Having billing issues is the most common problem that any business can face. Most of the calls that customer support can have are for billing questions to financial or banking industries. Next, the phone calls are primarily for internet service providers, followed by the calls to healthcare providers. These are the most common calls that customer support can have regarding billing questions. To solve all these problems, there is an IVR payments solution.

What is IVR?

IVR (Interactive Voice Response) is an advanced technology that is the best way for customers to complete their payments for fees, bills, and contributions over the phone by communicating with an automated machine. The Interactive Voice Response solution collects the customer information and connects them to the exact agent caller’s information or keypad entry information.

IVR payment tools can help customers make secure and automatic payments over the phone by giving the input of a debit card or credit card into the keypad; you can also read them out. This process can help agents handle more sales calls and customer issues, and they can make sure that customers can pay bills at any time.

How Do IVR Payments Work?

Here is the step-by-step process of how IVR payments can work.

  • IVR payment solutions can combine with your current IVR or contact centre software, and it is a feature of an IVR Interactive Voice Response platform.
  • Suppose a customer connects with IVR on a phone call. In that case, they are guided to provide information about payment details like a debit card or credit card number, account number, invoice number, and phone numbers linked with the account.
  • Customers can give the details on the phone or enter the information on a phone keypad.
  • If the customer opts for the keypad option, the system uses Dual Tone Multi-Frequency (DTMF) technology to complete the payment transaction.
  • Suppose the customer chooses to give the input on the phone, Voice Recognition and AI Natural Language Processing (NLP) can decode the language, and the transaction is processed with a payment provider using programmed phrases and keywords.
  • The IVR payment tool can check the caller’s identity by using voice recognition, CRM integrations, and saved account data.
  • Customers can switch from IVR self-service payments to agent-assisted payments at any time.
  • The complete process will not take more than five minutes. It is such a fast payment process.

What are the Benefits of IVR Payments?

IVR payment solution is the best possible way that helps your business to grow. The benefits of Interactive Voice Response payments are as follows:

  1. Decreased Late Payments:

Approximately 46% of customers will pay their bills late. The IVR payment platform can help customers pay their bills on time by using automated payment reminders. Customers can access account balance and payment status updates and set up automatic payments. It is flexible enough as customers can make the payments 24/7 depending on their schedules. Customers can have access to update their details.

  1. Decreased Operating Costs:

The manual payment collection over the phone can cost around 70 cents per transaction, whereas an automated payment platform may cost only 6 cents per transaction.

  1. Increased Security:

Interactive Voice Response tools have several features designed to offer clients secure transactions. IVR payment tools are featured with restrictions to access the cardholder data, provide data encryption and firewalls, and keep the customer data safe and secure.

  1. Faster Billing Dispute Resolution:

The IVR tool can have data like call analytics, detailed call logs, transaction history, and customer information. This could be a great advantage to handle customer billing disputes faster.

Conclusion:

Grow your business by switching the communication with customers to online, and it lets the customers make their payments fast and efficiently. An automated IVR platform can create multi-channel customer conversations that deliver outstanding results.

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