Xero’s app marketplace has over 700 apps which help small businesses and their advisors reach their goals. Each month we celebrate an app partner who stands out for helping small businesses thrive. Find out more about Xero’s app partner program here.
Introducing Chaser, our August app partner of the month
For businesses who sell their products and services on payment terms, there can be a paralysing uncertainty of when or whether they’ll get their invoices paid on time. Chaser’s promise to their users is about making those tense moments painless and helping them finally get paid the money they are owed.
David Tuck, Founder and CEO of Chaser, was tired of having to deal with chasing invoices when working as a finance director. While attending Xerocon London in 2013, David saw the opportunity the cloud could provide.
“I learned about the software and everything came together in this melting pot. We started work on the product after I saw what was possible at Xerocon in 2013. We’ve been live with Xero since day one.”
Having launched on Xero’s app marketplace in August 2014, Chaser is a veteran of Xero’s ecosystem. It’s something David is proud of.
“Being an app partner with Xero has been a great experience, and that relationship has continued over the past five years. It’s clear that operating an ecosystem is part of Xero’s DNA. We don’t feel like a bolt on, we’re really part of something great.”
The good, the bad, and the DAD
Chaser loves a good acronym, as David explains.
“We see three reasons an invoice won’t get paid on time. We call it DAD – delinquents, accidentals and deliberates. Delinquents are that very tiny fraction of businesses who just don’t have the ability to pay you. In the majority of cases it’s the accidentals or the deliberates.”
The other acronym Chaser sticks to is PPP, or polite persistence pays.
“We call it that because it reminds those who had meant to pay, but it slipped their mind. It forces the deliberates to justify the unjustifiable of why they are continuing not to pay that invoice. We’re automating that hugely important communication process.”
David says Chaser’s customers fall into two brackets. There are the SMBs who want to manage their credit control more effectively and remove the manual workload, and Chasers accounting and bookkeeping partners.
“We’re calling that Virtual Credit Control. The ability to deliver a finance function without being in the business is huge, and really exciting for me as a former finance director. The next frontier of that is providing adjacent virtual services. We’re democratising access to professional level credit control.”
This commitment to levelling the playing field has always been part of David’s vision. He explains the massive opportunity that comes with what he calls the virtual credit control revolution.
“In the UK, 225 billion pounds is owed to SMBs in overdue invoices. Money that by rights they should expect to have. By freeing up this capital, businesses are able to hire someone they otherwise couldn’t, or buy a piece of machinery they need. As a product we’ve got the opportunity now to be more proactive, like an intelligent credit control butler.”
Understanding customers through Xero
Thanks to Xero’s API, David has seen the effect Chaser has had on businesses who are now getting their invoices paid earlier and with less hassle.
“It’s a huge thing for us to see the benefits of what we’re delivering. Via the API, we’re able to see how long it takes our users to get their invoices paid. On average that’s 16 days earlier, resulting in a cash flow boost of £4,400 for every £100,000 of turnover. It’s absolutely changed the game for so many SMBs”
The next big plays for Chaser include moving into the Australian market – one which David has had his eyes on for some time.
“We have users in about 40 countries, with most of them in the UK. We exhibited at Xerocon Melbourne in 2015 and we’re coming out for Xerocon Brisbane this year. We’re very eager to jump at the Australian opportunity. Australia is so ahead in terms of cloud technology. The infrastructure, the geographic clustering, the reputation – it all leads to such a great market.”
Five years on from Chaser’s launch, David is still committed to global Xerocons and engaging with Xero users around the world to grow the Chaser platform.
“We found our first users and partners there. We’ve gone to every Xerocon in the UK since launching. They’re a phenomenal opportunity for us – the great and the good of the accounting industry in one room. The people there are so open to change and come to Xerocon to look for the next big thing.”