Did you know that 50% of businesses spend more than four hours per week on accounts receivables tasks? This time goes to tasks like working out which customers to chase, when, how often, and manually following up on overdue payments. In total businesses waste a predicted 56.4 million hours per year on these types of tasks, according to QuickBooks.
Chaser sees the challenges businesses face when it comes to managing collections efficiently from the customers who use the software. That’s why the ‘Recommended chasing times’ feature is being released. With this feature, users can eliminate guesswork and ensure they’re always following up with customers when they’re most likely to pay their invoices.
You can now automatically send payment reminders on the times and days you are most likely to receive payment, with AI-powered recommended chasing times.
Feature: What are recommended chasing times
Recommended chasing times use artificial intelligence to calculate the optimal timing to send your customers payment reminders. This calculation is based on your debtors’ previous actions following chases being sent, for example; payment made, email reply, email open.
From these calculations, recommended chasing times and days are suggested within Chaser when you select timings. Recommended chasing times are the custom, optimal times and days to send your payment reminders in order to maximise your chances of payment.
Benefits to users: Faster payments with recommended chasing times
By using artificial intelligence, recommended chasing times analyse a wealth of data to provide you with tailored recommendations on when to chase customers. This means no more time lost manually sending reminders that go unnoticed, following up at inconvenient moments, or trying to work out when is best to chase customers. With recommended chasing times, you can reach your customers precisely when they're most likely to pay, maximising your chances of prompt payment and minimising delays.
The days of blindly guessing when to follow up on late payments are over. Recommended chasing times take the guesswork out of the equation by considering various factors, including customer payment patterns, historical behaviors, and email engagements. They then generate customised recommendations on the optimal days and times to send payment reminders. This strategic approach ensures that your communication is targeted, relevant, and effective.
When ‘Recommended chasing times’ are selected, your payment reminders will automatically be sent by Chaser on the optimal times and days to increase your chances of receiving payment.
Furthermore, Chaser continuously adapts and learns from your customer data to refine its recommendations. As customer payment patterns evolve, the recommended chasing times stay up-to-date, ensuring you can always work with the most accurate and effective chasing times.
How to use recommended chasing times
- Navigate to the ‘Manage’ section in your Chaser account
- Select ‘Timings’
- See the ‘Recommended’ section for your custom Chasing Times
- Select the recommended times in your settings
For further information on chasing times in Chaser, see the help centre article.
Reach customers when they’re most likely to pay
This new feature enables SMEs to reach customers when they’re most likely to pay, automatically. Following the recent release of Payer ratings, recommended chasing times is another feature created to help Chaser users save time and reduce late payments, by utilizing AI and machine learning.
Reach your customers when they’re most likely to pay for free, for 14 days. Try out recommended chasing times with a 14-day free trial.