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IVR Payments: What it is & How To Use Them? Top Providers

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IVR Payments What it is & How To Use Them

Businesses constantly seek efficient ways to manage 🤔 customer payments because traditional payment methods often fall short, leading to delays and customer dissatisfaction. This not only frustrates customers but also poses a serious threat to your business success. 

This is where Interactive Voice Response (IVR) payments come into 😦 play, offering a seamless solution to the many challenges associated with traditional payment systems.

➡️In this post, we’ll discuss what IVR payments are, how they work, and their benefits. We will also suggest the top three IVR payment providers.

🔑 KEY HIGHLIGHTS

  • IVR payment is a VoIP phone system feature that guides the customers through an automated IVR(Interactive Voice Response) prompt to complete the transaction.
  • There are 2 types of IVR payments available: self-service and agent-assisted payments.
  • IVR payments work by collecting customers’ data to make payments and analyzing it using natural language processing and speech recognition to determine whether self-service or agent-assisted payment is needed.
  • The significant benefits of IVR payment processing for businesses include Increased efficiency, reduced cost, faster payments, reduced errors, and improved security. 
  • The significant benefits of IVR payment processing for customers are convenience,  multilingual support, and   24/7 customer support. 
  • REPAY, Agile Payments, and KeyIVR are the top 3 IVR Payment Providers. 

What is IVR payment?

IVR payment is a payment method that allows customers to make payments over the phone using their credit or debit cards. This self-service process enables customers to enter payment information via touch tones without human involvement. 

What is IVR payment

With an IVR payment, you can pay the bill from anywhere at any time. All you need is a phone. It is more secure and cost-effective than the traditional payment process. 

IVR payments are essential for every modern business to enhance customer satisfaction and operational efficiency. Customers can pay their utility bills over the phone using IVR payments, and they are also used for recurring expenses such as subscription services, donations, and insurance premiums. IVR payment systems also provide a flexible and user-friendly way to collect payments for business.

What are the types of IVR payments?

There are two types of IVR payments available 👇:

1. Self-Service

In the self-service IVR payment mode, customers interact directly with the Interactive Voice Response (IVR) system to complete their transactions. Customers can pay for services through speech recognition and keypad tones without human interaction.

During this payment method, the customer enters their payment information to initiate their transactions and follows the prompts on their phone. After completing a transaction, they can end the call. 

2. Agent-Assisted

In agent-assisted IVR payments mode, the agent remains on the call with the customer. This means customers are guided by a live agent for the payment process and ensures the payment’s sensitive information data are handled securely. 

During this payment procedure, the consumer enters their card information via their phone keypad in a secure payment system. While on the call, the agent can monitor the progress of the payment process. If it appears that the client isn’t having trouble, the live agent may also end the conversation. Additionally, the client can revisit the agent if needed.

📖 Read More: 6 Top IVR Routing Strategies to Improve Customer Journeys

How Does IVR Payments Work?

IVR payments work by allowing customers to make payments,  track account balances, and monitor other billing issues over the phone instead of in person.  It follows the same process as traditional IVR technology but has billing-specific capabilities, required PCI compliance, and pre-recorded auto-attendance video scripts and voice prompts.  

IVR payments collect caller payment information, such as debit and credit card numbers, account information, and invoice dates. Then, it analyzes the customer responses using natural language processing, speech recognition, and machine learning to determine whether self-service or agent-assisted payment is needed. 

If self-service is possible, the IVR platforms automatically process the payments and confirm through voice or email. If further assistance is required, IVR routes the customer to the agent or schedules the time for an automated callback. In most cases, the payment process is completed in under 5 minutes. 

What are the benefits of IVR payment processing?

By implementing IVR payment processing, your business can efficiently manage many clients while maintaining exceptional customer satisfaction. 

Here are some benefits of using IVR payment processing for companies and customers:

Benefits of IVR payment For Business

Increased Efficiency

IVR payments significantly boost your business’s efficiency in handling customer payments. Unlike waiting for a live agent, customers can make payments anytime using the 24/7 availability of IVR. This self-service approach frees up phone lines for more complex inquiries and reduces customer frustration by eliminating hold times.  

Additionally, IVR systems can process a high volume of calls simultaneously,  streamlining process for payment and allowing your team to focus on other crucial tasks.

Reduced Costs

IVR payment processing reduces the need for costly payment equipment and human operators. This means customer service representatives don’t have to handle every payment, allowing them to focus on more complex tasks. With less time spent on payments, payroll costs go down.

Faster Payments

With IVR payments, customers can securely enter their payment information and complete transactions within minutes than paper checks. This reduces the need for customers to visit your physical store or website and eliminates the need to wait for office hours to make payments, which helps to increase customer satisfaction and boost sales. 

Reduced Errors

IVR payment processing utilizes verification and cross-reference processes to ensure that caller information is accurate. It is much less susceptible to incorrect data input than humans. This uses data encryption and restricted access to cardholder information, which helps eliminate the errors associated with agents handling data. 

Improved Security

IVR systems protect customer information from unauthorized access and potential fraud by adhering to security protocols and industry standards. This includes compliance with the Payment Card Industry Data Security Standard (PCI DSS), which is essential for customers and the business. 

📙 Also read: 7 Practical Uses Of IVR Software In Insurance Companies

Benefits of IVR Payment for Customers

Convenience

IVR payment processing provides customers with a convenient self-service option to make payments using a phone.  Customers do not need to visit physical locations for payments. They can quickly enter their information and make payments without speaking to a live agent, which helps streamline their payment process and saves time.

Multilingual Support

Many IVR payment systems offer automated voice services in multiple languages. This language flexibility ensures that customers can navigate the payment process in their preferred language. So, IVR phone payments are best for even non-English speakers and enhance the overall customer experience. 

24/7 Payment Option

IVR payment systems allow customers to make payments 24 hours a day without the availability of a live agent. Customers can pay bills anytime, from anywhere, giving them a high level of flexibility and control over their payment schedule. 

3 Top IVR Payment Providers

Here is the breakdown of three IVR payment providers in terms of features, pricing, and best for. 

ProviderFeaturesPricingBest For
REPAYIntegration with various payment platforms, bulk SMS, Encryption, QR codes, Direct links to a website and app, Chargeback management, Custom reportingContact the sales teamBusinesses of all sizes that need industry-specific integration and omnichannel payment processing
Agile Payments ACH and Canadian EFT, Payment facilitator model, ATM check verification, Credit Card Aggregation, Bill PresentmentCredit Card Decline Management, Anti-Fraud Tools, Customized payment pages, SMS and email notificationsContact the sales teamBusinesses that need customizable payment processing and credit card management tools
KeyIVR Tokenization, Mobile app payments, Payment IVR, Outbound Voice, SMS, and WhatsAppContact centre and Telecoms, Direct debitContact the sales teamOnline retailers that process a high volume of daily payments across communication channels

1. REPAY

REPAY is a leading and highly integrated omnichannel payment technology company for modern businesses. This payment system provides an extensive network of integrations and a Unified platform that enables clients to accept and make payments quickly. 

REPAY IVR payment provider

With intuitive tools and a powerful engine, Repay builds customized programs and ensures on-time and accurate transaction processing. It serves the B2B space by automating accounts payable (AP) services, outbound vendor payments through virtual cards, and check processing. 

⚡ Key Features

  • Integration with digital wallets
  • ECash
  • SMS templates
  • Encryption
  • QR codes
  • Direct links to a website and app
  • Chargeback management
  • Custom reporting

💲 Pricing

Contact the REPAY sales teams

👍 Best For 

REPAY is best for businesses of all sizes that need industry-specific integration and want to offer customers a variety of acceptable payment methods.

2. Agile Payments 

Agile Payments is a payment facilitation solution for SaaS that offers payment solutions and integration tools. Payment collection and reconciliation are an integral part of Agile payments. It mainly specializes in e-payment solutions for developers and software application providers. 

Agile payment IVR payment provider

Agile payment solutions include ACH processing, PayFac (payment facilitator) models, anti-fraud services, and many more.  This payment service provider is the best if you’re looking for an e-payment partner that creates long-term relationships. 

⚡ Key features

  • ACH and Canadian EFT
  • Payment facilitator model
  • ATM check verification
  • Credit Card Aggregation
  • Bill Presentment
  • Credit Card Decline Management
  • Anti-Fraud Tools
  • Customized payment pages
  • SMS and email notifications

💲 Pricing

Contact the Agile Payments sales team for pricing. 

👍 Best For 

Agile payments are best for businesses with call center platforms that need versatile payment processing solutions, particularly those requiring ACH and Canadian EFT capabilities.

3. KeyIVR 

KeyIVR is a cloud-based secure payment Solution for organizations and contact centers. This cloud IVR payment service provides a wide range of PCI-DSS-compliant solutions that work together to streamline your business process.

KeyIVR IVR payment provider

Multiple utility providers, travel agencies, garages, and private driver services, especially KeyIVR, use it. The primary purpose of KeyIVR payment systems is to provide high-volume automated payment collections through great software and deliver the best customer service. 

⚡ Key Features

  • Tokenization
  • Cryptocurrency Payments
  • Mobile app payments
  • Payment IVR
  • Merchant services
  • Outbound Voice, SMS, and WhatsApp
  • Contact centre and Telecoms
  • Direct debit

💲 Pricing

Contact the KeyIVR sales team for pricing. 

👍 Best For 

Key IVR is best for large-scale businesses such as contact centers and telecoms that need a secure, omnichannel IVR payment solution with direct debit capabilities.

Are IVR payments secure?

IVR payment systems are more secure platforms for customers to make payments over the phone than traditional systems. It is designed to be PCI DSS (Payment Card Industry Data Security Standard) compliant, which means it undergoes a rigorous process to store sensitive customer data securely. 

Customers can input their payment details directly into the automated system using an IVR payment system without sharing that information with a live agent. This eliminates the risk of human error or unauthorized access because agents may not need to note down the customers’ payment details physically.

PCI Compliance

PCI stands for the Payment Card Industry. PCI Compliance is the technical and operational standards that businesses follow to protect customer financial data and personally identifiable information.  This is an appropriate option for preventing the business organization’s credit card fraud, hacking, and other security vulnerabilities and threats.

IVR payment must meet the PCI Compliance and includes the following 12 steps requirements: 

  • Install and maintain a firewall configuration to protect cardholder data
  • Proper password protections
  • Protect stored cardholder data
  • Maintain a company security and  privacy policy
  • Use and regularly update anti-virus software
  • Develop and maintain secure systems and applications
  • Regularly test security systems and processes
  • Restrict data access and Physical Access
  • Create and Monitor Access Logs
  • Assign a unique ID to each person with computer access
  • Track and monitor all access to network resources and cardholder data
  • Avoid using vendor default passwords
  • Only share cardholder information on a need-to-know basis

Conclusion

Implementing an IVR phone payment system solution is more essential for both customers and businesses than manually handling customer data. For businesses, IVR payments help to reduce costs, increase efficiency, make faster payments, and improve security. 

With this payment solution, customers can make payments whenever needed. IVR payment is beneficial for both businesses and customers. 

Repay, Agile Payments, and KeyIVR are some of the top IVR payment providers. You can choose any of these three, as they all offer a secure payment platform with advanced features like mobile payments, credit and debit card payments, and more.

FAQs

What Businesses Use IVR Payment?

IVR payments are used by a wide range of businesses that need to collect payments from customers over the phone.  Some of the  business enterprises that commonly use IVR payments are:

  • Utilities (electricity, gas, water, etc.)
  • Telecommunications
  • Healthcare
  • Government agencies
  • Subscription services

Can IVR payments integrate with existing business systems?

Yes, IVR payments can be integrated with existing business systems, including telephony, CRM, accounting, ERP systems, and many more. This integration level depends upon the business needs and helps to provide total flexibility for secure omnichannel payments.

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Dinesh Silwal

Dinesh Silwal is the Co-Founder and Co-CEO of KrispCall. For the past few years, he has been advancing and innovating in the cloud telephony industry, using AI to enhance and improve telephony solutions, and driving KrispCall to the forefront of the field.

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