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Chaser makes finalist in two categories at CICM British Credit Awards

January 19, 2022

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We are proud to announce that Chaser has been shortlisted as a finalist for two awards at the Chartered Institute of Credit Management (CICM) British Credit Awards 2022:

• B2B Supplier of the Year

• Innovation & Technology Award

The British Credit Awards recognise the stand out achievements of the most deserving individuals, teams and organisations in the international credit industry, so we are honoured to have our work recognised in these two categories.

Being shortlisted for these awards recognises the efforts of the Chaser team in helping businesses reduce late payments and get paid in an efficient, friendly way so that they improve cash flow.

The B2B Supplier of the Year nomination celebrates the success of Chaser's end-to-end receivables automation launch, allowing users to automate their entire receivables process in one seamless system. Our Innovation & Technology Award shortlisting highlights the success of the Chaser Payment Portal, launched in January 2021 and the success it has already achieved in helping Chaser users get invoices paid faster and reducing payment friction.

Chaser has been shortlisted for B2B Supplier of the Year and Innovation & Technology Award at the CICM British Credit Awards, for their work on end-to-end receivables automation and the Payment Portal

B2B Supplier of the Year

The British Credit Awards' B2B Supplier of the Year award recognises suppliers in the credit management industry delivering innovative and effective solutions for B2B credit teams.

Chaser helps businesses get paid sooner with its award-winning payment all-in-one credit control automation platform, debt collections agency and outsourced credit control services.

With the launch of end-to-end accounts receivables automation, users can now credit check, monitor debtors, chase late invoices, collect payments, recover debt and reconcile accounts, all in the same unique platform.

By sending automatic and deeply personalised payment reminders, the software and service provider effectively gets invoices paid on time without losing the human touch.

Chaser uses the data in user’s accounting systems to report on, chase and collect outstanding receivables. Chaser is set up to synchronise with the data in users’ accounting system every hour, updating data across both systems simultaneously. This ensures users have a seamless tool to manage their receivables end-to-end which is always up to date with the most accurate data.

During the pandemic, Chaser users were facing increasing issues with bad debts and lacking the internal resources to prevent and handle these bad debts.

In response to user research on the problems being faced, Chaser launched the services Chaser Collections and Outsourced Credit Control as an extension to its software offering.

This gave users the option to escalate difficult invoices to Chaser’s friendly debt recovery service within the Chaser software in just two clicks.

Additionally, when credit teams needed external support - or someone who simply had the time to pick up the phone and speak with customers about their overdue payments, they could use Chaser’s Outsourced Credit Control service. This service lets users purchase as many or as few hours as required month-by-month from their dedicated credit controller.

Chaser users can easily track every interaction between their debt collector or Outsourced Credit Controller and their customer, within the Chaser receivables CRM. All communications including responses are automatically tracked, providing full visibility and peace of mind for users.

Innovation and Technology Award

The Innovation and Technology Award recognises the impact of applying new information and communications technology in the credit management industry, which demonstrate achievement in greater efficiency, enhanced quality, better customer service, lower error rates and/or effective implementation within agreed budgets and timetables.

During the pandemic businesses in general - and our own users - saw an unprecedented increase in late payments and increased strains on the resources of their finance teams. In fact, Globally, the CPA (2021) noted a 209% increase in late payments during the pandemic.

Reduced headcounts due to furlough schemes and business cuts meant finance teams had fewer hours available to commit to accounts receivable activities such as payment follow ups. After conducting user focus groups we identified the need for a customer payment portal within the Chaser software with the aim to:

• Automate more elements of the receivables process to free up more of the finance teams’ time

• Reduce payment friction, ensuring it is as easy as possible for business’ customers to pay them

Chaser’s mission is to help businesses that sell on payment terms achieve these efficiencies and get paid faster in a friendly way - without jeopardising repeat business, so we knew personalisation and ensuring users could chase payments in a polite way needed to be central to any new solution.

The Payment Portal is unique in its ability to be linked to and sent to users’ customers within automated payment reminders that always look like they have been hand-typed and both look and feel just like an internal email from that business.

Combining prioritising efficiency for our users with the importance of helping them maintain great customer relationships - through personalisation and a friendly approach to payment chasing, has already helped them achieve fantastic results with the new developments to Chaser's software and service offerings.

With end-to-end features, users have achieved astonishing efficiency improvements. “Indispensable tool, I convey the same friendliness and tone I would use manually and we’re saving 15+ hours per-week” - Rossana, Credit Control Manager, LoveBrands

Approaching customers in an on-brand, personalised way gets payment reminders noticed and gets users paid through the Payment Portal, with Chaser users reducing days-sales-outstanding by over 75% and noting customer goodwill:

“We now collect cash-in with minimal effort whilst maintaining customer goodwill. It really has made such a positive difference to our cash flow” - Peter McGrady, Owner & MD, Photoline

We are thrilled to see our work in supporting users with late payments recognised by the CICM in these two categories. Winners will be announced on the 24th of March at the awards ceremony held at Royal Lancaster, London - book tickets for the event here.

Why leave it there?

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