How does a company decide whether or not implementing an IVR payment solution is justifiable? One answer that can help be the deciding factor is customer loyalty. Being able to get new customers is good, but keeping them is much more valuable. Maintaining customer loyalty takes not only effort but investing in resources that can enhance the customer service. IVR Payment solutions do that and take it a step further by being a sound long-term investment.
IVR Payment solutions are a sound investment for your company
An IVR Payment solution shows that it has a substantial ROI in multiple ways. First of all, it reduces the cost of processing payments and therefore increases efficiency as your staff can focus on other tasks. However, it also provides value in other ways.
Increased Customer Satisfaction:
- Customers can make payments without internet access
- Payments can be verified, processed, and confirmed within minutes
- Even if the business is closed, payments can be accepted.
Some may mention that millennials would be some sort of exception and that they would prefer to pay online rather than use a phone interface. Whether or not this is the case, why not offer a solution that would be most accommodating to a wider base of customers. According to a recent survey by Startek, 63% of customers believe that the highest level of customer service is provided via the phone. Thus, more people would be willing to make a payment that way more than any other.
However, something else needs to be taken into consideration. A recent Gallup Poll showed that texting is the most dominant method of communication for people under the age of 50. Therefore, a company can get even more customer payments if they accept them via text message as well.
Our solution, Compass Pay, allows for payments to be security accepted via both methods.
Reduce Late Payments
More customers would like to have text message reminders. In fact, such reminders were proven to be an effective tool by MIT. In their study, they proved that a group sent regular text message reminders paid a loan about as effectively as those promised a 25% rebate for maintaining regular payments. Furthermore, text messages reminders were most effective for younger customers.
The text messages were not only cheaper but just as effective as returning 25% of a customer’s payment back to them. Implementing payment reminders, as such, is part of what we do. Thus providing a substantial ROI for your business.