Rob Crutchington at Encoded, discusses the rise of self-service payments and why it is time to take another look at Interactive Voice Response (IVR) in contact centres to help increase the number of successful transactions, boost agent performance and improve the customer experience (CX).
Cash is no longer King. Today’s consumers expect customer service to be faster and more efficient and contactless payment methods have become the norm. According to UK Finance(i), cash use has been declining by around 15% each year since 2017, with 2020 representing an acceleration of this decline. The pandemic resulted in cash use falling by 35% in 2020 compared to the previous year.
IVR has become an essential payment choice
With this increase in card payments, and more transactions being conducted either online or over the phone, self-service payments have become an essential option for contact centres and remote sales operations.
There is no doubt that IVR phone systems can be a game-changer for business. As a self-service option, they can provide 24/7 support for common problems. IVR can help customers resolve issues without needing to be transferred between departments. IVR can also identify and prioritise callers, based on their customer status, at the beginning of a call improving the overall service.
According to the Call Centre Helper Research Paper (2021)(ii), “What Contact Centres are doing right now”, Self-Service is described as the Golden Goose of Customer Experience. The report states that “well over a third of customer service respondents (36.2%) believe that advancing self-service capabilities within the customer experience will likely achieve the biggest return on investment (ROI)”.
IVR payment systems can also complement other payment solutions. Online, PayByLink and Agent Assisted Payments all now present a choice of secure payment solutions to increase sales and improve customer satisfaction. Integrating payment solutions with enterprise systems, such as CRM and accounting processes, enables agents to deliver connected customer service. The resulting faster transactions help to improve cashflow.
Six reasons to take another look at IVR
1. Make the most of agent time, improving staff morale
2. Enhance customer payment and data security
Typically, IVR payments are far more secure than traditional manual handling of customer card data. Choosing a cloud IVR solution from a Level 1, PCI DSS approved provider means that confidential client data is stored securely. It takes payments out of scope to meet PCI DSS requirements and can be used to achieve SAQ A(iii).
3. Improved customer experience
4. Increased productivity
5. Joined-up customer service and centralised payments
6. IVR can deliver significant cost savings
IVR payments are perfect for companies that experience seasonal spikes in calls, which would normally involve hiring extra temporary staff or paying costly overtime. Self-service costs five times less than a telephone call – with the right design and technology therefore, IVR can deliver significant savings. Research from ContactBabel(iv) cites that the cost of a live service telephone call varies considerably, but has a mean average of £5.42, while historically, the average cost of a telephony self-service session is estimated to be around 30-70p.
In addition, some IVR solution providers, such as Encoded, only charge for successfully processed requests, which keeps pricing transparent. It rewards both the payment service provider and its customers on success, and keeps an active working relationship that is focused on service improvements.
Choosing the best IVR payment solution
There are plenty of IVR payment services on the market, which can make it challenging to know which to choose for your business. The best IVR solution is one that aligns with your business systems to give customers a smooth transaction process and help agents deliver the best possible service.
To understand more about IVR, how it works and how to choose the best IVR solution for your business, download Encoded’s whitepaper; “IVR Payments – The Ultimate Guide for 2022”.
*i – https://www.ukfinance.org.uk/sites/default/files/uploads/SUMMARY-UK-Payment-Markets-2021-FINAL.pdf
*ii – What Contact Centres Are Doing Right Now | (2021 Edition)
*iii – Self-Assessment Questionnaire A
*iv – The UK Contact Centre Decision-Maker’s Guide 2022 (19th edition)
