I'm Chris Titley, and on my podcast series Sub11 Uncovered, I recently sat down with James Stewart, co-founder of Bill Chaser. James and I have known each other for about six months, sharing several connections in our professional networks. Additionally, our mutual interest in community welfare was underscored by attending an Australians for Mental Health dinner together.
Bill Chaser emerged around 2018, co-founded by James to address a notable gap in the debt collection industry. It focuses on aiding small to medium enterprises (SMEs) with debt collection, an area often overshadowed by services tailored for larger corporations. Bill Chaser's foundation lies in offering a legitimate, straightforward debt collection avenue for businesses less familiar with this domain.
The journey of Bill Chaser has been marked by various challenges, particularly during the COVID-19 pandemic when there was a call from the Queensland treasurer to halt debt collection activities. This period was a test of the company's resilience and its ability to adapt under pressure.
Operating with a compact team, Bill Chaser manages a significant number of accounts, totaling between 140,000 to 160,000 across Australia. This is achieved through a digital-only approach, which allows the company to maintain a small staff while servicing a large client base effectively.
Photo by Glenn Carstens-Peters / Unsplash
Word of mouth has been a primary channel for Bill Chaser's client acquisition, signaling the trust it has built within its industry. The company's service model, which charges a commission based on account complexity, caters to a wide range of business needs.
Technology underpins Bill Chaser's operations, from leveraging AI to partnering with tech providers like Yabr. The use of a moderated chat platform for client-debtor communication stands out as a modern approach to resolving disputes amicably and efficiently.
In a heavily regulated industry, Bill Chaser navigates the landscape with a focus on ethical practices and compliance, ensuring debtors are treated with respect and dignity. This approach has helped Bill Chaser carve out its niche in the contingent collections segment, differentiating itself from competitors through its digital-first strategy.
Looking ahead, AI is seen as a key component in scaling Bill Chaser's services, especially in handling complex tasks like financial hardship assessments. James Stewart emphasizes the importance of solving real problems before leaning into technological solutions, a philosophy that has steered Bill Chaser's growth.
Bill Chaser advocates for financial education and flexibility for debtors, recognizing the importance of addressing the underlying causes of debt. This stance not only contributes to the industry in a meaningful way but also aligns with James's belief in proactive stress management and problem-solving.
In our discussion on Sub11 Uncovered, the story of Bill Chaser was unpacked in a way that highlights its role in modernizing debt collection. It's a narrative about how innovative thinking, combined with a strategic use of technology, can create sustainable solutions in traditionally challenging industries.
Listen to the podcast here: