From XU Magazine, 
Online News

Chaser's software and new AI features empowered businesses to collect over $7 billion in 2023

January 8, 2024

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
You can find the original post here:

Chaser, the leading global accounts receivable platform and creditcontrol solution has helped businesses collect over $7 billion and reduce their Days SalesOutstanding (DSO) by an average of 10 days in 2023, significantly combating the issue of latepayments.

The challenge of late payments is a global concern, with 87% of businesses frequently experiencingdelays in payment (2022, Chaser). In response to this late payment problem, Chaser is committed toproviding businesses with the best tools and services to help them receive payments faster andstreamline their receivable processes. The year 2023 has been pivotal for Chaser’s innovation,highlighted by the release of several new AI features, such as:

  • Late payment predictor: This feature anticipates the likelihood of late payment, empowering users to make smart, proactive decisions about credit control to ensure timely payments and protect their cash flow. This feature has helped some businesses receive payments over 20 days faster.
  • Recommended chasing times: By using artificial intelligence, Recommended chasing times present Chaser users with the optimal time and day to chase customers to get invoices paid. This feature has caused an average 25% increase in the speed of payments for users.
  • Payer ratings. This feature analyses customers' payment behaviour over time, assigning ratings to identify good, average, or poor payers. It enables Chaser users to tailor their credit control strategies more effectively and increase the likelihood of timely payments and has helped some businesses reduce their DSO by over 76%.

These features, alongside Chaser’s automated payment reminders, are designed to assist SMEs (small and medium-sized enterprises) in improving and streamlining 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 can spend up to ten hours a week chasing late payments (Intuit QuickBooks, 2023). Chaser is committed to helping SMEs remove this burden. With the support of Chaser’s platform, businesses have automated over 1.8 million emails and saved more than 9 million minutes that would otherwise be spent on manual receivables management in2023.

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 truly 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 that Chaser 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”.

Why leave it there?

For more information about Chaser

Straight to your inbox

Subscribe to our newsletter for updates as they happen
We hate spam too. We NEVER sell our mailing list.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.