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3 Key Things to Know About an Interactive Voice Response (IVR) Payments

Rocky by Rocky
March 29, 2022
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3 Key Things to Know About an Interactive Voice Response (IVR) Payments
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One of the most widespread customer service problems is billing. According to studies, billing questions are the main reason customer support lines receive calls, and billing complications can significantly damage the entire customer experience. Apart from that, they also consume loads of agent call time. So, the best solution for it is Internet Voice Response Payments. It enables customers to pay bills automatically over the phone without contacting a representative. Also, by using a good IVR payments solution, it becomes possible to create multi-channel and automated customer conversations that deliver noticeable results speedily. Keep reading to know about IVR payment in more detail and how it works.

  • What Is an IVR Payment?

An IVR payment refers to a VoIP phone system and a contact centre device. It enables people to make bill payments by phone, and for this, they don’t need to connect to a live agent. These payments work to a great extent like an Interactive Voice Response (IVR) solution, which gathers customer information and links callers to a suitable agent according to the caller’s keypad entry or spoken responses to a certain set of questions. As such, customers can make safe and automatic payments via the phone through IVR payment tools by reading out their debit or credit card number or inputting it into the keypad. 

Via this, people can dispatch ACH payments, along with eChecks. Thus, agents are freed to manage more comprehensive customer problems and ensure that customers can pay all their bills throughout the day at any time.

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Apart from collecting payments, an IVR payment system also has other functionalities. These include the following:

  • Omnichannel payment collection.
  • Live IVR payment analytics and reporting.
  • Multiple or partial payments.
  • Integration with CRM.
  • Call flow design and call routing feature to link customers to live agents.
  • Recurring automated payments.
  • SMS payment confirmations and receipts. 
  • Late payment/SMS payment reminder alerts.

The Working of IVR Payment Solutions

Such solutions can either integrate with your current IVR or contact centre software or are a functionality of a Voice Response platform. So, when a customer is linked to the IVR, they are presented with a call menu. It asks them to give payment data like account number, card information, invoice number, or contact number related to the account. Customers give this data over the phone or input the information through the phone keypad. And in case the person selects the dial pad option, the IVR system employs the DTMF tone technology to process a specific transaction. For more information visit this site: cnnnewsworld

On the other hand, if the person speaks the answer on the mobile, it is deciphered through the artificial intelligence Natural Language Processing and Voice Recognition. Then the transaction gets processed with the payment provider as per the programmed keywords. And by employing CRM integration, stored account information, and voice recognition, the IVR payment tool can also identify the identity of the caller.

  • Types of Interactive Voice Response Payments

You can find two types in this payment: Self-Service and Agent Assisted.

Self-Service: In this, the customers make a call to the organisation’s present phone number. They choose payments from the company’s front-end phone menu. The company’s phone system sends the call to a cloud-based payment platform, which is set up according to the company specifications. Then, the customers can pay via credit card in a PCI-compliant environment. As such, a quality IVR payments solution enables customers to serve themselves through personalised NanoSites. It allows you to take entire payments, part of it or negotiate terms, all without an agent.

Agent Assisted: During the time your customer service agent speaks to a customer, your Agents can send your customers to the IVR payment system. Then, the customer service agent exits the call while ensuring the management of your customer’s credit card data which will be removed from your live agent’s hands. Thus, your customers are left assured that their data is secure and safe.

IVR payment system allows customers to pay at any time of the day. Thus, companies can improve their invoice to cash time. It also enhances profitability by minimising labour expenses. 

 

Rocky

Rocky

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