How is IVR Payment System Useful for your business?

Posted on 19 June, 2023 by Vindaloo Softtech Pvt. Ltd.

In today’s fast-paced world, businesses constantly seek efficient and secure ways to process payments. One such solution that has gained significant popularity is the Interactive Voice Response (IVR) payment system. This technology allows customers to make payments over the phone using their credit or debit cards. This blog post will explore the benefits of implementing an IVR payment system in your business and how it can enhance your overall customer experience.

What are IVR systems?

IVR stands for Interactive Voice Response, a technology that adds a stage before a call is redirected to the appropriate extension based on user inputs. It acts like a menu a caller can choose from by pressing the proper keypad or saying the correct phrase to route them to the right department. So, instead of the caller speaking to someone and then getting redirected to the valid extension, they follow the instruction of the IVR to be automatically redirected to the right terminal. E.g., You call a bank and speak to a representative who hears your requirements and then redirects you to the loans, credit card, or savings department compared to you pressing the right key to get the call redirected to the appropriate department. This translates to two benefits.

1. The customer finds the solution themselves most of the time.
2. Call center agents’ time can be utilized in solving actual customer problems.

How do IVR Payments Work?

Businesses can use an IVR system for more than simply directing customer calls. One of the most innovative IVR system extensions is the IVR payment system. This is a value addition for companies that regularly process a high volume of payment orders, such as banks and debt collection, utility payments, storage facilities, subscriptions, and donations. IVR payments integrate payment processing systems such as Point of Sale machines or banking portals with an existing IVR or contact center software.

Payment processing using IVR systems can be self-service or processed by agent mode. Self-service IVR payments use speech recognition and AI to process the user input, such as keypad dial, voice prompt, or typed response. Both work together to process and decipher a customer request against a predetermined, keyword-specific script. In the agent-assisted IVR, the agent is a part of the call but may be put on hold when the caller inputs their card details.

Here are some of the additional IVR payment features possible:

• SMS payment confirmations
• Templated scripts and editing tools
• Omnichannel payment methods
• Call routing options
• Account information and credit card details

Capabilities Possible in IVR Payment System

While the basic IVR payment system can accept payments from credit and debit cards, further advancements are possible that allow businesses to enjoy the following benefits:

• Recurring payments
• Voice or SMS payment confirmations and receipts
• Online payment portals integration with customer document management
• Real-time IVR payment reporting and analytics
• Payment plans/installments
• Refund processing
• Receivables management
• Account and available credit lookups
• Credit card decline management
• CRM integration and CTI screen pops
• Merchant account activity monitoring and alerts
• Call routing strategies, drag-and-drop call flow design
• Custom greetings
• IVR and live agent call scripts
• Outbound Voice/SMS payment reminders or collections notices

You learn more about the utilities possible in IVR Payment System from the Know How of IVR Solution and Its Top 5 Utilities

Benefits of IVR payment system for businesses

1. Convenience and Accessibility:

The IVR payment system offers unparalleled convenience to your customers by enabling them to make payments anytime, anywhere. Customers can securely enter their payment information and complete transactions within minutes with just a phone call. This eliminates the need for customers to visit your physical store or website, streamlining the payment process and increasing customer satisfaction.

2. Enhanced Customer Service:

Implementing an IVR payment system allows your business to offer round-the-clock customer service. Customers no longer have to wait for office hours to make payments or seek assistance. Instead, they can simply call the dedicated payment hotline, follow the IVR prompts, and complete their transactions or get answers to their queries. This 24/7 availability enhances customer experience and strengthens your brand’s reputation for excellent customer service.

3. Security and Fraud Prevention:

Security is a top concern for both businesses and customers when it comes to payment processing. IVR payment systems utilize advanced encryption techniques to protect sensitive customer data during transactions. In addition, IVR systems ensure that customer information remains safe from unauthorized access and potential fraud by adhering to strict security protocols and industry standards, such as Payment Card Industry Data Security Standard (PCI DSS) compliance.

4. Cost and Time Efficiency:

By integrating an IVR payment system, your business can significantly reduce costs associated with manual payment processing. With automated payment collection, you can minimize administrative overheads, such as hiring staff to handle payments or investing in expensive payment processing hardware. Additionally, IVR systems reduce the time taken to process payments, allowing your team to focus on more critical tasks and improving overall operational efficiency.

5. Increased Payment Options:

IVR payment systems offer various payment options, allowing customers to choose the method that suits them best. Whether it’s a credit card, debit card, or electronic check, customers can select their preferred payment method through the IVR system. Offering multiple payment options enhances customer convenience and expands your customer base by accommodating different payment preferences.

6. Real-Time Reporting and Analytics:

IVR payment systems provide businesses with comprehensive reporting and analytics capabilities. You can track and analyze payment trends, identify customer preferences, and gain insights into your payment processing efficiency. This valuable data can help you make informed business decisions, improve your financial planning, and optimize your payment processes for better results.

You can read more about the Top Ways Asterisk IVR Payment Processing Solution Augment Business.

Who Should Use IVR Payments?

While IVR payment systems can streamline the complex process of billing and payment across multiple industries, the main audience would be enterprise-level corporations that process a high daily or weekly order volume.

Popular IVR payment use cases include:

• Finance and Banking: Financial institutes can use the IVR payment processing system for managing debt collection, installment payments for credit cards and loans, managing fraud, payout settlements, knowing balance updates, etc.
• Healthcare: Callers can collect medical bills or set up payment plans using IVR payment systems. Hospitals can process insurance claims or perform prescription billing using it. Paired with appointment booking using Asterisk IVR, patients can also pay for upcoming appointments.
• Service Providers: Customers can manage their subscription-based services or set up recurring/one-time service fees for any type of service.
• Event management: Selling tickets for events or collecting one-time or regular donations via IVR (inbound or outbound).
• Retail and eCommerce: Managing one-time or periodic microloan payments, credit card storage, retailer-specific credit card billing, rewards program payouts, etc.

Wrapping Up

An IVR payment system is an excellent option for businesses offering their customer’s payment convenience, flexibility, and security, and interactive voice recognition systems can save organizations both time and money. If your organization is looking to improve its payment experience, Vindaloo Softtech can help you create the appropriate solution. Get in touch with us.