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Reduce costs and increase convenience by implementing IVR and SMS text payment solutions.

Reduce costs and increase convenience by implementing IVR and SMS text payment solutions.

IVR, or Interactive Voice Recognition, is one of the newest trends in the world of payment acceptance, and will soon be more than just a trend – it will be a necessity. This technology allows businesses and organizations of all sizes to accept payments over the phone, online and through SMS text messages, further expanding contactless payment capabilities in our pandemic-driven world.

New and innovative payment technology has been on the rise for several years, but really garnered a heavy focus when COVID-19 put most of the country in lockdown. As a result, many businesses sought to offer convenient payment options to their customers, while some have continued to struggle with collecting money in a timely manner without hassle. IVR can change that – it allows you to expand your payment acceptance capabilities without compromising security, compliance or service.

Invest in better security or pay the price.

Before IVR, the security of accepting payments over the phone was questionable at best.

Phone payments required a live employee to transcribe and enter customer payment information, resulting in high interchange fees and security risk for businesses. There was no way to ensure that private information was kept safe.

For example, it’s common for employees to read credit card numbers back to the customer to ensure accuracy, but in doing so, they unwittingly share this private information with anyone within earshot. Or, they may write the information down on a piece of paper and discard it without shredding first. With a record number of employees working from home, security standards may not be well-enforced. Private information is now more vulnerable than ever.

On the other hand, IVR is a secure, automated system that captures private payment data directly from customers, giving business owners the ability to remotely process payments without compromising customer safety and security.

Compliance is key.

Anyone who isn’t properly protecting their customers' data is not only putting their reputation at risk, they could also face major fines when fraud inevitably occurs. Anyone who accepts card payments is required to be Payment Card Industry Data Security Standard (PCI DSS) compliant. Anyone dealing with Private Health Information (PHI) is required to be HIPAA compliant. The list goes on and on.

The applications for IVR are endless, because IVR is compliant with:

  • PCI DSS (Payment Card Industry Data Security Standard)
  • NIST (National Institute of Standards and Technology)
  • FISMA (Federal Information Security Management Act)
  • NACHA (National Automated Clearing House Association)
  • AICPA SOC (American Institute of Certified Public Accountants System and Organization Controls)
  • HIPAA (Health Insurance Portability and Accountability Act)

There’s no time to lag behind.

There’s no doubt – the pandemic expedited the need for contactless payment capabilities. Businesses that haven’t yet implemented contactless payments are lagging. Customers need to be able to pay their bills quickly, conveniently and securely. Even small businesses must have a contactless payment strategy.

Stopping at the point-of-sale simply isn’t enough in today’s modern world. Whether you need to collect recurring payments or a convenient way to get paid remotely, IVR can help expand acceptance beyond the walls of your shop or office. It gives customers the opportunity to pay you securely anytime, anywhere. This technology has quickly gone from a nice-to-have aspect of your business to an essential part of your strategy, not to mention, an obligation to your customers.

What does IVR do?

There are many options when it comes to implementing IVR into your business.

Customers can call into an automated system 24 hours a day, 7 days a week and interact with a series of prompts to securely make payments.

IVR also has web and SMS texting components, which solve for multiple challenges. Customers can receive notifications for upcoming due dates and follow links to secure payment portals – all through their mobile device.

Not only does IVR equal less security risk, less room for human error and lower interchange fees for you, it also does not require additional staff or resources.

Commerce Bank is here to help.

There are many options when it comes to implementing IVR at your business. Commerce Bank can help you navigate the unknowns and find a solution that works for your business’s unique situation. Contact us to learn more about these new offerings and how we can help.

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