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.

IVR transactions typically take less than five minutes to complete.

Industries Leveraging IVR Payments

Various industries and sectors leverage IVR payments to streamline bill paying:

  • Finance and banking: Financial institutions use IVR payments for installment payments, balance monitoring, settlement payouts, debt collection, and credit card and loan payments.
  • E-commerce: E-commerce and retail businesses leverage IVR payment systems to manage customer payment information, handle one-time payments, and run royalty program payouts and other transactions.
  • Healthcare: Medical service providers use IVR payments to collect bills, manage prescription billing and process insurance claims.
  • Utilities: Utility companies use the systems to manage accounts and payment information and seamlessly set up recurring or one-time payments.
  • Ticketing and reservations: With IVR technology, customers can easily book and pay for tickets over the phone. They can process cancellations or complete transactions without speaking to a representative.

The Benefits of IVR Payments

IVR payment systems deliver various benefits:

  • Convenience for customers: IVR systems boost customer satisfaction by offering hassle-free bill payments. Self-service capabilities eliminate the need to communicate with agents. IVR systems can also provide multilingual support and automate recurring payments, enabling absolute flexibility and convenience.
  • 24/7 availability: IVR payment solutions enable customers to pay bills 24/7 without an internet connection. These round-the-clock capabilities allow customers to pay when it suits their schedules, increasing the likelihood of bills being paid on time.
  • Reduction in operational costs: Leveraging IVR systems can significantly reduce your operating costs. These systems increase efficiency and decrease labor costs associated with payment-related issues that require contact center involvement. IVR-enabled ACH bank transfers also have lower transaction costs than conventional credit card transactions.
  • Enhanced security features: Trusted service providers deliver IVR solutions that minimize the risk of exposing payment information data. Customers can key in credit card details even when speaking to an agent. Reputable providers also adhere to stringent rules to comply with PCI DSS, safeguarding sensitive information in the most robust ways.

Challenges and Solutions

The right IVR systems help solve two challenges across multiple industries:

  • Addressing potential security concerns: Transactions contain sensitive data, so your organization should ensure the appropriate security measures are in place. The right IVR solutions provider will help you by offering adequate security defenses, firewalls, regular process testing, encryptions and control measures.
  • Improving user experience: You want customers to have positive experiences when paying bills. With the right IVR system, you can enhance the customer experience by offering multiple payment options. You can deliver self-service functionality in various languages, offer several ways to connect to your IVR system and provide intuitive navigation, making payment frictionless.

Partner With CSG Forte for IVR Payment Processing

CSG Forte offers complete IVR payment solutions. We help businesses worldwide to scale and meet growing consumer needs. Our platform processes over $84 billion in transactions each year. CSG Forte’s award-winning payment solutions provide:

  • Specialized features for IVR payment processing: Our flexible solutions allow customers to pay at any time, using any method and language they choose. We implement enhanced safety features, advanced automation and robust analytics for valuable insights.
  • Integration capabilities within various industries: CSG Forte delivers payment solutions for all sectors.

Streamline Your Payment Experience With CSG Forte

CSG Forte’s IVR payment processing solution will enhance your customer payment experience and help you boost your revenue. Our one-platform solution makes it easy for you to scale services as your business grows.

Learn why thousands of organizations trust us. Contact us to optimize your bill payment capabilities with a trusted service provider and award-winning IVR payment solutions.

CSG Forte Team

CSG Forte Team

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