IVR and Credit Unions, the Perfect Combination to Help Revive the Economy!
Credits unions are the key to helping small businesses recover after the COVID-19 crisis has ended. Many of these businesses will be looking at these organizations for financial support. You need the technology to help you keep pace with the demand. Interactive Voice Response (IVR) systems are the perfect way to help meet that demand and ease the burden on your staff at the same time.
What is IVR?
An Interactive Voice Response (IVR) system is call center software that enables callers to service their accounts or make payments using spoken or typed commands on the telephone keypad without needing to talk with a representative. With an IVR payment processing system, callers can make a debit card, credit card, or ACH payments 24 hours a day.
All scripting and caller options in the IVR are custom; they are programmed into the system by the business that is using it. Also, the IVR system produces reports such as daily usage, option paths callers selected through the system, most used functions, and the average time spent on the phone.
Hosted Vs. Company-Owned
There are two types of IVR systems: company-owned and hosted. Company-owned means the company has installed the software on their servers and programmed it. This requires purchasing the software and extra equipment and an IT staff to service it.
Hosted IVR systems are owned by another company and are resident on their servers. When a customer calls the IVR phone number, the call is seamlessly routed to the hosting company’s server. When the customer makes selections based on their needs, the IVR connects them with the appropriate resource. There are also added benefits of using a hosted IVR system. At BillingTree, for example, have a solid flow between IVR and all our other payment channels (online portal, SMS text, etc.), which makes the payment process effortless for your customers.
What are the advantages of an Interactive Voice Response System?
Members can manage their accounts through these systems without ever needing to talk with a representative. They can make payments, review their balances, and learn about new products through their phones. This frees up significant time for the call center and lets them focus on other important business matters.
An effective IVR routes callers to the most appropriate resource or representative, making it easy for their inquiry to be handled efficiently and without transfers or escalations.
Reduce operational Costs
Many times, a member does not need to speak with a representative to resolve their question or issue. An IVR payment processing system can direct them to the resources necessary online. This significantly lowers operating costs by boosting staff productivity.
Collect caller information.
You record caller responses and add them to the caller’s contact history. This enables callers to receive personalized service from the representative who answers their call.
So, when you set up your organization for member service, consider adding an IVR system to your telephone offerings. The cost savings and increased member satisfaction will be a benefit to your business.
BillingTree provides payment processing for credit unions that offers a wide variety of payment methods, from web portals to mobile payments to IVR systems.