- Best Use of Credit & Collections Technology
- Payment Solution
The Credit & Collections Technology Awards recognise excellence and innovation in the UK credit and collections industry and have for the past 6 years highlighted the success of companies and individuals who lead the way in enhancing credit and collections technology.
“The Awards are unique in their focus on technology, they are setting standards for the future. The range and quality of the entries is a celebration of the diversity, innovation and professionalism of the credit industry.”
- Russell Hamblin-Boone, awards judge
Following the recent addition of SMS payment reminder functionality, Chaser is thrilled to be recognised for its continued use of innovative technologies to help businesses reduce late payments and improve cash flow.
To date, Chaser has already helped businesses around the world chase and recover over 10 billion USD in late payments through its accounts receivables technology and end-to-end software.
Why Chaser was shortlisted for the two awards
Chaser’s accounts receivable software was developed in 2014 to reduce late payments and their negative impacts on SMEs. Our mission is to help businesses worldwide get paid in an efficient and friendly way so they improve cash flow.
Chaser has focused on delivering customers end-to-end receivables automation features released since August 2021.
The technology developed as part of end-to-end receivables automation allows credit teams to automate and optimise the entire receivables process within one comprehensive system.
Users can now check the credit of potential account holders, monitor debtors who default on payments, chase late invoices via email and SMS, and reconcile accounts, all in the same unique platform.
Before 2021, Chaser users only had access to accounts receivables software with automated payment chasing. The software did not address other areas of the receivables process, requiring users to switch between multiple systems.
With end-to-end AR technology, businesses have access to all receivables functionalities in one place, can minimise late payments, and speed up their processes - improving cash flow and efficiency.
Results of end-to-end AR technology
With new end-to-end technology, users have achieved astonishing efficiency improvements. SMEs can save many hours per week using Chaser technology that aids in a wide range of tasks, from credit checking to automated payment reminders.
The Payment Portal, a key development in providing end-to-end automation has already sped-up over £2+ million in payments. The solution makes it easy for customers to pay. In turn, this helps businesses improve their chances of getting paid.
Giving customers varied options within the Payment Portal (transfer, card payment, request payment-plan, dispute) has sped-up payments for users.
Businesses can reduce risk with Chaser’s credit checking solution. By gaining access to up-to-date reports and alerts on customers, businesses can make more accurate assumptions about their customers’ payment behaviours and adapt their credit management approach accordingly.
SMS payment reminders
Chaser gives organizations the ability to reduce late payments with SMS invoice payment reminders. Being able to send payment reminders via SMS allows businesses to improve their ability to collect payments and help customers stay on top of payments with conversational messaging. SMS payment reminders have been proven to achieve open rates averaging 98%, helping businesses reach customers on-the-go and get invoices paid faster.
After user research, it was established that credit teams are often hesitant to use collection agencies, due to aggressive techniques.
Chaser Collections was built to combat this using in-house, friendly collectors and ‘receivables CRM’ tracking technology that gives users full visibility over every interaction between their debt collector and customers, including call logs and customer replies, automatically.
Many Chaser users have adopted this service as part of their accounts receivables process, with complete peace of mind that debts are being handled politely.
This has recovered hundreds of thousands in debt that would otherwise have been written off due to hesitations around typical collection agencies. HuttieGroup, after only using the service for 6 months, recovered £15,600.
Since 2021, Chaser has sped up the expansion of solutions for credit teams, allowing businesses the flexibility they need to automate and optimise any area of their receivables. This is all thanks to end-to-end accounts receivables technology.
Credit & Collections Technology Awards 2022
Chaser looks forward to celebrating their nomination at the Credit & Collections Technology Awards 2022 ceremony on the 17th of November at the fabulous Midland Hotel in Manchester. You can view the full shortlist for the awards and join Chaser in celebrating by booking a table for the awards evening here.