How Much Does an IVR Payment System Cost?
Last Updated: December 08, 2021
CostOwl.com note: Need IVR software at an affordable price? Fill out the 30 second questionnaire below and our IVR software partners will send you free price quotes.
Providing a great customer experience ensures returning clientele and business growth. It is important to maintain a good relationship with your customer base and provide them with anything you can to make their experience simple and quick. Implementing an integrated voice response (IVR) payment system is a great way to do this. IVR payment is a way for customers to make payments over the phone at any time without ever having to speak to a live agent.
What is an IVR Payment System? #
IVR payment systems allow you to collect payments from customers by directing them to a phone number specific to your organization. Customers enter the information related to their bill and are able to make payments directly over the phone. You can receive daily reporting that shows all payment activity. With this application, you can use an established credit card merchant account or have one created for you. In addition, some IVR payment system providers allow for ACH debit payments, which is less expensive than credit card payments. These systems make it far easier and faster for customers to make payments and can eliminate the need for extra personnel to handle payment calls.
Benefits of Using an IVR Payment System #
There are several benefits to implementing an IVR payment system for yous business. From a monetary and employee standpoint, they allow you to cut costs from live agent payment handling and leave your other employees free to focus on other (possibly more important) tasks or issues. They can even reduce the number of mistakes that occur in payment processing since there is a drastically limited possibility for errors compared to making payments with a live agent. And, from a customer standpoint, you are providing your clients with the ability to make payments 24/7, with limited (if any) hold time, quick access to balance and payment information, language options, and a protected data environment for their billing and payment information. An IVR payment system could be perfect for your business and its customers.
How Much Does an IVR Payment System Cost? #
The cost of implementing an IVR payment system depends on how many lines you want to open and if you choose to have your line or lines hosted or in-house. Hosted lines tend to cost less than in-house lines. Small business IVR payment software averages between $1,000 and $1,500 for the starting cost. Hosted lines average between $750 and $950 per line, while in-house set ups average between $1,400 and $1,750 per line.
What to Look for in a IVR Payment System #
All IVR payment systems come with varying capabilities and features. It is important that you consider exactly what you need or want before making a final decision. You need to know if the system integrates (and integrates well) with your existing applications and services. The system should also be able to be modified; it is rare that any company gets any type of IVR system perfect on the first try. Tweaks and tune ups are common and your system should be able to change easily whenever necessary. This is especially true if you find that changes need to be made for customer interaction options or user-friendliness. If a system isn’t easy to use or doesn’t provide enough options (or provides too many options) it can be off-putting to your customers and be bad for both business and returning clientele.
Customer Satisfaction #
Whatever your business or type of payments your customers need to make, an IVR payment system is an effective solution for anyone looking to improve and expand the customer experience. They will be able to hear all the details of their account, balance, and payments whenever they call in and can make payments at any time, even nights and weekends. The increased convenience for your customers alone allows for a better relationship, as it tells them that your business cares about its customers enough to provide simple and reliable ways for them to make payments. You can eliminate the hassle and money associated with having live agents take care of payments, all while giving your customers the peace of mind that comes with knowing they have access to every detail of their account at any time. An IVR payment system saves money, time, and grows your business as well as your brand.