How a Payment Processor Can Help Collection Agencies

Collection agencies are an integral part of the economy. The ability to collect on outstanding debts is something that many people cannot do, and as a result, they often turn to third-party companies for help. IVR payments are an excellent way to ensure that you get paid on time every single time. If you want more information about how these collections can be made easier with a payment processor, then continue reading today!

What is IVR?

Let’s start by defining the term for those that are unfamiliar. An IVR is an Interactive Voice Response system. These types of systems allow someone to use their telephone to make payments, and they’re typically designed with ease in mind.

Examples of IVR Payments

Payments through these IVRs are often done by dialing a specific number or selecting the option for payment from a pre-recorded message. For those that are short-staffed, this type of system is perfect since it requires very little effort on the part of the business.

In addition to easing the burden on your staff, IVR also helps ensure that payment information is always accurate and up-to-date by allowing the end-user to monitor and update automatically.

Who Uses IVR?

Most often, these systems are used by collection agencies to collect payments on past due balances. We all know that late payments are a detriment to any agency. The bottom line is that it costs money to recover the debt. You want to increase the percentage of on-time payments while decreasing the amount of time each agent spends on an individual account.

You also get the added benefit of accepting payments after office hours, increasing the likelihood of timely payments. By making the payment experience even easier for your customers, you can avoid the pitfalls of late payments, or worse, have your agents track them down via hours spent on the phones.

Takeaways

What are the key benefits of an IVR System?

  • Reduces staff time spent fielding repetitive calls or chasing down payments
  • Saves money on staffing costs and phone line charges to process payments over the phone, while decreasing customer service

Learn more about implementing an IVR system for your agency, here.