What is IVR (Interactive Voice Response) and How Does It Work?

Aug 16, 2023

As businesses strive to improve operations, technologies like Interactive Voice Response (IVR) have emerged as valuable tools, allowing businesses to handle incoming calls efficiently.

What is IVR?

IVR is an automated phone system that uses pre-recorded voice messages and dual-tone multi-frequency (DTMF) to allow callers to access and provide information without speaking to a live agent.

Collection firms can use IVR to guide callers through menu options and steps to complete payments without having to wait. Agents are free to handle more complex customer service issues.

Understanding IVR

Interactive Voice Response, or IVR, is a technology that interacts with callers through voice and touch tones. Callers use their keypad to respond to IVR prompts and are routed through the call process based on their selections.

How IVR Works

  • Efficient call routing: IVR greets callers with a pre-recorded message and presents the available menu options. Consumers are routed based on their keypad entries.
  • Authentication: If a consumer calls to check their balance or make a payment, IVR can authenticate their identity using information you have on file using a social security number, account number, or other identifying information. This ensures security and privacy.
  • Account information: Consumers can use the IVR to check their balance, hear payment history, or learn their account status.
  • Payment Processing: IVR allows consumers to make phone payments using their bank or card information. Transactions are securely processed, and in some cases, consumers can opt to receive payment confirmation via text message.
  • Communication Options: IVR systems often include additional communication options like speaking with an agent or requesting a callback.

Can Your Firm Benefit from IVR?

IVR systems offer a number of benefits that collection agencies can take advantage of to operate more efficiently, resolve more accounts, and improve cash flow.

  • 24/7 Availability: HealPay IVR offers quality calls with 99.9% uptime, lowering customer service cost by automating 24/7 access with no additional hardware. IVR technology is available around the clock, allowing consumers to check their balance or make a payment at their convenience, even outside regular business hours.
  • Improved Efficiency: IVR reduces the workload on live agents by handling routine inquiries and tasks. This allows your firm to allocate human resources more effectively and focus on more complex interactions.
  • Improved Call Flow: During high volume call times, callers can continue to access IVR, eliminating frustrating hold times. HealPay offers toll-free IVR phone numbers to eliminate phone charges for callers.
  • Consistent Communication: Take advantage of HealPay’s data syncing feature to greet consumers by name and guide them through the payment process with easy-to-follow prompts. Callers receive accurate and consistent information with each call, which builds trust and enhances your firm’s credibility.
  • Lower operational costs: By automating routine tasks, IVR lowers your firm’s operational costs. Additional call capacity allows you to increase your revenue while lowering customer service cost with no additional work.
  • Improved accessibility: Our IVR offers multi-lingual support with a convenient Spanish language option.

Offer Intelligent Phone Payments

By offering self-service options, facilitating payment processing, and enabling consistent communication, IVR contributes to improved customer satisfaction and operational excellence.

HealPay’s PCI-compliant IVR technology is configured based on the highest data security standards. With features like processionally recorded voices, text receipts, and data analytics, IVR makes powerful addition to your payment options. Learn how to get started with HealPay IVR.

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