When your customers want to make payments securely and quickly, they reach for their phones—that’s why it’s essential to have an interactive voice response (IVR) payment processing system in place.
IVR systems offer secure, 24/7 payment processing solutions that can save money while delivering a better customer experience. In this article, we’ll take you through IVR payment processing, breaking down the benefits of implementing an IVR system and exploring how to choose the right payment processing partner for your business.
Key Takeaways
- Interactive voice response (IVR) systems allow customers to share information, make payments, or be properly routed without speaking to an agent.
- IVR systems can utilize voice or menu inputs to direct requests, and they can handle both inbound and outbound calls.
- IVR payments can save time and money for businesses while delivering a seamless customer payment experience, seamlessly accepting payments 24/7.
How IVR Payments Work
Put simply, interactive voice response payments are made by a customer calling a designated phone number then navigating through prompts with their voice responses or number inputs. Through these designated call flows, they can then make a payment by inputting their payment information through the same type of prompts.
IVR payment systems can be integrated with live customer representative services, connecting customers to agents who can assist with completing the payment or answering any questions.
IVR payment systems are highly customizable based on the needs of the business. The prerecorded prompts and automated workflows can be built around your customers’ unique journeys. IVR can handle inbound calls for payments and can also make outbound calls as payment reminders or other forms of outreach.
IVR Payments as Part of an Omnichannel Customer Journey
IVR payments can operate as one type of pay-by-phone channel, often working in conjunction with live representative customer service and text payments. When partnering with an omnichannel payment processor, like FirsTech, these phone payments can be one part of a comprehensive customer payment journey.
Customers interact with the businesses that serve them at multiple touchpoints, which may require different payment channels. By delivering a consistent brand message across the channels, including through IVR payments, businesses can develop strong brand loyalty and increase customer satisfaction.
7 Benefits of IVR Payment Systems
IVR payment systems can be added seamlessly to your current operations, delivering a plethora of benefits, including the following.
1. Lower Costs
Implementing interactive voice response payments can lower your payment processing costs. The system operates automatically, without the need for live agents, or greatly lowers the number of live agents you need to employ or outsource. Thus, IVR payment processing frees up staff and budget to dedicate to other customer experience initiatives.
2. Increased Accuracy
IVR payment processing removes a large part of the potential for human error by allowing customers to enter their payment information themselves and clearly confirm what they submit. IVR systems can also make confirmation or reminder calls.
3. Better Security
IVR payments follow PCI-DSS compliance guidelines to protect sensitive data including Personally Identifiable Information (PII) and payment information. Further security protocols can be added on top of that based on industry standards, such as HIPAA compliance for healthcare organizations.
When using a payment processing partner like FirsTech, which operates in conjunction with Busey Bank, you can be sure that you’ll be getting the most secure payment experience possible.
4. Improved Customer Experience
With an automated pay-by-phone system, customers are in control and are not left on hold for long periods of time. An IVR payment system can operate 24/7, 365 days of the year, giving your customers maximum flexibility when it comes to when they make their payments.
Additionally, IVR payments can offer multilingual services, custom workflows, personalized services, and saved payment methods to make the payment experience as seamless as possible.
5. Platform Integration
Interactive voice response systems can offer software integrations across the other platforms you use, even providing automated reconciliation to optimize financial operations. These integrations can help not only your accounting department but also other teams, including operations, sales, and marketing.
6. First Contact Resolution
With a comprehensive IVR system in place, you can achieve higher rates of first contact resolution. Callers can either complete their request through self-service or be directed to the appropriate live agent, with relevant details already gathered and passed along to the customer service agent.
7. Customer Personalization
Once a caller has been identified and verified, interactive voice response systems can customize the call flow to the customer. These customizations can include greeting the customer by name or providing more detailed information, like account balances or reminders for upcoming due dates.
Features of Modern IVR Payment Systems
In today’s advancing world, customers still want to be able to make a call to pay a bill. Modern interactive voice response systems allow customers to make telephone payments securely and efficiently.
Features of many high-quality automated pay by phone systems can include:
- Natural Language Processing (NLP): Advanced systems leverage Natural Language Processing to understand what customers are requesting, ensuring a smooth payment process.
- Directed Dialogue: The call flow can provide pre-recorded, suggested prompts for the caller to respond with
- IVR Authentication: The system can identify and authenticate the customer, offering dual-level authentication and screening potential fraud.
- Voice Recognition: In the past, pay-by-phone systems relied on the customer to select keys in response to prompts. Today, modern IVR systems can recognize voice responses from the caller.
- Multi-Level IVR: When you need to send customers through multiple types of menus with different routing outcomes, you’ll leverage a multi-level IVR solution.
As these payment platforms continue to evolve, it’s important to consider what new features you can benefit from adding to your business.
Selecting an IVR Payment Provider
When considering an IVR system for your payment processing, there are a few questions to ask, including the following:
- What is your expected call load?
- Will there be fluctuations in call load or call types?
- Will you be using live agents in conjunction with self-service?
- What do your call flows look like?
- Do you need multiple language options?
- What other platforms will you need to integrate with?
By answering these questions prior to starting your search for the right provider, you can have a better understanding of what to look for, making the search and implementation process seamless.
Choose an Advanced IVR System from FirsTech
IVR payment systems are becoming more and more essential for modern businesses to serve their customers’ payment needs. In particular, interactive voice response payments are prevalent in industries including healthcare, utilities, banking, retail, and government organizations.
At FirsTech, we build custom all-in-one payment solutions that include telephone payment services. By outsourcing IVR payments, you can make the most of cost-effective, customer-friendly payment options that maximize efficiency and accuracy.
Get in touch with our team to learn more about IVR solutions for your business.