IVR payment processing saves your business money and builds customer loyalty.
Convenience is king, and your customers need a way to handle their bills effortlessly. On the flip side, you want something secure, simple, and cuts administrative costs for your business.
Interactive Voice Response (IVR) is an automated telephone system that interacts with the callers, gathers the required information, and routes the calls to the right person. Also, this technology can be used to solve simple problems (like paying a bill) without the help of an employee, automation at its finest!
Benefits of IVR
24/7 Payments & Self-Service
Being able to accept payments 24/7 provides your customers with convenience and reduces the time your staff spends on answering simple (often redundant) questions.
At the same time, self-service systems like IVR saves businesses time and money. When a customer calls, they can hear their account balance, check the status of their last payment, and make a payment over the phone.
When combined with a simple email or text notification reminders, customers are more likely to pay their bills on time. That goes without saying. However, IVR is the foundation of a good customer loyalty program as well. Imagine building loyalty programs and offers based on prompt payments and other good customer behaviors. This allows your business to engage and create a better relationship with your customers.
Convenience is well and good, but you also need to have security. Paper checks can be stolen from mailboxes. In some cases, stolen checks have been altered and cashed. IVR payment processing takes theft and simple fraud methods out of the equation.
Save Customers Time and Money
The number of customers that still pay their bills by check has steadily declined by 7% year over year. As we’ve been saying, customers NEED convenience. As you’re probably aware, buying stamps, going to the post office, balancing a checkbook, and worrying about theft is not convenient in any way.
Your company also saves money because payments are quickly verified in minutes, not days.
Save On Credit Transaction Fees
Saving on transaction fees is one of the main selling points of IVR. In one system, you get a fully automated way to accept payments and reduce the amount you spend on credit card transaction fees.
Does Your Business Have a Pay-by-Phone Option?
With BillingTree’s Payrazr IVR System, your customers can have the ability to make a payment using any phone, anywhere, at any time. Best of all, our mobile payment solution allows payments to be made quickly, securely, and promptly. If you’re ready to try IVR payment processing for your business, you can learn more here.