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.
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 solution into 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 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.
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.
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