The IVR System – Your Latest Tool For Collection Of Accounts Receivables

Whatever type of business you’re running, when it comes to maximizing revenue and providing outstanding customer service at the same time, an IVR system is the perfect solution. While it might be old technology, the latest tech has turned the Interactive Voice Response system into an impressive communication tool that can be indispensable in the collection of accounts receivables.

The History Of The IVR System

First used during the 1960s, the early IVR systems revolutionized the way in which the American telephone industry functioned. Keypad phones were designed to use the multifrequency, dual-tone technology that the IVR used. But, then there were almost three decades during which IVR technology rested on its laurels without any further enhancements.

Then, the 1990s came along and everything changed. Computer technology took off in a big way and IVR systems found new purposes. Not only had they become a lot more affordable, but the technology available was able to integrate voice and communication data into a single platform. Keypad functionality couldn’t just be used for dialing, it could also be used to allow consumers to interact with machines. Thus, the modern call center came into being. Since the beginning of the 21st century, IVR’s popularity has gone through the roof thanks to its ability to bring businesses and consumers together more accurately, systematically, and efficiently.

How Do IVR Systems Help Businesses?

There are seven key areas in which an IVR system can be indispensable to your business.

  • Supplying disclosures – An inbound IVR system doesn’t just welcome consumers to the company. It can also be used to supply any disclosures required by law, telling callers their call may be recorded, for example.
  • Directing callers – An IVR system can filter out callers who’ve made a mistake and direct others to the correct department where necessary.
  • Collecting consents – When it’s important to manage consumer consent for future contact, the IVR system can do this conveniently. It can also request and confirm customer consent when the system is integrated with a collection software application.
  • Accepting payments – Arguably the most useful function of an IVR system is to accept payments. Whether a utility company, a bank, a debt collection organization or a property management company, any business that takes payments from customers can benefit from putting in place a convenient IVR telephone system that will facilitate the receipt of revenue. Eliminating any requirement for a consumer to speak to a live person, IVR systems can automate the process of making payments, giving access 24 hours a day. This gives customers the chance to pay using their preferred credit or debit card. Even better, IVR solutions are recognized to be a compliant E-sign tool, which creates digital records, and makes this the ideal way to facilitate the collection of accounts receivables.

Today’s technological advancements are enhancing IVR functionality all the time, and new developments, such as IVR to e-mail or text communications, look set to appear in the very near future. Moving with the times and embracing this technology is one way for modern companies to guarantee that they maximize their revenue and improve their customer relationships.

BillingTree’s Interactive Voice Response Systems

BillingTree is leading the way in the supply of highly functional IVR systems that can streamline billing practices for all types of organizations. From improving a company’s collection of accounts receivables processes and, thus, boosting their profitability, to smoothing customer/company relationships, BillingTree’s effective solutions are a convenient way to improve customer satisfaction and reduce the amount of time that staff spend on directing calls and dealing with routine matters that could be handled by an automated system.