Late payments are a widespread challenge in the business world, affecting 87% of businesses globally (Chaser, 2022). Particularly for SMEs, this issue can be detrimental, often leading to significant financial instability. In fact, the FSB has reported that delayed payments contribute to the closure of up to 50,000 UK businesses annually.
While Chaser's platform has historically centred on email and SMS reminders - contributing to over $7.6 billion in collected payments in 2023 - the landscape of credit management is evolving. According to The Late Payment Report (2022), 61% of businesses rely on phone calls in their credit management process, as direct calls can expedite payment resolutions. Recognizing the importance of this direct approach, Chaser has innovatively integrated phone calls into its platform, offering a seamless end-to-end solution that enriches its suite of communication tools.
This enhancement is more than just an additional feature; it's a comprehensive response to the time-consuming and resource-intensive nature of manual call scheduling and follow-up processes. Chaser's in-app phone calls are designed to perfectly complement existing functionalities, allowing users to smoothly transition from sending reminders to initiating calls, all within one unified system. This integration not only streamlines the entire receivables process but also addresses the practical and privacy concerns associated with using personal phones for business communication.
With the launch of in-app phone calls, available free until June 30, 2024, Chaser continues its commitment to supporting businesses, particularly during ongoing economic challenges. This feature allows users to experience enhanced debtor communication, improving the efficiency and effectiveness of their credit control operations without the immediate concern of additional costs.
Why phone calls are essential in credit control
Chaser's software has significantly improved the efficiency of businesses’ credit control with its email and SMS reminders and has helped thousands of businesses get invoices paid faster. Yet, there are instances where credit control teams should pick up the phone and reach out to their debtors.
Resolving complex issues with personal interaction
Certain financial matters can be too complicated to effectively resolve through emails or texts. Complex queries about invoices, disputes over charges, or specific payment arrangements require a level of detail and clarity that is best achieved through a real-time conversation. Phone calls allow for nuances to be expressed and understood, fostering a better understanding between both parties. They enable quick back-and-forth exchanges, allowing for immediate clarification, negotiation, and problem-solving.
Effective method if the debtor fails to respond to email and SMS reminders
When customers are unresponsive to email and SMS payment reminders, for instance, if you have sent your customers 5 reminders and they are all being ignored, a phone call can serve as an effective prompt. It can be easier to ignore an email or SMS compared to a phone call, and this direct interaction often breaks barriers and initiates a dialogue that might have been delayed or ignored otherwise.
Urgent situations demand immediate attention
In time-sensitive scenarios, such as impending deadlines or urgent financial reconciliations, the immediacy of a phone call is unmatched. In these cases, waiting for an email response or SMS acknowledgement could mean missed opportunities or escalated issues. The ability to communicate swiftly and make decisions on the spot is crucial, and phone calls facilitate this rapid interaction, ensuring timely action and preventing potential financial setbacks.
In-app phone calls in Chaser
In-app phone calls are a new feature that allows Chaser users to easily make collection calls to their debtors directly from their Chaser account.
With in-app phone calls, Chaser users will now be able to:
- Effectively complete and manage their collections call directly in Chaser
- Easily see all previous phone calls and the results of these conversations
If you already use Chaser, view the Help Centre article on in-app phone calls to learn more about how it’s set up in Chaser.
5 reasons to use Chaser’s in-app phone calls
Seamless integration for effortless access
Chaser's software integrates the phone call feature directly into its platform, streamlining your credit control workflow. This seamless integration means Chaser users can initiate calls from within the application, eliminating the need to juggle between different tools, software or devices. This not only saves time but also reduces the likelihood of errors that can occur when switching contexts.
Increased efficiency with one-click calling
The convenience of initiating calls with just a click directly within Chaser's software cannot be overstated. This feature is designed for efficiency, enabling quick and easy outreach to clients for payment follow-ups. It simplifies the process, reducing the steps involved in making a call, which in turn speeds up the entire communication cycle.
Comprehensive call tracking for detailed records
Each call made using Chaser's system is followed up with a prompt to log important details and outcomes. This functionality ensures that critical information is recorded accurately and is readily available for future reference. This comprehensive tracking is key to maintaining a detailed and organized record of all interactions, providing valuable insights and a clear history of communications.
Immediate access to essential customer data
During a call, having instant access to the client's account history, past communications, and payment records within Chaser's system is incredibly beneficial. It empowers you with all the necessary information to conduct an informed and effective conversation. This immediate access enhances the quality of interaction and supports better decision-making during the call.
Integrating phone call billing with the Chaser subscription simplifies the financial aspect of making collection calls. It eliminates the need for additional phone systems or separate billing for call charges. This integration not only streamlines accounting processes but also provides a cost-effective solution for businesses looking to manage their expenses efficiently.
Best practices for using Chaser’s in-app phone calls
To fully leverage Chaser's in-app phone calls, consider these best practices:
Strategic call planning for maximum impact
Utilize Chaser’s analytics and call reminders to determine which clients need a direct phone call. Not every late payment warrants a phone call; sometimes, an email or SMS is enough. By using Chaser’s in-app phone calls alongside the call reminders feature, you will ensure that your team contacts the right customer at the right time, making each call truly worthwhile. This strategic approach ensures that phone calls are reserved for situations where they can have the most impact.
Prepare effectively with integrated, easily accessible data
Before making a call, review the client's history and past interactions within Chaser's software. This preparation ensures that the call is focused and productive. Being well-informed about the client’s situation and previous communications can guide the conversation and increase the chances of a successful outcome.
Detailed call logging for comprehensive records
Develop a routine of logging details immediately after each call. When phoning a customer using Chaser’s in-app phone calls, you’re prompted to register the call and make detailed notes. Make sure to take advantage of this and document key discussions, agreements, and required follow-up actions to ensure that all relevant information is captured and shared. This practice is vital for maintaining continuity, especially when multiple team members interact with the same client.
Scheduled follow-ups based on call outcomes
Use the insights gained from each call to plan subsequent actions. Schedule follow-up tasks, set expected payment dates or further calls as needed, directly within Chaser. If needed, tag your colleagues, and notify them of any upcoming tasks or responsibilities they are in charge of with the click of a button. This systematic approach ensures that no follow-up is missed and that each client receives consistent and timely attention.
Try in-app phone calls in Chaser
To use Chaser’s in app phone calls, you need to have an active Chaser account. All Chaser users on a standard or enterprise plan get access to the feature and can use it to optimise their accounts receivable process and get invoices paid. If you’re not already a Chaser user, please follow this link to take out a 14-day free trial.