streamWrite Blog

News, events and useful information

IVR Phone Payments in 2021

When it comes to making payments, calling into an IVR may not be the first thing that comes to mind.  Personally, online banking is how I like to take care of regular monthly bills - it's fast and convenient. 

However, for organizations across multiple industries, offering payment by IVR as an option is still an important channel, for a number of reasons:

1) Other payment methods may have been affected such as in-office payments due to the pandemic.

2) Customers calling customer service to ask questions about the bill prior to paying want a convenient and secure way to pay by phone. Transferring the caller to the IVR for payment is simple, effective, and efficient, and addresses PCI compliance concerns.  

3) Despite the naysayers, offering IVR as a payment option increases revenues.  The percentage of overall revenues IVR can represent varies greatly, and can depend on many factors (ease-of use, how it's promoted, etc.). For some customers, IVR can be very seasonal, where 90% of the use is just during a few days of the year, but is a must-have because IVR contributes significant revenues.  

4)  For healthcare customers that have added IVR payment as option, it's not uncommon to see IVR payments represents 18%-20% of all monthly revenues received.

5) Offering an additional payment method to the customer, when properly implemented, leads to higher customer satisfaction. 

5) It is available 24/7.

Cloud-based IVR removes previous barriers of premise based systems, often with a fast implementation, and a low set up cost.  Contact us for consultation on how we can help make this happen for your organization. 

 

 

Comments are closed