‘rating’. Ratings are ‘Good’/‘Average’/ ‘Bad’ and predict how likely a customer is to pay future invoices on time, letting SME credit control teams who are often strapped for time see instantly how their customers are paying, and prioritize.
Payer ratings use AI to let SMEs prioritize effectively and instantly see who problem-payers are, assess at a glance who to extend credit to, and optimize their follow-up approach for different payer groups. Payer-rating users have seen an average 78%-uptick in the number of invoices paid on time within their first month of feature usage.
Recommended chasing times analyze data on thousands of B2B payments to suggest a custom, optimal time and day to send customer payment reminders to increase the chance of payment.
This new feature uses AI to let SMEs reach customers when precisely they’re most likely to pay, automatically. The AI model continually learns and optimizes its suggestions based on new payment data. Leveraging AI and machine learning, Recommended chasing times analyze a wealth of data, including payment patterns and historical behaviors, to generate tailored recommendations on best times and dates to chase. Organizations using the feature get paid 3 days faster on average than those that don’t, (26%-increase in payment speed).
These three features bring a new era of efficiency to accounts receivable management, allowing SMEs to effortlessly manage late payments, and take a large portion of the guesswork, decision-making, and manual work off their plate.
Chaser’s absorbed the costs of these new features, even covering costs-of-calls for users till 30th June, making the benefits of AI and cutting-edge automation more accessible to SMEs.
Chaser's commitment to leveraging AI and technology for credit-management teams has made a significant difference and since March 2023 (the release of Payer ratings), these features have assisted SMEs in getting $ 6.7 billion paid.
Join Chaser and other finalists at the Credit Strategy Awards 2024 ceremony held as part of Credit Week on the 18th of June, in Celtic Manor Wales. The Chaser team will be there to celebrate and recognize the achievements of the very best in credit management. Find out more about the Credit Awards or book your table and meet Chaser at the event!