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Article : 5 Reasons To Setup IVR Payment For Your Business

#contactcenterworld, @CallStudio

Author: Chidiogo Emmanuel, Digital Communications, Call Center Studio

Advancements in technology have given rise to the integration of modern payment gateway technologies that allow credit card and ACH (eCheck) transactions to be accepted and processed using the IVR systems.

With this integration, businesses can accept receivables in an automated fashion without human interaction. Almost any company that takes payments can benefit from a secure IVR automated phone payment system.

What is IVR Payment?

Interactive Voice Response (IVR) payment is an automated technology that allows a business to set up a payment method for its services or products, and customer servicing of bills through the IVR service. It replaces human interaction within call centers.

The conventional IVR systems offer voice prompts that route callers to live customer service agents for solutions, requiring a lot of staff relative to the call traffic.

With the IVR payment system, secure voice payment solutions significantly reduce the workload on call center agents while increasing cash flow.

Lately, there has been an increase in the need for contactless payment due to fears over the COVID-19 pandemic. This spike has fuelled many businesses adopting card payments as the best option for finalizing transactions with customers.

38% of consumers now see contactless as a ‘basic need’ feature of payments, up from 30% a year ago. In 2019, 41% of customers said they didn’t need contactless payment. Thes number has fallen to 33% as of March 2020.

60% of consumers not currently using self-service technology would like to use it and would like to engage with technology over humans. A study also found that 86% want to purchase health and beauty products using unattended technology.

As the need for contactless payment increases and customer demand for secure, self-services, with the increasing numbers of staff working from home, it’s easy to see why IVR payments are the toast of contactless payments.

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How do IVR Payments work?

  • When a customer initiates a transaction, your IVR system would carry out identification and verification (ID&V) and pass the call to a payment gateway.

  • The payment gateway will interact with your IVR service to reconcile all transaction data.

  • The contact center software provider manages the IVR flow and integrations with your required payment provider and CRM/customer database where required.

  • Once a customer enters their card details, it is captured using the DTMF/keypad tones.

  • The transaction is processed via an integration with your payment provider.

  • The payment gateway reconciles the result back to your contact center software, allowing you to complete any actions and retain a record of all transactions.

What are the benefits of IVR payments?

Secure self-service payments Security is a top concern for customers, and they would expect that to be matched with convenience without their details falling into the wrong hands.

IVR payment solutions allow contact center users to enter their debit or credit card data via DTMF/keypad tones anytime, quickly and securely.

When deciding to implement this service, it is crucial to look for a contact center provider that will work with you throughout the compliance process to avoid infringements.

Your IVR payment solution should authenticate callers before taking payments via a unique number like an invoice or customer reference. It should also be able to integrate easily with in-house telephony, accounting, and CRM systems.

These features allow your agents to deal with more customers and spend less time on taking payments while guaranteeing to customers security in the knowledge that their card details are safe.

Reduced processing costs – According to ContactBabel, the average call into a contact center costs an organization about $5. In comparison, an IVR payment can be just a matter of pennies.

For companies that experience seasonal spikes in calls, an IVR payment system is the recommended option. It eliminates the need for hiring temporary staff that may not be needed afterward, thereby incurring costs.

Integration and flexibility – In a world where the pandemic has disrupted business operations, IVR payments have grown in popularity and importance.

This service can be access anywhere by customers and remote-workers, whether in the office, at home, across time-zones, providers, carriers, and telephony systems.

Businesses can streamline payment processes by centralizing their IVR payments across multiple contact centers while linking to numerous CRM systems to enhance customer service.

24/7 Payments – Being able to accept payments 24/7 provides your customers convenience and reduces the time your staff spends on responding to questions that are sometimes redundant.

Customer Loyalty – Your IVR system could be an excellent foundation for setting up a customer loyalty program.

A loyalty program can be set up to reward customers that are prompt on payments. This allows your business to engage and create a better relationship with your customers.

Your IVR payment service can be combined with simple email or text notification reminders, which can likely offer customers extra motivation to acquire a service or product.

Other benefits include

  • Automated phone payments offer another payment option for your customers based on their convenience.
  • Increased customer satisfaction.
  • Reduced waiting time for customers.
  • Less use of organizational staff-hours.
  • Availability of multiple languages for a diverse customer base.

#contactcenterworld, @CallStudio


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Today's Tip of the Day - All Customer Touchpoints Need To Provide Service

Read today's tip or listen to it on podcast.

Published: Wednesday, August 5, 2020

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2020 Buyers Guide Call Routing Optimization

 
1.) 
Eastwind Communications

Eastwind sells Oracle, Ribbon, and Dialogic SBC and routing solutions for both premise-based and cloud-based deployments along with Microsoft Teams integration. Eastwind offers managed service offerings and complete 7x24 support.
PH: 508-862-8600

2.) 
Lieber & Associates

Call Routing and Contact Center Optimization
L&A provides consulting services to optimize contact centers, including call routing, skills-based routing, and multi-location routing. The firm's senior consultants have several decades of experience each in this area and work with all vendors' systems. L&A's president pioneered skills-based routing.
PH: +1-773-325-0608
 

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