In this blog, we will discuss IVR payment processing and how it can function effectively for your business.
At iPayToTal we often get queries like ‘what is IVR payment processing?’ Here our short guide describes how payments are made and the advantages of offering clients payment by means of IVR.
IVR implies Interactive Voice Response, in payment terms, these are made by means of the telephone. Examples of IVR credit card payments are businesses accepting invoice payments via call center payments, phone – typically sales based transactions and at times payments for lease be it privately owned estate agency homes or housing association.
An IVR payment is processed similarly as any other MOTO payment. Organizations can acknowledge IVR card payments in one of two different ways;
The most straightforward and less expensive IVR payment solution is where a business has a dedicated phone number for customers to bring in on and complete the transaction. This is done by means of a unique reference number, normally imprinted on the bill. The customer will call the payment telephone number, enter the reference and after that the sum owed will be confirmed. The client at that point enters in their card details, including the long card number, expiry date and CVV on the back of the card. No card subtleties are stored by the telecom organization or dealt with by an individual, making the transaction safe and secure. This strategy can also function admirably when using automated phone options.
The other option is an agent led calls, for example, calls made to call centers or debt recovery agencies, the guest will exchange the client to a different line where payment is made. IVR bill payments are regularly made along these lines, which have turned out to be powerful while pursuing late payments or managing client debt recovery.
IVR payment frameworks are typically given by a telecommunications company, any way to process card payments you will require a separate merchant account. A merchant account provider is a bank who will support transactions and transfer the money from the client’s bank account to your business banking.
You will also require an IVR friendly payment gateway. The payment gateway goes about as a security net for client details, encrypting them and guaranteeing they don’t fall into the wrong hands. Secure IVR payment framework work close by the payment gateway empowering you as a business to remain PCI compliant. For more information on finding the best payment gateway for your business CLICK HERE.
Finding the right combination of providers from the merchant account to the payment gateway combined with a reliable telecoms company will make a streamlined and productive method for accepting transactions implying that your clients feel more confident about making IVR payments.
PCI compliance is an industry standard to guarantee the security of your client’s card details. Staying compliant is your responsibility as a business, however very often the merchant account provider will assist you with doing thus, in the nature of forms and procedures which are presented each year.
With regards to accepting telephone payments, acquiring PCI compliance and proceeding to remain complaint can be troublesome in light of the fact that there are more risks included contrasted with accepting transactions face-to-face. IVR payments help guarantee that payment information never reaches your systems, because of the customer keying their data specifically onto their keypad rather than the agent requesting the data. Choosing an IVR company with high standards of compliance is critical when setting up a telephone payment system. To peruse more on PCI Compliance, Read our blog.
Some businesses may battle to acquire a merchant account for IVR payments, not realizing that they are regarded high risk. Depending on the nature of your business, our specialists may be able to have the capacity to help. Example of organizations helped in the past incorporate;
The benefits of using IVR payments have been generally reported in recent years, some of which include;
IVR telecoms companies regularly charge per transaction, this can be on a percentage basis or at a settled rate. They turn out to be a cost-effective approach to acknowledge payments. The purpose for this is IVR gateways can incorporate with back-end CRM and booking systems. To discover more information You can get in touch with us at +44 800 776 5988 or get in touch with us through our website.