Offer IVR Payments for Speed and Convenience

Written by Kristen Hoyman | Jul 9, 2020 4:00:00 AM

You don’t have to be a multinational tech company to offer payments by phone. Any size business can offer voice payments to its customers on the REPAY platform. It’s quick, easy, and inexpensive -- and it works!

Interactive Voice Response (IVR) is a commonly used technology that enables callers to navigate an automated phone system and make unassisted payments, requests and gathers required information, and intelligently routes calls across an organization. IVR has grown in popularity over the years. When calling a business, consumers are often initially greeted by a pre-recorded voice asking how it can assist. That is followed by a concise menu of options, one of which will lead to the intended destination or desired action.

And while IVR is a proven resource to consumers, the payments industry has not readily adopted it.

Most individuals associate voice-based payments with telecommunications, utilities, and large financial institutions. Because these larger businesses implement IVR, smaller companies may assume that the technology is out of reach.

But they are wrong.

The REPAY IVR system is both fast and affordable. Companies of all sizes can easily add this service at a low cost – and possibly even for free. Ask us about it.

Easy-to-Follow Prompts

When a customer calls the merchant, they can make a payment by card or bank account in five minutes or less. This is all possible due to the simple steps the IVR system has them follow.

Select your language preference
Enter the last four digits of your social security number or other identifiable information
Enter your zip code
Confirm the payment amount (if a merchant adds a convenience fee, this is where they will tell the payer about it)
Confirm the preferred payment method – either bank account or debit/credit card
If paying by card, enter the credit card number, expiration date, and CVV security code
Confirm card billing zip code
Option to save the card in the system for future use
Payment is finalized with a reference number and optional SMS confirmation text

After reading those steps, a few items should stand out immediately:

The requested information provides adequate fraud protection without being inconvenient to the customers.
You may be able to add a convenience fee if your state allows it, which will help offset some of the processing costs.
Your customers can save the card for future use. This is a great way to get them into the system, further encouraging fast and on-time payments.

Incoming Payments Managed with Fewer Resources

Empower customers to help themselves!

Imagine being able to accept multiple payments at once 24/7/365 without needing an employee to handle it all. An automated phone system allows for more to be done with less – more payments can be made in less time with fewer resources. You don’t have to have employees answering each call and manually keying in payment information, which will cut down on labor costs and data entry errors. And, the IVR system is always polite and efficient, which will enhance the customer experience.

A payment made using an Interactive Voice Response system is the natural extension of artificial intelligence used in a simple and practical way. Customers can successfully manage their accounts and payments if given a secure, powerful platform to do so. Consumers love it, and so do our merchants.

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