How Does an IVR Calling System Enable a Payment System Post-Pandemic?

The uncertainty of 2020 is undeniable. The COVID-19 epidemic has thrown the globe into a state of bizarre reality. With everyone tied to their homes and the confines of the internet, industries are gradually altering their companies to meet the shift.

Because the shutdown has left many old arrangements obsolete, businesses are becoming more innovative to sustain revenue input from their customers. IVR, or Interactive Voice Response, is the new payment method. Before we get into the benefits of IVR software and its uses in many sectors, let’s first look at what it is:

The Definition of Interactive Voice Response

IVR calling system is a cloud technology that allows contact centers to automatically redirect calls based on numeric and voice inputs. It lowers human intervention while increasing operational efficiency. It may be broken down into four simple steps:

A customer contacts the customer service center.
They will be given alternatives through an automated welcome. “For the sales department, press 1,” for example.
The customer will contribute.
The system will detect and segment the request based on the information supplied, eventually directing the call to the most appropriate person or automated answer.

In these hard circumstances, the government has made innovative use of technology. IVR software may now be used to acquire agricultural tips, attend an educational session, provide citizen comments to the government, and obtain information about COVID-19. Another application for IVR software is payment processing.

Since the lockdown has prevented the possibility of making payments via traditional ways, numerous companies have turned to IVR for the same. Customers can input voice/numerical commands that will be detected and directed to a payment processor. This is where a consumer may make their final payment using an OTP, or one-time password.

Using an IVR number guarantees that isolated clients who do not have internet access have an active payment channel. Aside from the input of information, IVR calling systems are also utilized to deliver SMS texts and voice calls that act as reminders of late fines. “Greetings xx, you are late on your water bill. To begin the payment procedure, dial 1.

As previously said, there are various areas where IVR calling systems have served as a medium to facilitate financial exchange. Let’s look at why the technique has become such a popular alternative to traditional approaches.

The Advantages of Using IVR for Payments

Until recently, people had to travel to certain sites to pay remittances. With the introduction of the internet, an increasing number of people began to use websites and other channels to do the same thing. However, phone payment is the most convenient since it takes the least amount of infrastructure and effort. Those who do not have access to the internet or a computer can use their device to pay their expenses. There are several other advantages of having an IVR number:

There is no time limit:

A client can utilize an IVR number at any time of day. Because the system is automated, no employee is required to help the customer. This benefits both the caller and the organization.

Secure payments:

Many people are afraid of trying new ways to make money. However, employing IVR rather than conventional methods makes this less likely. There is evidence of the transaction’s success or failure thanks to phone records.

Convenience:

As previously said, phone payment processing is an exceptionally convenient option. It reduces the effort necessary to go for payments and does not necessitate extra infrastructure. No internet, no issue.

Self-service:

Nobody wants to be reliant on an agent’s availability to complete their obligations. With AI-integrated IVR software, customers may finish the process with little to no human interaction. Customers like self-service menus because they can use them whenever they want.

Consumer Behavior Monitoring:

An organization’s success or failure is determined by its ability to serve its clients. And the more information one has about their purchasing habits, the better one may be served. Companies may use IVR and call records to determine which items or services are popular and where customers are spending their money. With this knowledge, a company may set attainable goals that satisfy its customers.

Accounting records:

Transactions are no longer constrained to a particular channel or media. Customers may now choose from several payment sites. Obtaining quantitative records of cash inflow is simple by using an IVR number.

Toll-free number:

A toll-free number is an appealing addition to an IVR calling system. Toll-free lines in India began in 1800 and are a practical way to simplify a company’s communication. Customers just need to remember one number to contact for a variety of questions. The number is sometimes given a recall value with an associated melody. Thus, combining a toll-free number with IVR is a wise decision for any company.

Wrapping It Up

Choosing the right IVR solution provider can be game changing. Contact Office24by7 on +91 7097171717 for more details.