SMEs can bring revenue in faster by automatically sending reminder letters to debtors in the post with QR code payment links
Letters. The new feature allows small-medium businesses (SMEs) to automatically schedule payment reminder letters to their debtors in the post. Chaser has expanded its credit management automation functionality to help businesses worldwide save time on manually posting payment reminder letters.
Today, 87% of businesses say they are typically paid late (Chaser) and must write off 7.5% of invoices issued as bad debt (Sage) despite their best efforts to get them paid. The result is a slowdown in SMEs' ability to generate revenue, which can negatively affect their cash flow. For example, SMEs are currently owed an average of $300,000 in late payments (QuickBooks). SMEs need a tool that ensures their payment reminders are seen, conveys urgency to their debtors, and lets them know they mean business when it comes to getting their invoices paid.
Research shows that 90% of postal letters get opened, while emails achieve an average open rate of just 20% (Zipdo). To ensure debtors see SMEs’ payment reminders and to help them reduce bad debts, Chaser has developed the ability to supplement email chasing with postal letters.
Although letters are an effective way to get payment reminders seen, writing and posting letters is time-consuming. Through Chaser, SMEs can automatically write and send personalized payment reminder letters to their debtors, saving them time and money.
With the release of Letters in Chaser, SMEs can now increase the urgency around payments with their debtors to help ensure they get paid on time and protect their revenue without committing any time or effort.
Chaser's Letters feature allows businesses to pre-write payment reminder letter templates that match their style and tone. These templates are automatically personalized with relevant debtor information and addresses for every recipient. This level of personalization ensures that debtors feel understood and catered to, increasing the chances of prompt payment.
In addition to Letters, Chaser has also recently released the ability to automate the most time-consuming part of the credit management process; phone calls. SMEs can now automate payment reminder letters and schedule them alongside automated debtor phone calls, emails, and SMS payment reminders within one comprehensive system. This comprehensive approach gives SMEs security and confidence in their finances, knowing that all aspects are being taken care of automatically.
Sonia Dorais, CEO of Chaser, emphasizes the company's commitment to supporting businesses globally in overcoming the challenges of late payments. She states, "At Chaser, our mission is to help businesses worldwide get paid for their work in an efficient and friendly way. The launch of Letters is crucial in providing SMEs with a powerful tool to ensure their debtors see and pay invoices promptly. Automating postal payment reminders gives businesses the confidence and resources to protect their cash flow without the burden of manual follow-ups."
As Chaser continues to innovate and expand its offerings, SMEs worldwide gain access to advanced receivables management tools that streamline credit control processes and improve their financial stability. Sonia Dorais adds, "Late payments pose a significant threat to the growth of SMEs. Through features like Letters, Chaser simplifies credit control. It makes best-practice credit management accessible to all, ensuring businesses can focus on their growth and success without worrying about unpaid invoices."
Find out more here or try Chaser for free to learn how its new Letters feature can help your business protect revenue and improve cash flow.
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ABOUT CHASER
Chaser helps businesses get paid sooner with its all-in-one accounts receivables automation platform, debt collections and outsourced credit control services. Users can easily integrate Chaser with their existing accounting systems, credit check, monitor debtors, chase late invoices via SMS, email, automated phone calls, and posted letters, collect payments, recover debt, and reconcile accounts in the same platform.
By sending automatic and deeply personalized payment reminders, the software and service provider effectively get invoices paid on time without losing the human touch. Chaser has helped users chase over USD 30 billion in overdue invoices, including businesses in the manufacturing, retail, and professional services sectors. Chaser was named Xero App Partner of the Year (2023) and won Best Use of Technology at the Credit Awards (2022).