The answer might surprise you
Interactive voice response (IVR) is a staple for contact center operations, so it makes sense to leverage this existing system for payment processing.
The technology allows customers to process payments automatically without interacting with (or waiting for) a live agent. Such convenience can dramatically improve customer experience.
On the other hand, concerns exist around IVR complexity and navigation challenges that might impede seamless payment processing.
So, are IVR payment systems effective, and do they make sense for a modern contact center environment? To answer this question, let’s first consider how IVR payments work.
IVR payments – and IVRs in general – are a stalwart feature of inbound contact centers. They route incoming call queries and sometimes solve them without a live agent’s presence.
There are three ways in which IVR payments could work:
The IVR uses DTMF recognition or speech recognition to securely accept payment details in all of these cases.
In the case of DTMF, the customer can enter the card number, CVC, and other details via the keypad, and the IVR will capture and process the necessary information.
Those harnessing speech recognition will require the customer to share these details.
IVR payments offer many benefits to contact centers. For starters, they are much more secure than payments processed via live calls.
After all, there is no human being listening to the conversation, which makes the payment compliant with PCI DSS standards.
In addition, there is no need for the contact center to pause or resume call recordings to avoid inadvertently storing card details.
IVR payment systems also help businesses to:
Also, the automated nature of IVR payments allows businesses to integrate them with the necessary record-keeping and audit mechanisms with minimal manual effort.
Finally, successful payments on the first try will encourage customers to return with repeat business, thereby, increasing lifetime value.
Automated payment systems help businesses to save time, streamline processes, and make the most of their resources. Meanwhile, they may also deliver a better quality of service.
Moreover, in some cases, an IVR payment system can increase security and compliance in the eyes of regulatory leaders.
IVR systems can also integrate with other business systems to help with reconciling accounts and financial information. This leaves less work for team members to do at the end of each call.
Moreover, around 60 percent of customers not already using self-service say they would be happy to connect with a tech system over a human being. When it comes to making payments, this percentage likely climbs much higher.
Yet, they are sometimes expensive, costing up to $1750 per line. Such a rate will likely include the costs of hosting, software integrations, and payment integrations.
To learn more about the IVR systems of tomorrow, read our article: The Future of Voicebots: Much More Than an IVR Alternative