In this blog, we will look at the many benefits of offering customers an IVR payment system – a payment technology that is convenient, secure, and can save organizations both time and money.
What we will discuss:
• The Definition of an IVR Payment System
• IVR and Payment Flexibility
• Payment Security with IVR
• How IVR Helps Companies Save Time and Money
• Custom Voice Prompts with Multi-lingual Support
What is an IVR Payment System?
An IVR payment system, or interactive voice recognition system, is an efficient way for customers to make payments by phone and access account information quickly.
IVR is a simple payment solution that allows customers to make payments as the system uses simple voice prompts to help customers complete payments.
1. Payment Flexibility and Convenience with IVR Payments
Most people are busy with work, their families, and other obligations. Companies that utilize an IVR payment service, offer customers payment flexibility as IVR systems are available 24 hours a day seven days a week.
IVR payment solutions allow customers to make payments whenever they want and there are no hold times on the phone.
- Improves payment flexibility
- Allows customers the ability to pay 24/7
- Doesn’t require customers to wait on the phone
2. Increased Payment Security
Our own independent PaymentVision studies have shown that security is a top concern of both merchants and customers when it comes to payments. With IVR payments, customers don’t have to risk having a check stolen out of the mail, and they don’t have to give sensitive payment details over the phone to a customer service representative. Customers can simply make a call at their convenience and pay securely through an automated system that is PCI compliant and secure.
- Reduces payment theft
- Customers don’t have to disclose sensitive payment data to phone reps
- IVR is PCI compliant
3. IVR Reduces Strain on Company Resources
IVR systems are great for increasing payment completion rates, payment flexibility, and reducing the number of calls placed to live operators. In short, interactive voice recognition systems save businesses time and money.
4. Customizable Voice Prompts and Multi-lingual Options
PaymentVision’s IVR payment system allows organizations to customize the pay-by-phone experience. With PayIVR, companies can set up their own custom voice prompts and our system’s design supports multi-lingual voice prompts.
- Customizable voice prompts
- Multi-lingual support
5. Seamless Integration with Other Payment Systems
Our PayIVR system may be used with several our products, such as PayWeb, PVMobile, and PayAPI. Another benefit of our IVR payment system is that regardless of the payment channel used, customer data is accurately maintained and updated all in one location.
- Seamless integration with other payment channels
- Accurately maintains and updates customer data
Recap: Benefits of IVR Payment Systems
An IVR payment system is an excellent option for businesses looking to offer their customers payment convenience, flexibility, and security. And interactive voice recognition systems can save organizations both time and money.
If your organization is looking to improve its payment experience and wants to learn more about PaymentVision’s PayIVR or any of our other products, request more information here.