Since 2014, Chaser has helped thousands of small businesses overcome the issue of persistent late payments by helping them chase over $10 billion in late payments.
Today, Chaser is not only a great app for staying on top of your overdue invoices, but also a top-rated software that helps businesses get paid faster and easier than ever before.
Today, we'll be looking at how Chaser has helped users chase and recover $10 billion in late payments and how they can help your business do the same.
Accounts receivables software Chaser has now helped businesses worldwide chase and recover $10 billion in late payments
The late payment problem and Chaser’s mission
Unpaid invoices for goods or services rendered are one of the greatest threats to small and medium businesses worldwide, and according to the World Bank, late payments can cost businesses up to $40 billion a year.
The global average time it takes for invoices to be paid is 60 days and some small businesses are forced to wait more than 100 days before receiving payment on an invoice. Many of these companies simply cannot survive long enough to see that money come in.
Unfortunately, the situation has also gotten worse since the start of the pandemic. An average of 41% of businesses across the USMCA region reported deterioration in customer payment practices over the past year (US: 47%, Mexico: 44%, Canada: 32%).
In fact, 60% of small businesses report that their invoices are regularly paid late and that invoices are often paid only after extended negotiations, and persistent payment follow ups.
At the same time, these same businesses were forced to write off nearly 6% of all invoices sent as uncollectible.
This creates difficulties with cash flow management, stifles business productivity, and presents a significant risk of companies being forced into bankruptcy by missed payments.
This is where Chaser can help. Chaser is a cloud-based platform that automates the entire accounts receivables and debt chasing process, from issuing reminders to finalizing legal action. This helps SMBs recover late payments in a fraction of the time it would usually take, and with minimal effort on their part.
Chaser was created with the intention of helping these businesses get what they were owed faster, securely, and without having to think about chasing up late payers themselves.
How Chaser has supported users
In order to give the maximum amount of support to our users, Chaser has built a number of innovative features into its platform, including:
Through Chaser’s credit control, or accounts receivables, software, businesses can fully automate their receivables process in an end-to-end, comprehensive manner.
This means that the business can deal with all their accounts receivable needs in an efficient and less time-consuming manner, giving them more time to focus on running and growing their own business. This has saved some users over 15 hours per week on their accounts receivables tasks.
By adding the human touch back into automation, Chaser has enabled businesses to chase $10 billion in late payments and recover huge numbers of invoices that would otherwise have simply been written off as bad debt.
Making it easier for customers to pay
The best way to get paid is to make it as easy as possible for your customers to pay you, which is why Chaser introduced Payment Portals in January 2021.
Utilizing a Payment Portal presents a whole host of benefits to business, such as better security features, better users experience, purchase convenience, increased revenue, and better accounting.
Automatically linked to in payment reminder emails, the Chaser Payment Portal is a dedicated portal with multiple options to pay outstanding invoices.
In addition to the usual credit and debit card options, the Chaser Payment Portal also allows customers to pay by bank transfer, or their chosen payment method.
Supporting multi-currency payments makes it easy for your customers to find the payment option that is best for them and helps you get paid faster.
Through using Chaser’s accounts receivables software and Payment Portal, users like LoveBrands have been able to reduce late payments whilst saving over 15 hours per week on accounts receivables management.
Credit checking is any business's first line of defense when it comes to protecting themselves against bad debt.
Chaser offers a comprehensive credit checking service that gives businesses the ability to quickly and easily check the credit rating of any company before doing business with them.
This allows you to make informed decisions about who to do business with, protecting your business from the fallout of offering credit to bad payers.
Consistent credit checking also allows companies to monitor their client's payment behaviors and ensure appropriate credit limits are set in response to changes in their financial suitability.
In the event our user's customers are not able to make a single upfront payment, Chaser offers flexible payment arrangements that can be monitored and managed by both parties.
The payment plan feature creates a customized repayment schedule that works around the client's cash flow, notifying them when payments are due or missed, ensuring no business is ever left without the full amount they are owed.
By offering a level of payment flexibility unmatched in the industry, Chaser helps businesses get paid on time and maintain healthy customer relationships - no small feat when it comes to chasing down late payments.
Engaging debt collectors to recover bad debt is normally a SMB owner's worst nightmare - and with good reason.
Debt collectors can be expensive and often ineffective in helping recover unpaid debt. The aggressive and harassing tactics used by traditional debt collectors also run the risk of alienating customers.
Chaser's revolutionary technology takes a different approach to debt collection, empowering small businesses with an effective way to recover late payments without ever having to engage with businesses that could ruin the time and effort put into building good business relationships.
Our professional debt recovery team uses polite persistence and meditation to get businesses paid up, without damaging customer relationships in the process.
Businesses like Huttie Group have been able to recover over 15,000 GBP in old debts that would otherwise have been written off, while still maintaining an excellent relationship with their customers.
Outsourced Credit Control
Not all businesses are in a position to devote large amounts of time and resources towards their credit control efforts.
As a result, many smaller businesses have outsourced their credit control to companies like Chaser.
Chaser offers cost-effective, flat-fee credit control services that can help businesses recover old debts without any of the hassle or stress.
This frees up the business owner’s time and allows them to focus on growing their company without worrying about chasing late payments. It also cuts down on the hassle and outlay involved in recruitment and training new staff.
With Chaser's award-winning outsourced credit control, you can have a professional team working for you on day one, helping businesses like marketing agency Glaze Digital chase payments in the most effective way, getting them paid over 24 days faster, and letting their directors focus on growing their business instead of awkward payment chasing.
Making receivables automation available to all businesses
Business process automation can often seem like a high-level technology, but with the expansion of eight new accounting software integrations with the Chaser platform, we are making the benefits of receivables automation available to all businesses, no matter their size, sector, or accounting system.
By creating ChaseImport, Chaser has enabled any business to use Chaser by importing CSV data on their accounts receivables and using Chaser’s automated software to manage and chase.
This means that any business can now connect Chaser's powerful payment chasing software with their accounts package and enjoy the benefits of an automated credit control solution.
This frees up time and manpower to focus on more important tasks, reduces the need to have skilled staff doing basic communication and data entry tasks, and helps ensure that invoices are paid on time.
For businesses who have left chasing late payments to the last minute, or have been using email and spreadsheets for their ACD process, Chaser is a game-changer.
We've made it easy to get started by putting together some simple instructions so you can connect your accounts package in minutes.
Make your accounts receivables work for you with Chaser
By using Chaser to manage their credit control and accounts receivable process, businesses have been able to stop wasting time chasing payments and instead focus on growing their business.
Chaser helps users automate their process by sending timely emails based on a customer’s payment history.
This allows business owners to get paid faster, spend less time worrying about overdue payments and increase sales because they know that late-paying customers will be chased.
Since 2014, Chaser has helped users chase $10 billion in late payments, so it’s safe to say that this is a reliable tool for any business looking to improve their accounts receivables process, reduce late payments and improve cash flow.
If you want to start making your accounts receivable work for you, save time and get invoices paid faster, sign up for your 14-day free trial today!