Late payments have become a common challenge for businesses worldwide, especially for SMEs. Research indicates that 87% of businesses are typically paid late (Chaser, 2022). These late payments can have a detrimental effect on businesses, forcing as many as 50,000 businesses in the UK alone to cease operations every year, as highlighted by the FSB.
Chaser, the market-leading accounts receivable solution, is committed to helping businesses combat late payments, and by utilising Chaser's receivable automation software, which includes email and SMS payment reminders, businesses have so far in 2023, collected payments worth over $5 billion USD. However, there are situations where a more direct approach is necessary. In these scenarios, initiating a timely collection phone call can be instrumental in achieving a resolution and securing payment faster
However, these calls, while crucial, aren't without challenges. The effort of figuring out who to call and when, remembering previous conversations, and ensuring follow-ups can be a daunting and time-consuming task.
With call reminders in Chaser, users can now seamlessly schedule and manage their reminders for these important calls. This functionality does not only streamline the process, but ensures that every call is accounted for, and optimises chances of timely payments.
Why collection calls are important
As previously mentioned, Chaser’s automated email and SMS payment reminders are in most cases enough to get businesses paid. But, there are certain situations where you or someone on your team should pick up the phone in order to ensure payment, such as:
If you still haven't received any response after three attempts to contact your customer via email or SMS reminders, it’s time to pick up the phone. Some of your customers might be inclined to ignore emails and messages, but it’s much harder to ignore someone on the other end of the phone.
Should your customer fail to provide a detailed response after three reminders, which would explain the delay or confirm a payment date, the next step would be to pick up the phone. A conversation can clarify any misunderstandings and help establish a plan of action going forward.
Escalation is needed
When a situation degenerates to the point where legal action seems inevitable, emphasising the gravity of the situation through a phone call can make a big difference. This should be coupled with written communication outlining the possible consequences. Even though Chaser offers a friendly debt collection service focusing on mediation and preserving positive customer relations, as opposed to adopting aggressive tactics, addressing and resolving the situation before reaching the debt collection stage is always preferable.
Managing and keeping track of these collection calls, along with determining the optimal time for making these to maximise your team's capacity, can be challenging. That’s why having a systematic approach and process is an important part of a business’s credit control process. To assist businesses in managing their collection calls effectively, Chaser has developed call reminders, to help ensure that you stay on top of your collection calls and manage them as efficiently as possible.
Call reminders in Chaser
Call reminders are a new feature that allows Chaser users to schedule and effectively and seamlessly manage calls within Chaser’s accounts receivable software.
With call reminders in Chaser, businesses will now be able to:
- Schedule their call reminders within their schedule based on how overdue the invoice is
- Limit the balance where a call reminder will be considered
- Effectively and seamlessly manage their call reminders within Chaser
If you already use Chaser, view the Help Centre article on the Call reminders to learn more about how it’s set up in Chaser.
The rising need for call reminders
In today's fast-paced business environment, staying on top of tasks is important. For credit controllers and those managing a business’s accounts receivables, the landscape has evolved, and so have the challenges.
Volume of calls
As businesses grow, so do the volume of their client base and the number of late-paying customers. If you and your team were to follow up with all of your customers over the phone regarding payment, the sheer number of calls would be overwhelming. That’s why it’s important to ensure that you’re only making these collection phone calls when they are strictly necessary.
Credit control teams nowadays juggle multiple tasks and it's easy for a call to slip through the cracks. That’s why it’s crucial to have a place where all of this information and tasks are stored and easily accessible, as well as a system that can assign call reminders to you and your team when needed, removing that added extra work.
Efficiency and productivity
Manually tracking collection calls and looking through spreadsheets to find the necessary information or notes is time-consuming. Time spent trying to remember or find details of a previous conversation could be better spent on other productive and revenue-generating tasks.
5 benefits of using call reminders in Chaser
Ensure no collection phone call is missed
In a busy workday, juggling numerous tasks and responsibilities, it's easy for things to fall through the cracks. Especially when the stakes are high, like in the case of collection calls, missing out can have negative consequences, and could result in you missing out on payments that are owed you. Chaser's call reminders act as reminders, ensuring that no collection call is overlooked, allowing your businesses to stay on top of their accounts receivables and maintain a healthy cash flow.
Optimise and maximise collection efforts
Not every late payment warrants a phone call; sometimes, an email or SMS is enough. Chaser's call reminders do more than just schedule and remind you of upcoming calls, they guide you on the strategic value of each call. This ensures that your team contacts the right customer at the right time, making each call truly worthwhile. Beyond just direct costs, collection calls encompass manual effort, preparation, and follow-ups. Chaser's feature helps streamline these processes, optimising time and resources spent, and improving the overall effectiveness of your collection and receivable strategy.
Automate your receivables tasks
Manually keeping track of scheduled calls, setting reminders, or repeatedly checking calendars is inefficient and time-consuming. Receivables teams often have to cross-reference lists, sift through countless emails, or dive deep into spreadsheets just to determine who to call next and when. Inefficient processes not only waste valuable hours but also increase the likelihood of mistakes or oversight. Chaser's call reminders functionality rescues teams from this tangle of manual tasks, offering you a streamlined and automated process that ensures every important call is timely and no critical detail is missed.
Easily get an overview of previous collection calls
Your business's interactions with clients are ongoing, not one-off events. Being aware of past conversations, what was discussed and their outcomes is crucial for shaping effective future communications. Chaser’s software allows you to record and retain details of each collection call, ensuring that all team members can easily review prior interactions. This archived information not only fosters educated decision-making but also equips your receivables team with the context they need to ensure that customer invoices get paid.
Promote collaboration and transparency within your receivables team
In the fast-paced world of business, the ability to adapt is key. With Chaser's call reminders functionality, if a team member is unavailable to complete their call due to leave or illness, for instance, their pending call reminder tasks can be quickly delegated to another colleague. This not only ensures that crucial collection calls continue without interruption but also enhances a collaborative and transparent environment within your team.
How to get started with Call reminders in Chaser
In order to use the Call reminders in Chaser, 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.