Chaser's Software and New AI Features Empowered Businesses to Collect Over $7 Billion in 2023
LONDON, England, December 18, 2023 (Newswire.com) - Chaser, the leading global accounts receivable solution has helped businesses collect over $7 billion and reduce their Days Sales Outstanding (DSO) by an average of 10 days in 2023, significantly combating the issue of late payments.
The challenge of late payments is a global concern, with 87% of businesses frequently experiencing delays in payment (2022, Chaser). In response to this, Chaser is committed to providing businesses with the best tools and services to help them receive payments faster and streamline their receivable processes. The year 2023 has been pivotal for Chaser’s innovation, highlighted by the release of several new AI features:
- Late payment predictor: Anticipates the likelihood of late payment, empowering users to make proactive decisions to ensure timely payments. This feature has helped some businesses receive payments over 20 days faster.
- Recommended chasing times: By leveraging AI, the feature offers users recommended times and days for following up with customers, which has led to an average 25% increase in payment speed.
- Payer ratings: Analyses customers' payment behaviour, assigning ratings to identify good, average, or poor payers. Enables users to tailor their strategies more effectively and increases the likelihood of timely payments.
These features, alongside Chaser’s automated payment reminders, are designed to assist SMEs (small and medium-sized enterprises) in improving their receivable processes, ultimately speeding up customer payments and improving efficiency.
Traditionally, managing receivables has been a time-consuming and resource-heavy task for businesses. Research indicates that SME owners spend up to ten hours a week chasing late payments (Intuit QuickBooks, 2023). Chaser is committed to helping remove this burden. With the support of Chaser, businesses have automated over 1.8 million emails and saved more than 9 million minutes that would otherwise be spent on manual receivables management in 2023.
“2023 has been an exceptional year, not just for Chaser, but more importantly, for Chaser’s users. Seeing SMEs collect over $7 billion and reduce DSO by an average of ten days is a testament to how they've embraced and leveraged Chaser to transform their receivables management,” says CEO Sonia Dorais. “These milestones aren't just numbers; they represent the significant strides users have made in managing their finances more efficiently and confidently. But, Chaser still has its eyes set on the future and we’re not slowing down. Chaser will keep pushing boundaries, introducing new, innovative features to make timely payments not just possible, but effortless for SMEs.”
For more information, please visit Chaser’s website.
MEDIA CONTACT:
marketing@chaserhq.com
ABOUT CHASER:
Chaser helps businesses get paid sooner with its all-in-one accounts receivable automation platform, debt collections and receivables services. Users can credit check, monitor debtors, chase late invoices via SMS and email, and collect payments on the same platform. Chaser was named Xero App Partner of the Year (2023) and won Best Use of Technology at the Credit Awards (2022).
Source: Chaser
