There is no arguing the fact that interactive voice payment systems have contributed to cost reductions and better customer experience. Payment IVR is one such solution that businesses will find profitable to invest in. Before considering the benefits take a look at how payment IVR solutions work.
How Payment IVR works
IVR payment solutions give callers the facility of using their mobile or landline phones to make payment of bills and for a variety of services. A business enterprise must first integrate an IVR payment processing solutioninto their payment collection system and provide an IVR payment pathway or gateway. Only then can a customer make payment by credit card or debit card through the IVR payment system. This is how it usually works:
- A sales agent working for a company uses the phone and voice call to finalize an order and then connects the customer to the IVR payment system. He enters the order details and customer connects to the IVR call.
- He enters the one-time password and his card details.
- The intermediate IVR payment gateway verifies information and proceeds with payment transfer from customer bank to seller bank.
- Once this process completes the sales agent takes over and finalizes call with a customer.
- The sales agent can see the process but he cannot view card details because they are masked, ensuring the security of the transaction.
A company may follow another system in which they upload bill and other details of a customer into their data bank that is connected with payment IVR system. A customer who has received a bill may dial a specific number and follow the voice prompts to initiate payment. When he enters bill number and his account number his details are fetched from the database. He is then given the option of making payment by credit or debit card and can then press keys to complete the processes. The OTP is usually generated on the fly and payment through gateway proceeds only once this OTP is submitted and verified. There is also an option to store card details and a customer who wishes to make IVR payment hears details about his card. He can choose that card or enter another card. IVR Payment processing solution developers can tailor the package to suit a specific use environment with a measure of AI incorporated for automation and ease of use. The needs of an e-commerce site, a utility company, and a healthcare company, for example, are varied and customized payment IVRs are the best.
What are the benefits of IVR payments?
- Enterprises that implement IVR payment solutions will find that it greatly reduces the cost of payment collection. They can charge less for products and services or increase their profit margins. Employees are freed to attend to more important tasks.
- Customers may delay payments but when they receive automated reminders over the phone they have the option of responding and making payments. This speeds up payment collection and turnover for a company. Their brand image improves too.
- Security is best. Card details are captured using DTMF signal and encrypted while passing to the payment gateway and the bank. Those who make payments have peace of mind knowing that they do not have to disclose card details to any live human agent. It is not unknown that such card details have been misused. Even sales agents who view transactions get to see only the progress, not details of cards since all such details are masked on their screens.
- Some countries such as India have a requirement that customers who opt for IVR payment must customers must get a one time password from the card issuing bank and this introduces another layer of security. Those who hesitate to make payment need have no apprehensions because their card details are safe.
- There is no manual intervention so chances of errors are minimized.
- With an automated IVR payment processing system in place, a customer can choose to make payment at any time using his mobile phone or a standard PSTN phone. The limitations of working hours of a company no longer impede payments. Customers do not have to stand in a queue or be kept waiting. Their time is saved too.
- IVR Payments can be integrated into the reporting and accounting system of a company, further speeding up their operations and improving efficiency.
- For enterprises with global operations, the IVR allows incorporation of multi-lingual and multi-currency payments.
A company needs to implement a well thought out IVR payment solution keeping in mind various credit/debit card types, the location of CVV and other minor but significant details besides important matters like tying up with PCI compliant gateways and proving a secure payment channel with ease of use.
5 Ways to Make Botox Last Long
How to Deal With a Bad Property Manager
This Is How to Choose the Best Solar Panels for Your Home
Start a Small Business in 2021: 5 Profitable Ideas to Try
Custom made Jewelry Tips For Beginners
3 Simple Ways to Improve Your Small Business
Top 4 Best Upholstery Cleaners for Your Big Rig
A Guide to Help You Win the Lottery; 3 Actionable Tips
Four Tips for Smoother Remote Working in 2021
Improve Your Business’ Digital Platform
Which factors attract an audience towards freelancing platforms?
How to Choose Best Internet Router for Home?
How Businesses Get Hacked
Common Mistakes Businesses Make with Email Campaigns
Celebrate Name Day With The Beautiful Flower Arrangement
Top Marketing Tactics You Can Use To Promote Your App in 2020
Drinking tea may improve your health – here’s what to try
Virtual Birthday Themes for Kids Birthdays
How To Maximize Ecommerce Sales Using Email Marketing
5 Reasons to Choose React Native Over Hybrid Apps
- Technology2 years ago
The Trend of Android TV Box
- Home Improvement4 years ago
How To Decorate Home With Vintage Home Accessories
- Finance3 years ago
Get Ready Before it is too late! Hire a Tax Specialist to Get Your Taxes Prepared
- Lifestyle7 months ago
Planning a New Post-Lockdown Lifestyle: A Guide
- Home Improvement3 years ago
Best Roof Design for Snow
- Digital Marketing2 years ago
5 Not Obvious Ways to Promote Your Blog
- How To2 years ago
Guilty of Making These Blunders While Designing Posters?
- General3 years ago
What Makes XLPE Insulation so Special for Users?