IVR Payments for Your Collections Business

IVR payments make the customer experience even better!

In a recent survey we conducted, in terms of use, online portals took the top spot with 86% of the respondents, but Telephone Interactive Voice Response (IVR) came in third at 47.8%. This makes sense, especially since COVID-19 has radically changed the way people do business. Customers want contactless methods for making their payments. What started as a convenience factor has now become a necessity.

It’s a shame that less than half of collection agencies consider adding IVR to their set of solutions. The ability to automatically accept payments has a massive benefit for agencies looking to speed up their revenue cycle. Here are eight benefits of IVR payments:

User-Friendly

IVR has become the norm for many industries. From retail to modern banking. Having the ability to accomplish simple tasks as quickly as possible is a game-changer for customer satisfaction. One tip for ensuring happy customers: limit the number of prompts that the customer must choose. Too many choices often lead to customers dropping out in frustration.

Automation

IVRs provide your customers with the option of helping themselves. Often, a question or a request for information can be resolved automatically without the need to speak with an agent. Automating customer support provides significant cost savings for your company due to not needing as many agents in customer-support roles.

Improve the Customer Experience

As a business, you have limited resources, and your staff has limited time. To better help your customers with the questions that matter, IVRs free up your team to take their time with your customers and focus on more challenging problems. This is a simple way for your business to have more quality customer service as soon as your IVR is setup.

Inexpensive/Help Reduce Costs

IVRs are not just for enterprise companies. With cloud-based technology, there are low-cost setups and reasonable ongoing maintenance costs; and no expensive hardware to install. Any company can afford one, no matter what their budget.

Speed Up Revenue Cycle 

When excellent customer service is delivered to callers and agent efficiency increases, the results are apparent, smaller operating costs, and increased revenue.

Takeaways

For nearly 20 years, BillingTree has been committed to understanding the marketplace and growing payments with technology to help clients improve their business. Included in our offerings is Interactive Voice Response to help your company operate more efficiently. Contact us today to see how we can partner with you to bridge the technology gap and stay up-to-date on the latest payment processing.

Get started with IVR Payments today!