IVR Payment System Automates Payment Collection And Changes How Customers Pay

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Given the advantages IVR Payments should prove to be more popular and widely adopted in 2020. IVR payment system brings in about 70% cost saving and is available 24x7x365 with better inbuilt security. Know about IVR payments and how it changes the payment method to a securer, more facile one.

The IVR payment system

IVR solutions are generally geared to provide a measure of self-service. Customers may call a number and follow prompts to find information. It may go a step further and permit callers to book tickets or book a complaint. The system automatically generates a confirmation SMS or email. The concept can be taken a step further to allow customers to buy a product over phone and then use the IVR payment system to complete the transaction in a safe and secure way. Service providers and utilities can use the IVR payment option to send out phone reminders to customers and then give them the option to make payment through the phone using the IVR payment facility. The reminder and payment process becomes automated. If an IVR offers payment then the IVR solution provider usually integrates a payment gateway and ensures PCI DSS compliance where it is required. The IVR payment can be split into three different types:

• A business automates the process of outbound call and the system places a call to a customer. Once the customer lifts the phone the system gives the option of making payment without disconnecting the line, simply by choosing relevant keypress for IVR payment.

• Companies may choose to send out an SMS and include a number in the text message that will go into the IVR payment.

• A customer may call a company such as when buying a product over the phone and the system kicks in, offering IVR payment to complete the transaction.

Simple working process

• Once a customer opts to make payment through the IVR the line connects him to the payment gateway. Customer enters card details and receives OTP. He presses relevant keys on the keypad. Credit card data is captured by DTMF, not by any human operator who can store the data and the DTMF data is encrypted prior to being passed to the bank.

• Payment gateway verifies transaction.

• IVR sends out SMS confirming whether payment is success or not.

• IVR disconnects.

IVR changes payments and collection processes

In majority of cases the process is entirely automated with nil or minimum human intervention at any stage. For instance, a utility company can program its CRM to send out monthly phone reminders to customers who, on receipt of such calls, can pick IVR payment option and complete the transaction.

• Customers need not long on to a website to make payment or physically visit the company. They can make payments in time.

• IVR payment is not just about making payment of bills. It can be used to make deposits and for money transfers.

• Such transactions can be made 24x7 throughout the year.

• Left to their devices customers are likely to put off making payment until they find time. Since the IVR offers immediate opportunity they are likely to respond and make payment through IVR.

IVR can positively change the way various industry segments collect payments:

• Insurance – automated collection of premium improves cash inflow and reduces chances of defaults leading to interest charges and fines for customers

• Banks – automated collection of loan installment or funds transfer

• Utilities – automated reminders and timely collection of bills from customers

• Government – automated collection of tax bills

• Charitable organizations – automate donation receipts

• Dish TV, mobile operators – Automatic payment collection

There are benefits for companies and for customer. Businesses can offer 24x7 payment facility and avoid having to employ agents for payment collection. If the IVR is configured to use e-Check then they may not have to bear transaction costs associated with credit card transactions. IVR sends out reminder and offers on the spot facility to make payment, which is better than sending out SMS or email that are likely to be ignored or forgotten. Payments speed up. In addition, they have access to automated reports with API integration into Crm to keep them up to date about payments. IVR reduces costs associated with payment collection while speeding it up. Faster cash flow improves any business operation. Businesses should consider implementing IVR payment options given just how useful it is to them and to customers.

Likewise, customers can take spot decision to make payment and not worry about credit card fraud as would happen if a human agent was involved in the process. It is so convenient, especially the elderly who are not familiar with internet usage and find that keypress is easier and faster. Even those who are familiar with internet use can make IVR payment when they are not connected to the internet.

Bhagirath Sindhav is Digital Marketing Executive in Ecosmob Technologies Pvt. Ltd. He holds spectacular skills in the field and has been diving into the field for 2 years. He is curious about the technology updates and loves to pen down his thoughts