These 5 reasons will convince you to set up IVR payments for your business

Customers today seek a secure approach to ensure that their information is not misused during transactions because the majority of them get scammed while sending online payments. Customers no longer need to speak with a representative when using the IVR payments service to pay their bills over the phone. Thus, the customer experience will be enhanced, and agents will receive significant time savings. Due to technological developments, it is now possible to accept and process credit card and ACH (eCheck) transactions using IVR systems. These transactions may now be handled due to the integration with modern payment gateway technologies. Businesses can now receive receivables automatically and without involving any people thanks to this connectivity. An automated, safe IVR phone payment system can be advantageous for almost any business that accepts payments.

An IVR payment is what?

Through the use of automated technology known as Interactive Voice Response (IVR), a business is able to set up a payment option for its products or services and provide customer care for billing issues. It replaces face-to-face communication in call centres. Traditional IVR systems provide audio prompts that direct consumers to live professionals for assistance, necessitating a lot of staff in relation to the call volume.

You may considerably reduce the strain on call centre agents while potentially improving cash flow by offering callers safe voice payment alternatives using the IVR payment system. The desire for contactless payments has risen recently because to worries about the COVID-19 epidemic. This increase has encouraged many companies to accept card transactions as the best method for concluding business with clients.

How is IVR Payment implemented?

• Your IVR system would do authentication and verification (ID&V) when a customer starts a transaction and then transfer the call to a payment gateway.

• In order to reconcile only those transaction data, the payment method will communicate with your IVR service.

• The contact centre software vendor controls the IVR flow and, as necessary, integrates everything with the required payment processor, CRM, and customer database.

• The DTMF/keypad tones are used to record a customer's credit card information once they have entered it.

• Your payment provider is integrated to process the transaction.

• The payment gateway synchronizes the outcome with your contact centre application, enabling you to take any necessary measures and keep track of all transactions.

What advantages do IVR payments offer?

• Self-service payments that are secure

• lower expenses for processing

• Integrity and adaptability

• Daily Payments

• Client Loyalty

• Securing transactions

Consumers would want to secure their card information at all costs, as incidences of online transaction fraud are developing at an increasingly rapid rate. So what other method of assuring secure transactions may be better than IVR payments? Customers who need IVR payments can enter their credit card and otherwise debit card details on the keypad in a secure manner. Additionally, because no one will ask for personal information from your clients, they won't have to fear about their information getting into the wrong hands.

• Versatility

It wouldn't be inaccurate to claim that numerous company activities have been severely impacted by the current COVID situation, which has led to a higher level of IVR payment reliability. Customers' being able to safely make payments from anywhere in the world can aid businesses in expediting the entire transaction process, improving customer experience in the process.

• Extremely Practical

Customers can pay with IVR payments whenever it is convenient for them, and they can easily set the time of payment. Additionally, agents are spared from handling billing questions brought on by several callers.

• Enhanced Client Satisfaction

IVR payments have a number of benefits, such as shorter client wait times, accessibility to many languages, security, and flexible payment alternatives. Customers are therefore more likely to have a positive experience, increasing their likelihood of being loyal and satisfied.

• Reminders for Payment

Customers typically overlook making timely payments on their invoices. Customers that use IVR payments receive frequent reminders to make their deposits, which enables them to pay their expenses on schedule. Reminders about payments assist both your consumers and your company since they prevent you from falling into the financial catastrophe that most businesses are currently experiencing as a result of COVID.