How IVR Payment System Benefits Various Industries and Businesses

The concept of self service that IVR brings can be extended a step further and make it a tool for payment in what is known as an IVR payment system. It is a logical extension to an IVR solution that helps draw in leads to the point of conversion. A standard IVR would then require the caller who is ready to buy to make payment in some other way. This point is crucial since a customer ready to buy could suddenly decide it is not worth the effort and leave. The IVR payment keeps customers engaged right to the conclusion. This is just one thing an IVR payment system can do for you. There are other benefits for businesses and industries as well.

Highest levels of security

Customers understandably are chary about revealing card details or banking information and PIN to a human agent. There have been numerous instances of misuse since such confidential data can be hacked. When interacting with an agent the call may be recorded and such call records may be accessed. This does not happen in IVR payment system where DTMF codes are generated and the PCI DSS compliant system ensures that such codes are not recorded. Callers who get into the IVR payment process know this and have peace of mind.

Any time payment

If security is of importance for customers and the business alike then the facility of any time payment from anywhere is equally important. Human being work for limited hours whereas a payment IVR works 24x7 and callers can inquire, find information and make payment at any time and from anywhere using their mobiles or desktops. You have happy customers and an improved brand image.

Send out reminders and receive payments

Service providers and utilities, for example, can use IVR solutions to send out voice reminders and give targets the option of making payment while on call. It takes no great leap of imagination to see how this can improve collections and cash flows for businesses. The entire process becomes automated and secure too with huge savings.

Savings

Talk about savings and the IVR payment system certainly does more than pay for the investment you make in it. Once the IVR payment is fully operational you may not need to have a human agent dedicated to payments or reminders. You save on monthly remuneration as well as the space to accommodate the agent and associated costs. The IVR payment system can do double or triple duty to facilitate self service, broadcast messages or launch campaigns too.

Banks, insurance, travel, utilities, institutions collecting tax and healthcare will find the payment IVR virtually indispensable once it is operational with assistance from a suitable provider of IVR solutions.

Source: https://ivrpaymentprocessingsolutions.wordpress.com/2019/07/08/how-ivr-payment-system-benefits-various-industries-and-businesses/