In BillingTree’s recent 2016 Financial Services Operations and Technology Survey, financial institutions were asked which payment methods their customers/members currently utilized for making payments, and surprisingly, Interactive Voice Response (IVR) systems came in at slightly less than 10% currently in use.
That is something of a surprise considering that IVR systems have proven to be a payment solution that increases automation and lowers overall customer service costs while protecting sensitive data, and increasing both amount and number of payments collected. IVR solutions offer many features and benefits to help drive more payments through a cost-efficient, self-service payment channel designed for your specific business needs. Here are some of the benefits of an IVR:
1. Accept Payments Any Time
An IVR solution allows companies to accept credit card and ACH/eCheck payments while reducing the cost of after-hour support services and improving the overall payment experience for customers. Customers can securely make payments 24 hours a day, 365 days a year via a touchtone phone.
2. Optimized User Experience
Inefficient voice applications delay the payment process for customers – lengthening calls, frustrating callers and resulting in more non-payments. Using Voice XML technologies allows IVR systems the flexibility to create a call script that creates a unique customer experience that can be optimized for ensuring payments are received.
3. Secure Infrastructure
Data breeches of sensitive payment information can damage a company’s brand and the confidence their customers have in their business. IVR systems are PCI DSS Level-1 certified, and typically employ Tier 1 redundant telecom infrastructure and house data in secure, geographically dispersed Class A data centers.
In short, IVRs can increase revenue and cut costs. When great customer service is delivered to callers and agent efficiency increases, the results are obvious; smaller operating costs and increased revenue.
For more than a decade, BillingTree has been committed to understanding the marketplace and growing payments with technology, to help clients grow their business. Included in our offerings is myPayrazr IVR. Contact us today to learn more about myPayrazr IVR and our other Payrazr Partner IVR offerings.