IVR Payments via ECheck usage in late payment collection
Interactive Voice Response (IVR) as an automation tool has been around for many years. Recently there have been tech improvements that allow organizations to use modular drag and drop architecture to build IVR ACH and IVR ECheck Payment Solutions.
What might have taken weeks and many thousands of $ to build can now be deployed in a day or two with relatively little cost.
For businesses with late payment, collection needs employing an automated IVR payment solution significantly reduces man-hours spent trying to collect payments. In addition because of the anonymous nature of the calls businesses see an uptick in collection rates and cashflow.
As an example, the ECheck IVR Payment Solution eg “CollectNow” – would allow you to specify a rule set for late payment collection.
eg If a loan payment is X days late, initiate an outbound automated phone call [IVR] or text [SMS] or email to the customer.
From that call, text or email the customer could pay loan balance via ACH or credit card. No manual work. You would get reporting on payments made with member info. The business could charge a convenience fee to the consumer whereby the payment processing fees are passed to them. In this scenario, the solution would cost little to nothing to implement.
The only work on your side would be an upload of late payer info. This info can consist of whatever the business deems relevant to collect. If the business wants the customer to essentially “locate” their invoice this can be accomplished.
Customer enters their ACH bank account information and receives confirmation the payment has been made. An email can be sent to both the business and the customer with relevant payment details.
The business can pull down reports via an API integration or use a Virtual Terminal to gain full reporting insight.
Contact ACH Payments today for more info.
