Chaser, the global leader in accounts receivable automation, has launched new features enabling businesses to automatically enforce payment terms through the application of automated late fees and early payment discounts—powerful new tools that help businesses get paid on time by enforcing payment terms automatically. These tools are designed to improve cash flow, reduce overdue invoices, and ease the manual workload of finance teams. . 

Late payments are a major challenge for businesses globally, disrupting cash flow and hindering growth. Research shows that 87% of businesses have invoices paid past their due date, with 35% settled over 30 days late. This not only affects financial stability but also requires an average of 14 hours per week for credit management. Additionally, the typical small or midsize business in North America is owed $300,000 in late payments. 

Chaser's latest features tackle these issues by automating the application of late fees to overdue invoices and empowering users to offer their debtors discounts for early payments. This automation encourages timely payments, helps recover costs associated with late settlements, and reduces the administrative workload for finance teams. With the introduction of automated late fees and early payment discounts, Chaser users can now: 

• ‍Encourage on-time payments – Reduce overdue invoices by applying late fees automatically and offering incentives for early settlement. ‍
• Recover costs from late payers – Offset the financial impact of overdue invoices with automated late fees, ensuring businesses are compensated by their debtors for delays.
• ‍Reduce manual admin – Eliminate the need for finance teams to manually calculate and apply fees or discounts, freeing up time for strategic tasks. ‍
• Maintain positive customer relationships – Set clear and consistent payment expectations while rewarding prompt payers, fostering transparency and trust. ‍
• Stay flexible and compliant – Choose from multiple late fee calculation methods, ensuring adherence to local regulations and business policies. 

"Our customers have long asked for the ability to automatically apply late fees and offer early payment discounts to their debtors," said Sonia Dorais, CEO of Chaser. "These new features empower our customers to enforce payment terms more effectively, reduce overdue invoices, and protect their revenue—without adding to their administrative workload. Late payments continue to have a devastating impact on cash flow for our customers worldwide, and it’s our responsibility to keep finding ways to help them recover cash faster." 

Chaser's automated late fees and early payment discounts are now available, providing businesses with a streamlined approach to managing accounts receivables. Companies looking to minimize late payments and improve their cash flow can access these features today.

Discover how Chaser's new features can help reduce late payments and automate accounts receivable at your business here, or try them for free for 10 days here.