I am delighted to share that Chaser has been shortlisted for two awards at the Credit & Collections Technology Awards 2023:
- Technology Innovator – Person of the Year (Chaser's CEO, Sonia Dorais)
- Machine Learning in Credit & Collections Solution
The Credit & Collections Technology Awards, launched in 2017, recognize and celebrate those who are pioneering technological advancements within the credit management industry. The nomination for Technology Innovator – Person of the Year recognizes the innovative solutions led by Chaser's CEO, Sonia Dorias in helping SMEs to reduce late payments and improve cash flow. Being recognized as a finalist for Machine Learning in Credit & Collections Solution recognizes the impacts of Payer ratings, Chaser's first artificial intelligence functionality, and the results it has helped users to achieve.
The Credit & Collections Technology Awards were established to honor technological innovation within the credit and collections industry. Now in its seventh year, these awards serve as a platform to acknowledge the companies and individuals who are at the forefront of enhancing credit and collections technology. In an era marked by regulatory scrutiny and the need for industry best practices, these awards provide a much-needed spotlight on technology's role in shaping the future.
This shortlisting comes after Chaser was shortlisted at the Credit & Collections Technology Awards for two awards in 2022, and four awards in 2021, and won two awards in 2021.
Machine Learning in Credit & Collections solution
This award recognizes an innovation that actively uses machine learning (ML) to create an effective credit or collections solution.
Studies indicate that by segmenting customers based on payment behaviour and customising follow-up strategies, businesses can significantly reduce collection times and minimise late payments. Typically, this would mean taking into account how customers are paying now, how they have paid in the past, and trying to predict how they may pay in the future. No quick task for an already-busy finance team.
That’s why in March 2023, Chaser launched Payer ratings, its first machine learning feature, within its accounts receivables software. Payer ratings use ML to provide businesses with instant insights into their customers' payment behaviour.
Payer ratings analyse a wealth of data on customers’ previous payment behavior, and compare trends seen across similar businesses using Chaser, assigning every payer an AI-generated ‘rating’. Ratings are ‘Good’/‘Average’/ ‘Bad’ and predict how likely a customer is to pay their future invoices on time.
Credit teams can now instantly see what kind of payer they’re dealing with, tailor their collections approach accordingly, and identify areas where they can improve their follow-up process to reduce late payments. By segmenting customers based on payment behaviour and customising follow-up strategies, SMEs can easily decide where to focus their limited resources, significantly reduce their collection times, and minimise late payments.
Payer ratings have let credit teams
- Prioritise effectively
- Assess and adjust credit limits
- Segment and tailor follow-up approaches
- Make faster decisions when extending credit
- Reduce non-payment risks
By harnessing the power of machine learning, Chaser has empowered credit teams to instantly understand how customers are paying, make informed decisions, tailor their collections strategies quickly, minimise late payments and maximise their cash flow.
Technology Innovator - Person of the Year
This award will recognise an individual who has succeeded in leading technological innovation to the credit industry.
Research shows by providing a greater range of payment options to cater to customers’ needs, businesses can improve their chances of receiving payment sooner, and reduce late payments.
This led Chaser to launch Chaser Pay in July 2023, a solution to help SMEs reduce late payments with open-banking and lower-cost payment options. Chaser Pay is seamlessly integrated within Chaser's accounts receivable software, making it simple, secure, and efficient for SMEs to process payments with one comprehensive tool.
Chaser Pay provides businesses' customers with a range of fast and secure payment options to pay invoices, so they can encourage faster invoice payments and reduce their time spent on payment admin. Chaser Pay is the first of its kind, making open-banking payments available within an end-to-end accounts receivables automation software.
By embedding Chaser Pay into the existing Chaser platform, businesses can seamlessly chase invoice payments with automated email/SMS reminders, that link to customers’ unique Chaser Pay portals for payment. In the Chaser-Pay portal, customers can choose their preferred payment method including debit, credit, instant/open banking, Amex, and Apple Pay etc.
This lets SMEs
- Receive payment faster with more payment options/flexibility, including instant payments (open-banking)
- Allow customers to pay easily and instantly from their PC or phone
- Confirm and record payments automatically. Chaser Pay summarises all payments received in an embedded dashboard.
- Manage the process from credit checking, to chasing, to collections - all in one system without intermediaries or additional service fees
Sonia's has the ability to rapidly adopt new technologies and leverage them to benefit SMEs. Under her guidance, Chaser implemented Chaser Pay with open-banking functionality, facilitating faster payments and alleviating the burden of late payments on SMEs.
Credit & Collections Technology Awards 2023
The Credit & Collections Technology Awards 2023 will take place on the 23rd of November at the Midland Hotel in Manchester. Join Chaser at the ceremony and celebrate the best in credit management technology.
