6 Benefits of IVR Payments for Your Business

The Covid-19 pandemic has accelerated the trend of contactless payments. Customers now are looking for ways to make payments without physical contact, which has resulted in the popularity of mobile payment methods like IVR payments. Simply put, an IVR payment system allows customers to make payments using a phone where payment details are provided to an automated system. It is a secure way to make payments and can be done anywhere at any time. And if you are still unsure about introducing changes in the payment methods, you may assess the following benefits it could offer your business.

Secured payments

Security is always a concern for customers who don’t want their personal information to fall into the wrong hands. When you implement IVR payments solutions, contact centre users can enter the customers’ credit and debit card details through keypad tones or DTMF anytime and securely. Hence, when you choose a contact centre provider, it collaborates with you throughout the compliance process and prevents infringements.

The payment solution must authenticate callers with a customer reference or invoice numbers before taking payments. The system should also integrate with your CRM, accounting, and in-house telephony. With these features, your agents can deal with more customers and reduce the time of taking payments while guaranteeing the safety of the card details.

Payment flexibility

Customers don’t need to fret about making payments at a specific time of the day amidst work and other obligations. IVR payment services allow customers the flexibility to make payments as they are available 24 hours a day throughout the week. When your business can accept payments 24/7, it saves your business both time and money.

You can streamline your payment process by centralising IVR payments across various contact centres and linking them to numerous CRMs to improve customer service.

Reduce processing costs

The average call to a call centre cost is about $5, while it is just a few pennies when you make an IVR payment. If your business experiences spikes in calls seasonally, using an IVR payment system can help you reduce processing costs. And, you may also eliminate the need to hire temporary staff and incur the costs.

Track inventory and customer behaviour

Small businesses struggle to keep track of their inventory and customer demands. But with mobile payment systems, businesses can automate these processes and efficiently cater to customer needs. Moreover, with mobile payments, these businesses can track what products and services are in demand. This way, companies can learn about customers and their payment information and use it to make necessary changes in business operations.

Effective dispute management

Companies using an electronic payment system can enjoy various benefits like automated disbursement, improved data accuracy, and payment and receipt processing. When a customer faces issues with the billing history, it can be easily looked up through an online platform that will reveal every detail about the transaction.

Customer loyalty

An email or text notification reminder helps customers to make timely payments. However, IVR can also be a part of your customer loyalty program. For instance, you can develop loyalty programs and give offers based on customer behaviour and prompt payments. This way, you can boost customer engagement and develop a better relationship.  

With an IVR payment system, you can simplify the transaction process and gain an edge over your competitors. Also, you could save time and money, which would ensure business growth. For the customers, it means convenience, security, and flexibility, likely increasing customer loyalty and positively impacting the business.  

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