The Benefits of IVR Payments

A steady cash flow is tough to maintain for many businesses and organizations of all sizes. It’s not uncommon for businesses to designate excessive amounts of time to chasing after outstanding balances. But what if you didn’t have to hunt down owed funds?

Both your business and customers want a quick, convenient, and secure way to take care of bills. The answer you’re seeking might lie within IVR payments.

What is IVR?

Interactive voice response, known as IVR, is an automated telephone payment system that allows customers to make payments by phone without the need to interact with a live representative. Customers can use any payment method and pay at any convenient time without having to wait for an office to open.

Simple requests like paying a bill or checking an account status can be handled completely by the system, while customers can be directed to an employee for more complex inquiries or live discussion. In that event, the IVR system collects information from callers for proper routing, which also allows representatives to immediately address the question or concern at hand.

Giving customers the ability to pay any way, any time with IVR makes it easy for them to complete payments, which can help boost the revenue collected by your business.

What can IVR do?

IVR provides 24/7 access to a convenient, flexible solution for paying bills or invoices. The system can be set up with stock greetings/commands or customizable menu options with more dynamic capabilities to better suit your particular business or organization.

IVR provides customers with the ability to self-serve, which allows your business to better utilize employees’ time. It can take quite a bit of manpower to handle calls and process payments, but IVR helps relieve the staff burden. This allows employees to focus on more pressing company-related matters.

Essentially, IVR can help improve your business’ time management, as well as encouraging increased revenue and adding value for customers.

What are the benefits of IVR payments?

A key benefit of IVR is that is allows people with busy schedules to make payments on their own time without the need for employee assistance. These sophisticated systems include a variety of features that make payments even simpler, such as:

  • Predictive navigation: Previous caller records pave the road for personalized menu options, anticipating the needs of callers before they have to ask.
  • Authentication: A caller’s identification can be verified against the phone number on record or by the caller speaking/entering their account number.
  • Speech-enabled interaction: Callers can navigate the system using their voice, with the option of multilingual voice talent.
  • Call logs: The system collects and records caller information, which reps can use to immediately address questions/concerns if a caller wishes to speak with a live person.
  • Self-service: Callers are able to help themselves while making a payment or checking their account outside of business hours.
  • Compliant solution: The right IVR system will be compliant with both PCI and NACHA standards, providing a high level of payment security.

Essentially, IVR provides a variety of convenient benefits for both your business and its customers, presenting a simple way to boost revenue and save time.

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