How to add IVR payment option and collect payments automatically

Interactive Voice Response payment technology enables customers to make payments securely and efficiently over the phone. It benefits call centers and collection agencies because it frees up customer service staff to handle more complex issues.

This, in turn, reduces the labor costs and time of processing manual collections.

If implemented correctly, an IVR system can provide callers with the quick and easy payment options they want while also saving your business time and money, making it a win-win for everyone involved.

How to add a secure IVR payment option

Your business will need three types of software to implement a secure IVR payment system:

• IVR Software: This is the core of the system and provides everything you need to create and manage call flows, voice prompts, and interact with callers. At a minimum, it should support integration with external APIs for customer relationship management and payment processing.
• CRM Software: In order to personalize the IVR experience and extract relevant customer data, your IVR system needs to be integrated with your CRM software. This ensures that the IVR system has access to purchase history, account preferences, and other key data points.
• Payment Processors: You also need secure software to manage and process payments. It must be able to encrypt transaction data and interact with banking systems or payment gateways while ensuring regulatory compliance.

While the actual process of setting up IVR payments varies from provider to provider, these three tools will cover all of your needs. Each software provider should provide you with detailed instructions on how to do this, either through an online guide or by putting you in touch with their support team.

Once these pieces are in place, the next step is to make sure your setup complies with PCI DSS Standards Protect sensitive data. This involves several important steps:

• Data Encryption: Encrypt all transmitted data to make it unreadable to hackers.
• Access Control: Restrict data access to only important personnel.
• Regular testing: Perform regular security testing to identify vulnerabilities.
• Secure Storage: Securely encrypt and store any payment card data.
• System and Application Security: Update systems and software with security patches.
• Information Security Policy: Implement an information security policy for all employees. Make sure they not only read the policy but also sign it.

Some payment service providers simplify compliance by storing credit card data on their secure servers rather than on corporate systems. This process, called outsourced payment processing, shifts the responsibility for protecting cardholder data to the provider, making it easier for businesses to meet PCI standards and focus on core operations.

How to avoid common IVR payment problems

There are many benefits to using an IVR system to collect payments, but implementation can be complicated. Here are some tips to help you get the most out of your system and avoid common pitfalls.

Simplify the customer experience

• Simplify the call process: Design your IVR menu to be as intuitive and concise as possible. Avoid overwhelming your customers with too many options or complex navigation paths, as this can frustrate customers and cause callers to abandon the call altogether.
• Use clear and concise language: Make sure the voice prompts are simple and use plain, everyday language.
• Provide quick exit or transfer options: Always give customers the option to speak with a live agent, and don’t bury that option so deep in a menu that it’s impossible to find. Your goal is to make this process as easy as possible for your customers.

Ensure compatibility with CRM and payment processors

• Comprehensive integration capabilities: Choose IVR software that offers reliable integration with various CRM and payment processors. This will be especially helpful if you decide to switch or upgrade a different system in the future.
• Vendor Support and Documentation: Shop around and make sure the vendor you choose offers detailed documentation and support for integrating their system with your CRM and payment processing software. The more help they can give you, the better.
• Thoroughly test the integration: Before you go live, conduct extensive testing of integration points between your IVR system, CRM, and payment processor. You’ll need to identify and resolve any issues that may be causing them frustration.

Monitor and optimize performance

• Track customer interactions: Use analytics to monitor how customers interact with your IVR system. Look for patterns that indicate common drop-off points or areas of confusion.
• Solicit customer feedback: Collect customer feedback about their IVR payment experience so you can continue to improve the system.

Automatic payment collection through IVR payment processing

You don’t have to wait for customers to call to get the benefits of an IVR system – you can use it to make outbound calls as well.

Outbound IVR systems enable automated customer calls such as appointment reminders, payment reminders, and collecting customer feedback. They work by dialing a number from a predetermined list and sending a message or collecting information from the recipient via keypad input or voice response.

Your company can fully automate the IVR payment process by leveraging the power of an outbound dialer and CRM software. To do this, create customer segments in your CRM that identify those customers who have outstanding balances or who might benefit from reminders or payment opportunities.

This data can include payment history, purchasing behavior, and personal preferences.

The actual operation of the outbound IVR payment process is as follows:

1. CRM detects that a customer has not paid the invoice.
2. The integrated outbound dialer automatically calls or sends SMS messages to customers about unpaid invoices.
3. When the customer answers, the IVR explains the bill and offers payment options, which the customer can pay over the phone or online via a text link.
4. Customers follow the IVR prompts to pay over the phone or click a text link to pay online.
5. They provide their payment information and a secure payment processor completes the transaction.
6. Once the payment is made, the customer receives an immediate confirmation that the payment is complete and CRM updates the invoice as paid.

Most people aren’t super keen on making payments, so you need to make the process as easy as possible.

The beauty of this automated system is that it’s efficient and convenient for customers, which goes a long way in creating a positive user experience.

In addition to delighting customers, the efficiency of automated, outbound IVR payments can benefit companies by saving on labor costs and freeing up agents to handle higher-value tasks that require human intervention, such as contacting new leads or closing deals.

More uses for IVR payments

Implementing a secure IVR payment system opens up opportunities beyond just automating payment collection. Here are five examples that demonstrate the versatility of IVR payment solutions.

Pay for utilities and services 24/7

Secure IVR payment systems enable utility companies such as electricity, water and internet providers to offer 24/7 payment services. Customers can call and pay their bills at any time without having to wait for business hours.

The system guides customers through a simple process to check their balance, learn about recent charges and make payments directly from their bank account or credit card.

Non-profit donations

Nonprofits can use IVR systems to accept donations quickly and easily. By setting up an IVR system, they can provide supporters with a simple way to donate over the phone.

The system can provide information about ongoing projects or campaigns and allow donors to choose where they would like their funds to go. This approach makes donations simple and allows nonprofits to reach a wider audience than with manual processes, which means they have more opportunities to collect donations.

Subscription Renewal

Businesses that use a subscription model, such as magazines, streaming services, and membership clubs, can use IVR payment systems to streamline the renewal process.

Subscribers can receive automated calls reminding them of their subscription expiration date and guiding them through the renewal process. This ensures continuous service for customers and helps businesses maintain a steady revenue stream without manual intervention.

Appointment Registration and Co-payments

Healthcare providers can use IVR systems to check in patients prior to their appointment and collect any required co-payments. Patients can receive a call to confirm their upcoming appointment and have the option to pay their co-payment over the phone. This streamlines the check-in process on the day of the appointment, reduces no-shows, and ensures efficient collection of fees.

Traffic fines and public charges

Local governments can implement IVR systems to collect traffic fines, property taxes, and other public fees. Outbound IVRs can notify citizens of any outstanding amounts and use an automated system to settle the outstanding balance. This provides the public with a convenient payment solution while reducing the need for in-person visits and administrative workload.