Saturday 13th January 2024 | No. 71
XU Biweekly
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Chaser's software and new AI features empowered businesses to collect over $7 billion in 2023
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HASER, THE LEADING GLOBAL ACCOUNTS RECEIVABLE PLATFORM AND CREDITCONTROL SOLUTION HAS HELPED BUSINESSES COLLECT OVER $7 BILLION AND REDUCE THEIR DAYS SALESOUTSTANDING (DSO) BY AN AVERAGE OF 10 DAYS IN 2023, SIGNIFICANTLY COMBATING THE ISSUE OF LATEPAYMENTS. The challenge of late pay-
ments is a global concern, with 87% of businesses frequently experiencingdelays in payment (2022, Chaser). In response to this late payment problem, Chaser is committed toproviding businesses with the best tools and services to help them receive payments faster andstreamline their receivable processes. The year 2023 has been pivotal for Chaser’s innovation,highlighted by the re-
lease of several new AI features, such as:
• Late payment predictor: This feature anticipates the likelihood of late payment, empowering users to make smart, proactive decisions about credit control to ensure timely payments and protect their cash flow. This feature has helped some businesses receive payments over 20 days faster. • Recommended chasing
times: By using artificial intelligence, Recommended chasing times present Chaser users with the optimal time and day to chase customers to get invoices paid. This feature has caused an average 25% increase in the speed of payments for users. • Payer ratings: This feature analyses customers' payment behaviour over time, assigning ratings to identify good, average, or poor payers. It enables Chaser
users to tailor their credit control strategies more effectively and increase the likelihood of timely payments and has helped some businesses reduce their DSO by over 76%.
These features, alongside Chaser’s automated payment reminders, are designed to assist SMEs (small and medium-sized enterprises) in improving and streamlining their receivable processes, ultimately speed-
ing up customer payments and improving efficiency. Traditionally, managing receivables has been a time-consuming and resource-heavy task for businesses. Research indicates that SME owners can spend up to ten hours a week chasing late payments (Intuit QuickBooks, 2023). Chaser is committed to helping SMEs remove this burden.
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Global Fintech SumUp We’re partnering with Raises €285 Million Flinks to improve your S bank feeds in Xero UMUP, THE LEADING GLOBAL FINANCIAL SERVICES COMPANY, TODAY ANNOUNCED IT RAISED 285 MILLION EURO IN FUNDING LED BY SIXTH STREET GROWTHWITH FURTHER PARTICIPATION BY BAIN CAPITAL TECH OPPORTUNITIES, FIN CAPITAL, AND LIQUIDITY GROUP. THE FUNDING WILL BE USED TO EXPAND SUMUP’S GLOBAL FOOTPRINT AND DELIVER THE TOOLS AND SERVICES THAT SMALL MERCHANTS NEED TO START, RUN, AND GROW THEIR BUSINESS.
The new funding comes after a year of accelerating momentum for SumUp, which has been operating on a positive EBITDA basis since Q4 2022 while maintaining over 30 percent topline growth year over year. The company continuously grew its EBITDA margins throughout 2023, as it real-
ised economies of scale and leveraged the platform and merchant relationships it has built over the last 11 years. SumUp recently launched in Australia, its 36th market, and has built strong partnerships with renowned brands such as JCB and Apple. SumUp CFO Hermione McKee said on the round: “Our mission is to create a world where everyone can build a thriving business. The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community." "We are excited to have Sixth Street join that community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that
empower small businesses.”
SumUp provides more than 4 million businesses worldwide with affordable, easy-to-use payments products and financial services.
SumUp recently expanded its product and service suite for small merchants with the launch of a cash advance partnership with VPC in the UK, Tap to Pay on iPhone in the UK, France and the Netherlands, and SumUp One, a membership plan that bundles its most popular features for one fixed, discounted price. Nari Ansari, Managing Director at Sixth Street Growth added: “For over a decade, SumUp has consistently delivered sustained growth and boldly entered and led entirely new product categories and markets."
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E KNOW THE INSIGHTS YOU GET OUT OF XERO ARE ONLY AS GOOD AS THE DATA THAT GOES IN. THAT’S WHY WE’RE COMMITTED TO IMPROVING BOTH THE NUMBER AND QUALITY OF BANK FEEDS ACROSS CANADA AND THE US. IT’S SOMETHING WE PROMISED YOU WE WOULD FOCUS ON, AND WE’RE EXCITED TO SHARE THAT WE’VE MADE SOME GREAT PROGRESS.
Today, we’ve announced a new partnership with Flinks, which will give you access to more than 20 high-quality bank feeds in Xero. These include, but are not limited to, direct bank feeds with the National Bank of Canada and EQ Bank, as well as sev-
eral US-based banks.
Our friends at Flinks are as committed to championing the benefits of open banking as we are. Together, we’re excited about the opportunity to empower you and your clients to achieve your financial goals, while staying in control of your banking data. Partnerships like this are so important to our team — it means that instead of connecting to thousands of banks and other financial institutions across Canada and the US individually, we can have a small number of trusted partnerships that provide us with access to secure and reliable bank feeds. The best news? As Flinks connects to more banks with direct
Saturday 13th January 2024
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71
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API connections, you’ll get access to those bank feeds once they’re available. This means you’ll spend less time on manual data entry and reconciliation, while having an up-to-date view of your finances. If you haven’t set up a bank feed in Xero, it’s really easy (just make sure you have online banking set up first). All you need to do is go into Xero and search the list of banks to see if they offer a bank feed. Then log into your bank account and confirm the connection. Customers have told us that using our bank feeds and reconciliation tools save them up to five and a half hours a week. So it’s a huge time saver.
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