What is an IVR system, and what are its advantages?

what is an ivr system, ivr systems

What is an IVR system, and what are its advantages?

Posted on 11.27.2015 by Brian Sweet under Payment Processing

An IVR (Interactive Voice Response) system is a valuable piece of technology that allows callers to complete certain tasks over the phone without the interaction of an actual human agent. These are the types of systems where callers are asked, through a recorded voice prompt, to either press a number on their dial pad to move to another menu, or to actually say a command.

Using this type of system provides a number of advantages to businesses of all types. The most obvious – and perhaps the biggest – advantage of using an IVR system, such as our own PayIVR product, is that it saves businesses time and money. This is because you’re now providing your customers a convenient method of payment that’s available to them 24/7, even when the call center is closed. Additionally, these resource savings can result in reduced back office operations. All of this is handled in an automated manner, using a system able to process multiple payments simultaneously (versus having to hire multiple call center agents to achieve similar results).

IVR systems don’t have to be in just one language, either. Many of them, including PaymentVision’s, offer language choices to their callers. This lets you save even more money, as you no longer have to hire multilingual call center representatives. Having this option could be very important for your business, depending on your audience. Even though English is by far the most used language in the United States, other languages – such as Spanish, French and German – have their places, too. Simply put, being open to supporting multiple languages opens your doors to more customers, which can lead to more business. 72% of consumers would be more willing to purchase a product if they had information about it in their own language. Remarkably, 56% of consumers said that having information available to them in their own language was more important than price. If people can’t submit a payment in their preferred language, that means less business for yourself. Therefore, understanding your customers’ language preferences can result in a win-win for both parties.

Lastly, most IVR systems are generally affordable and easy to implement. It’s important to find a solution that offers a dedicated group of support representatives to help with the onboarding process. Good systems can be configured to be up and running very quickly. It’s also important to understand the cost structure of an IVR system. While some unlimited options packages are available (with higher fees), most providers charge per line. Choose an IVR system that’s flexible enough to adapt to your particular set of needs.