For most businesses, the act of collecting payments from consumers can be overwhelming and quite complicated. As a result, more and more companies are increasingly striving to make it as easy as possible for their customers to actually pay.
One tried-and-true approach is via interactive voice response, or IVR, a technology solution that provides substantial benefits to customers and businesses alike by offering automated, flexible, secure telephone-payment system services around the clock, 365 days a year.
Here are several common services IVR systems can provide:
- Inbound Payment Processing: With this option, customers call into a special bill payment number and go through an easy-to-use, step-by-step, voice-based system. Card or ACH payment information is automatically delivered via a legacy system, or a payment gateway, for processing and posting.
- Outbound Notification: With outbound notification, reminders and collection calls can be placed from businesses using an automated system.
So how can IVR improve my company’s revenue cycle?
IVR can dramatically reduce the number of calls a call center staff handles, lowering collection costs and employee overhead, ultimately freeing up team members to handle other vital tasks on their ever-growing to-do lists.
Additionally, IVR offers customers a more flexible, efficient payment option. For example, to save money, some customer service centers operate under traditional business hours. However, this can be a challenge for those customers who perhaps work at non-traditional times of the day. If a call center is closed when your customer is ready to call in with a payment, it can be an enormous lost opportunity to collect outstanding revenue.
IVR can be used to offer the type of “always-on” convenience that allows customers to quickly make a payment via the phone. And because it’s automated, customers avoid frustrating, lengthy wait times while waiting in a long queue for the “next available operator.” With IVR, customers are sent directly into a straightforward payment system that not only saves precious time, but helps increase overall satisfaction with a company’s billing process.
Do you want to find out how BillingTree’s IVR portal can help streamline your company’s billing practices, ultimately boosting the productivity of your revenue cycle? Learn more about Payrazr IVR and BillingTree’s additional omni-channel payment solutions and services today.