Cut Costs and Reduce Friction With IVR Payments
Today's customers expect your business to accept multiple payment methods and make billing processes hassle-free. That means your business needs a streamlined solution that eliminates billing issues and complex payment options. With interactive voice response (IVR) payments, you can enhance the customer payment experience and get paid on time more often.
What Are IVR Payments?
IVR payment processing is a voice-over-internet protocol (VoIP) payment system that guides your customers through prompts to complete transactions. There are two typical kinds of IVR transactions:
Self-service IVR payments: This solution allows customers to pay bills without agent intervention. Self-service IVR payments minimize the costs associated with human resources and give customers the convenience of handling their bills 24/7.
Agent-assisted IVR payments: These transactions require your team's assistance. The IVR system collects relevant customer information and directs calls to one of your authorized agents, who completes the transaction.
Many organizations leverage digital payment methods with IVR systems to offer customers multiple ways to pay.
How IVR Payments Work
IVR payment systems work seamlessly to complete payments in a few steps:
Customers call: To initiate an IVR payment, a customer calls a specific number on their bill or calls your contact center and follows the automated responses. Customers can make payments, check account balances and track any billing issues over the phone —all without human interaction.
Customers follow the IVR process: IVR payment processing is similar to other IVR technologies with additional security features to align with the Payment Card Industry Data Security Standard (PCI DSS) and other regulatory requirements. Automated scripts prompt users to provide payment information securely. Customers key in information or speak it into the system. The system leverages natural language processing (NLP), speech recognition, machine learning (ML) and other technologies to analyze customer responses.
The IVR system authorizes payment or routes customers: The IVR software uses technology to determine whether agent intervention is necessary or whether the customer can complete the transaction using self-service features. If customers are routed to pay by self-service, the system will automatically deliver payment confirmation via phone, SMS or email. If the IVR transfer requires agent assistance, the customer can hold while the system routes them. Alternatively, the customer can schedule an automated callback when it suits their schedule.