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Chaser uses AI to predict best time for debt collection reminders

By Gloria Methri

August 03, 2023

  • AI
  • B2B Accounts Receivables
  • Chaser
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Chaser, Debt Recovery, Debt Collection Software, AI, Recommended Invoice Chasing, FinTechChaser, a global accounts receivables platform, and credit control service provider, has launched an artificial intelligence (AI)-powered “recommended chasing times” feature, designed to help businesses optimize collections efforts and improve cash flow. The feature uses AI to predict the best times for businesses should reach their customers via email or text message for invoice payments.

By leveraging AI and machine learning, Chaser analyzes a wealth of data, including customer payment patterns and historical behaviors, to generate tailored recommendations on the best times to chase customer payments.

This strategic approach ensures that payment reminders are delivered when customers are most likely to engage with them, increasing the chances of prompt payment and reducing delays.

Key features of recommended chasing times include:

  • Payment reminder emails and SMS messages are sent at the best times and days to ensure they have the maximum chance of getting noticed.
  • Businesses can reach customers precisely when they are most likely to pay their invoices, based on their previous payment behavior.
  • Ongoing analysis of customer behavior means recommended chasing times are continually updated based on new data and insights.
  • If calculations predict that a business would see improved results by sending out multiple sets of payment reminders per week, the recommended chasing times feature will suggest multiple times and days chase customers.

“Recommended chasing times empower businesses to reclaim valuable time spent on manual follow-ups and to optimize their collections efforts,” said Sonia Dorais, CEO of Chaser. “By automating the timing of payment reminders, SMEs can effectively reach customers when they are most likely to make payment, reducing the number of follow-ups needed, and increasing the likelihood that payment will be received on time.”

Recommended chasing times help in collecting payments faster, eliminate guesswork, and ensure continuous refinement.

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