Here at Blu Sky, we recently held our own App Day. We're also committed to encouraging our team to get involved with learning more about the apps and products we use, and getting involved in writing content. In the first blog of the series, Ben Gibbin writes his opinion on Chaser.
Trouble paying invoices? No… What about your customers? We’ve recently had an amazing afternoon learning about Xero addons which can make our lives easier and for me, Chaser stood out a lot.
I’ve heard people complain that they haven’t got enough money to grow their business. Their first thoughts are taking out a loan or even selling off a part of their business to investors, which is great to raise money but there are alternatives.
Chaser works exclusively on the sales side of things and relies on your bookkeeping being up to date. In fact, with Chaser it can take an average of 16 days less to receive money from customers. Sounds amazing, we know!
Is Chaser right for me?
If you have customers who are placing orders and treating the credit on your sales like short term bank loans or even if you want to be safe in the knowledge that there’s something in place to reduce the risk of this happening, then yes.
Credit Control & Credit Limits
Still not convinced? Chaser have developed 2 methods of credit control in the same package. It’s origin comes from chasing your customers for outstanding invoices at pre-determined intervals after the invoice was raised. But, recently Chaser has unleashed a second method, which you can run parallel to this… CREDIT LIMITS! Referred to as Thresholds.
We all need a plan for those irritable customers who always forget, can’t or won’t pay. Chaser enables you, through the thresholds function to set a limit on the borrowing before, in theory, they have to make a payment to reduce their debt or you refuse their custom.
Let’s say I have a client who is reaching their credit limit. Chaser will email me to let me know they’re getting close to the limit, making me think about collecting money, not just making sales. It also emails the customer something along the lines of, “You are approaching your agreed credit terms, we may need you to pay before we can accept your next order”.
Genius! I have it on good authority that there are developments on the way for thresholds in the not-too-distant future, so watch this space.
Interested in finding out more? Get in touch, we’d love to hear from you!
We’d also urge you to watch our interview with David Tuck, Founder and CEO of Chaser.