In response to a concerning 18% surge in insolvencies among businesses in October 2023 (Guardian, Reuters), Chaser, the renowned global accounts receivables SaaS platform, has unveiled a strategic initiative to revolutionize the way companies secure payments. The new SMS invoice-chasing functionality aims to empower businesses to overcome the limitations of email communications and optimize their outreach strategies.
Typically, emails have a 25% open rate, making them less effective in scenarios where an urgent response or payment is needed. In contrast, SMS messages, with an impressive average open rate of 98% (Tyntec), present a compelling solution for businesses grappling with late payments.
Chaser’s innovative SMS payment reminder chasing feature enables users to send invoice payment reminders instantly via a centralized cloud system. Customizable templates, featuring editable fields such as business name, due date, and invoice amount, emulate a personalized touch, making automated messages appear human-crafted. Integrating SMS payment reminders with emails in automated chasing schedules further amplifies the chances of swift customer response, ultimately accelerating payment cycles.
Notably, users leveraging SMS experience accelerated payment processes, reducing the average chase-to-payment time to just 16 days. This achievement underscores Chaser’s commitment to streamlining communication for enhanced efficiency.
In comparison to using traditional email chasing alone, supplementing email chasing with SMS proves to be a game-changer, demonstrating a 32% improvement in efficiency. The average chase-to-payment time after introducing SMS into the chasing process is 7 days faster than using email alone, presenting a substantial enhancement in responsiveness. Chaser users now benefit from a more streamlined and effective chase interaction process, significantly optimizing their workflow.
A notable incentive accompanies this release: Chaser is offering free SMS usage to all its customers from January to June 2024. This initiative is a proactive measure to assist businesses in reducing late payments and enhancing cash flow during a critical period of economic uncertainty.
Chaser CEO Sonia Dorais expressed concern about the challenges businesses face in getting paid, stating, “Providing free SMS payment reminders for 6 months aligns seamlessly with Chaser’s mission. We recognize the pressing issue businesses face in securing payments for their work, and by absorbing the processing costs, we aim to empower users to overcome this hurdle. This feature enables businesses to cut through the noise and instantly connect with their customers on the go, sending personalized payment reminders directly to their phones. It not only enhances efficiency in reaching customers but also mitigates payment friction with instant payment links for SMS recipients, ultimately facilitating a smoother payment process for businesses.”
Having recently achieved the landmark of aiding users in chasing and recovering $10 billion in late payments, Chaser continues to evolve as a leader in innovative communication solutions, providing businesses with the tools they need to thrive in today’s fast-paced environment.
To explore the full spectrum of features and capabilities of SMS payment chasing, refer to the fact sheet.
