IVR & IVR Payments FAQs
What is IVR?
Interactive Voice Response (IVR) is in broad terms anything that is automated over the phone. Originally this was simple menu options that allowed callers to specify which departments within an organisation they wished to be connected to. As technology progressed, more complex systems were produced such as store locators, cinema ticket ordering services and phone payments. These days IVR is everywhere, and it’s common place to use Automated Speech Recognition (ASR) to place an order or retrieve information. Everything that is automated over the phone falls under the umbrella term of IVR.
What IVR services does Encoded offer?
Encoded’s IVR software covers all areas of IVR; as specialists in bespoke IVR we have experience in designing and developing unique and innovative solutions. Our particular areas of expertise include:
- IVR credit and debit card phone payments
- Customer satisfaction surveys
- Contact centre solutions
- Call recording
- Third-party database integration and data exchange
- Caller behaviour analysis
How can an IVR solution help my company?
The first thing is to identify the problem you’re having. If you believe that having an IVR menu could increase the profile and professional image of the company then the benefit from the IVR is purely superficial. If you are receiving too many inbound calls which are having to be re-routed to different areas of the business by a receptionist or general skilled contact centre then a menu system can be used to save time, money and caller frustration.
By identifying the subject of the average inbound call you can construct an automated service to fulfil the enquiry before a contact centre agent is needed. This is particularly relevant to calls that result in telephone payments (through credit or debit cards). Not only is it more secure to have an automated IVR payments system process the call, it’s also extremely cost effective.
What are the benefits of an IVR system?
There are two principle reasons why companies decide to use IVR. The first is to save money; having an IVR system handle a call is on average 80% cheaper than having a human service the same call. The second reason is to save time; if a caller can self-service their enquiry up to the point where an agent is required then more calls can be handled by the human resource available.
Telephone Payments: Why have an automated system handle my credit and debit card payments?
With new PCI DSS compliance guidelines many companies are finding that it’s much more cost effective and secure to outsource the handling of card payments rather than worry about becoming compliant themselves. From a resource cost perspective, if an organisation is handling more than 10 transactions a day then the return on investment from an automated solution becomes attractive versus the cost of a member of staff handling the same task.