It’s no secret that quick and secure billing has been one of the biggest issues businesses are facing these days, especially when customers expect more from their service providers. According to recent studies, the banking and financial sector’s customer support is worst hit by unsolved billing-related queries. And the healthcare industry is second on the list with nearly ¼ of its customer support calls are related to billing. The complexities of billing not only does affect the overall customer CX but also kill their valuable time that can be utilized to solve some real problems. What’s the ideal solution? The answer is IVR payments! What exactly are IVR Payments?
It empowers the customers by allowing them to pay their bills over the phone with a fully automated process, and for that, they won’t be needing the help of customer support representatives. If you would like to learn more about the IVR payment systems and how they can help your business in various ways, then this blog will definitely help you out.
What are IVR Payments?
IVR payment is powered by cloud-based VoIP phone systems and advanced call center tools that make bill payments an easy affair. One can make payments over the phone, and for that, they do not need any kind of assistance. There is not much difference between IVR systems & IVR payments.
IVR menus guide the customers while making payments, by addressing their queries quickly.
IVR payment tools automate the entire payment process, ensuring the highest security protocols are maintained while sharing the account details. Put simply, you just need to enter your credit card or debit card details manually or you can just read them out. In addition to this, you can also send ACH payments by issuing checks. It allows agents more free time so that they can get involved in solving more serious issues. They can pitch more sales-oriented calls, ensuring an easy payment gateway 24/7.
Apart from payment collection, IVR payment systems also offer you a number of advanced features that are useful in many cases. They are as follows:
- Sending a message through SMS to confirm the payment received
- Omnichannel solutions for the collection of payments
- Automation of the recurring payments
- Availing real-time report of IVR payments with simple analytics
- Editing the IVR call scripts and other campaigns
- Sending notifications for late payments through outbound calls & SMSs
- Intelligent call routing to let the customers directly connect with the concerned person
- Integration of CRM
- Managing the credit card limit and decline in case of over-limit
- Checking the account details and available credit offers
- Handling partial or multiple payments
How Does it Work?
You can easily integrate the IVR payment options with your existing IVR system or call center software you are using. The IVR call menu guides users by processing the payment, asking them to provide necessary info such as; sharing account details, credit/debit card information, the number of the invoice generated, or valid phone number linked to that account.
Customers can give the details either on-call or insert them manually, using their phone keypads. Customers have the liberty to choose the option they would like to use. For manual processing, the IVR payment uses advanced DTMF tone technology to complete the transaction process and AI-based programs along with Voice Recognition technology for the other.
Callers are allowed to make a switch between the IVR-based agent-assisted payments to self-service option. In general, the whole process takes less than five minutes.
How It Benefits Your Organization?
Apart from streamlining the payment process, IVR systems also help you in many other ways. It makes the payment process more secure, you will see a gradual decrease in late payments and enhanced customer CX.
- Fewer or No Late Payments: According to studies, 43% of people pay late and the numbers have certainly gone high due to the financial crisis due to pandemic norms. IVR payments offer them more flexibility of 24/7 bill paying, by sending them timely reminders of the due date, keeping them aware of their account balance, and the clarity of automatic payment options.
- Save on Operating Costs: If you combine the credit card processing fees and the cost and maintenance of hiring field agents to handle the late payment-related issues, it would be 73 cents/transaction. While on the other hand, an automated process will cost you only 7 cents (approx.)/transaction.
- Higher Standard of Security: According to the recent financial findings, it is estimated that it costs around $3.96 million a year for credit card data theft — and small-scale businesses are the biggest victims of the circumstances. The advanced security encryptions of the IVR tools ensure the highest security protocols for every transaction made. Why are they so secure? They are compliant with international bodies like NACHA and PCI. What does that mean? This means they are firewalls protected, no outsider has access to customer data, so it’s completely safe. The voice recognition feature takes the security to the next level. The system checks for the authentication of the voice followed by password protection, before making any kind of transaction. As no live agents have access to customers’ sensitive info, you can rest assured of zero frauds.
- Faster Resolution Time: The payment disputes can be solved in no time, as the IVR payment systems keep track of all the call logs, customer data, call recordings, and downloading of the transaction history. In case of conflict of interest, it can help live agents solve the issues with valid document support.
Businesses That Should Use IVR Payments?
Businesses of various domains can take advantage of IVR payments, while successfully dealing with the rising billing disputes, or simply bringing automation into the process.
Here are the applications of IVR:
- The banking system and collection agents can use IVR to check the debt and pay balances
- Large storing facilities and real estates agents for processing and easy management of monthly recurring fees
- Collection for utility payments
- Renewal, payment, or up-gradation of monthly subscriptions
- While collecting donations for non-profitable organizations or political domain
- Healthcare billing
The IVR payment option is definitely a wise move for organizations of any size to streamline their billing processes. Equipped with advanced features and unique functionalities, they can certainly ease a lot of tension that mounts with every transaction, while ensuring more secure handling of the accounts. And, not to forget the amount of time it saves that will eventually contribute to better maneuverability of your financial operations. By having IVR, you are not only empowering your agents to be more efficient, but also giving your customers an opportunity with DIY options.
If you are a banking/financial institution that is dealing with late payment or transaction-related issues on a daily basis, then switching to IVR mode will pay in your best interest. You can contact IVR providers like VoIPTech Solutions for the complete setup. If you would like to learn more about your available options, you can speak to our customer support team at: +91-6746828203.