- December 28, 2018
- Posted by: ipaytotal
- Category: high risk merchant account provider, high risk merchant account solutions, interactive voice response payments, IVR payment, Money Transfers, MOTO Merchant Accounts
If you own a business that receives orders, takes payments or generally involves money, you’re likely to have clients who wish to call in. You may hire some people to route all of these calls, ensuring that the billing questions will go to billing and the general information goes through a customer service representative, yet that option isn’t the only choice you have. All thanks to modern technology, you may also choose to implement the IVR payment system.
Many large and even small businesses have now adopted the IVR technology as it saves money, which might otherwise be spent on living employees. So how do these automated systems actually work? Are we really talking to a robot or just a smart software? Read on to learn more about the technology behind IVR.
What Is IVR?
IVR stands for Interactive Voice Representative. This is a phone-based technology, which enables computer in interpreting and collecting information from people via key-tones and voice. It is not exactly a new idea for expert billers, but it sure has gotten a serious revamp in recent years.
The voice response solution of today is already cheaper, much easier to deploy, and much more beneficial from a payment and billing perspective. There is no denying that technology is better. Furthermore, voice recognition software has also improved so much; and computer processors get much faster all the time –all of these help in the betterment of the system.
At least, however, from a billing viewpoint –much more important is the addition of collection-definite tools. These include automated revenue posting and processing, payment exception management, as well as mobile-friendly payment options.
Hence, it is safe to say that it isn’t really a comeback –it’s more like a reinterpretation.
IVR Payment: How Does It Work?
IVR has different implications in terms of customer service, yet the technology may also be used in accepting payments. In any case, when there’s no person on the end of the line, the call does not need to be recorded. The information that’s provided might not also be overheard. Nonetheless, IVR payment processing solutions, by themselves, aren’t secure. For you to ensure that the information of your customers stays protected, you should learn the process of making IVR payments PCI DSS compliant.
An IVR payment has the same process as any other MOTO payment. Establishments may acknowledge IVR card payments in one of two different ways:
The first option is the least expensive and most forthright IVR payment solution where a particular business has its dedicated phone number for its customers to use & complete their transaction. This is done through a distinctive reference number –usually imprinted on the customers’ bill.
The customer may call the telephone number, enter the reference number, and the sum owed will then be confirmed. The customer will enter their card details at that point, including the card number, CVV at the back of the car, and its expiry date.
There will be no card restraints to be kept by the telecom company or used by anyone. This just implies that all transactions are safe and secure. This particular strategy may also work excellently when using computerized phone choices.
The second option is an agent-led call. Examples of which are the calls that are made on debt recovery agencies or call centers, in which the agent will refer the client to a different line where their payment will be made.
The IVR bill payments are made regularly on these lines. These have now become so powerful in tracking late payments or dealing with client debt recovery.
How Can IVR Improve Billing & Payment Effectiveness?
Here are ways on how IVR can improve billing & payment effectiveness:
- To Reduce Collection Costs
Customer service call centers are an important cost of doing business. Your clients must be able to quickly get in touch with you and ask questions, resolve issues, or make payments. Even though automated voice systems might not be the best option for complicated service tasks like troubleshooting problems or answering billing questions, the payment calls are simple and are focused on one outcome –to collect from clients. Put simply, IVR is a solid fit for that sort of inbound calls.
- To Automate Payment Collection
Payment processing and posting is a time-consuming activity, which saps your business staff’ productivity. What’s even worse, the errors of manual processing may lead to costly payment exceptions. This will cost the billing industry a big deal.
This is just one of the many reasons why a lot of companies are now implementing new automation. IVR –just like the online & mobile payment –processes and captures payment info automatically for efficient and fast clearing, reporting, and archiving. Moreover, it also provides access to various smart payment info verification & fraud-prevention tools, which help in managing and correcting expensive exceptions before causing havoc to your balance sheet.
- To Embrace Mobile Billing & Payment
The new Interactive Voice Representative technology makes the most of individuals near-persistent ownership statistics, by way of integrating voice-centered outbound charging with the use of inbound mobile-based payment. Since more and more people are getting attached to their phones, mobile billing & payment has now a distinctive ability in reaching clients anytime, anywhere.
With IVR, clients now get a self-service payment option, which fits their on-the-go, smartphone-infused lifestyle. With this, you will also get faster payment, lower billing costs, and the doles of automated processing.
- To Provide Clients More Billing & Payment Flexibility
To keep the expenses in line, a lot of customer service centers keep justly traditional business hours. However, that might be a problem for customers, which work on non-traditional times, as well as keep a non-traditional schedule. The computerized IVR payment solutions are smart and effective work-around.
Rather than making service hours longer or adding one more shift, IVR might be used to provide the type of always-on tractability in an affordable way. This enables customers to quickly making a payment through the phone –whether they call during business hours or after office hours.
What Do You Need To Receive IVR Payments?
The IVR payment solutions are commonly provided by a telecommunications company. In any way of processing card payments, you will be needing a separate merchant account. This merchant account might come from a bank that’ll support the transactions and transfer money from the customers’ bank account to the business’ bank account.
Furthermore, you will also need an IVR-responsive payment gateway. This gateway will act as a security net for the clients’ details, encrypting, and safeguarding them so that they will not fall in the wrong hands.
The secure IVR payment solution works hand-in-hand with the gateway empowering you as a business to stay as PCI-compliant. Finding the best providers from merchant accounts to payment getaways with a dependable telecom company might make a productive and modernized methods in accepting transactions, which implies that the clients feel more confident in making IVR payments.
What Is PCI Compliance? Does Your Business Need It?
PCI Compliance is actually an industry standard that assures the safety and security of clients’ card details. As a business, it is your responsibility to stay compliant. Nonetheless, more often than not, the merchant account provider may assist you in doing it.
In terms of accepting telephone payments, getting PCI compliance, as well as proceeding to stay compliant might be troublesome. This is due to the fact that there are more risks included that are contrasted with the acceptance of face-to-face transactions.
The IVR payments may help in assuring that payment information will never reach your systems, due to the client entering their data, particularly on their keypad, instead of the agent who requests for the data. Choosing an IVR company that has high compliance standards is important when setting up a telephone payment system.
If your business is a PCI compliant, that just means that you have the proper measures in encrypting sensitive data and securely hold that particular information. Furthermore, you also have the procedures and policies in place, on who may access the data and take the necessary steps in making sure of its integrity, as well.
What’s more, you also test your own data security system on a regular basis and systematically ensure that your information stays as secure as possible.
What Are The Benefits Of IVR Payments?
The benefits of using IVR payments have generally been reported in recent years. These include the following:
- Simple answering helps enable businesses in monitoring their payments.
- Beneficial for clients in making payments that are ideal for them.
- Safe & secure processing due to the data being coded and not stored.
- Sparing costs are commonly spent on staff, in order to handle card processing.
- The ability to acknowledge payments 24 hours a day every day outside the office work hours.
- Quick setup.
- Reduced PCI scope in eliminating human interaction in accepting payments through phone.
- Multiple languages.
- Increased customer satisfaction.
- No staffing considerations for human interaction on the business’ side.
Let’s Discuss Your Requirements
Here at iPayTotal, we are always open to listen to all your use cases, how you are currently handling your payments, as well as how we might help you best in configuring an IVR system in order to automate your processes. Contact us today and let’s schedule a consultation on your needs. To learn more, you can call us at +44 800 776 5988 or check us out on our website. We are here to help you!