Agile Payments has been providing IVR payment solutions to the U.S. market for quite a while. Canadian companies have also been able to utilize IVR payments from Agile Payments for the same time period except for one small problem; they haven't been able to utilize the eCheck (eCheque) payment rail. Canadian businesses and organizations can now enjoy the same benefits that U.S. companies have been benefitting from in utilizing the ACH network. In Canada it is referred to as the EFT network.
So what's to gain from IVR payments?
To begin with, businesses and organizations can replace costly man hours answering and servicing customers who call-in to pay a bill.
Many times companies have billing of a recurring nature, e.g., loan payments or utility payments, and for some of the associated customers, they prefer not to be setup on auto-debit from either their credit card or checking account. They simply prefer to manually pay their amounts due. To due so they are left with calling the business that they have a billing with, and/or, assuming the business has a website payment function or electronic invoicing system, they can use those. However, there's still a gap left and percentage of customers will always prefer to pick-up their phone and call the business to make payment. That's where IVR comes in!
IVR systems make it easy and convenient for customers to remit payments, saving businesses and organizations traditional customer service hours. Some more benefits of IVR payments:
- Reduced or elimination of staffing considerations.
- No time off - the IVR system works 24/7/365.
- Improved customer satisfaction.
- Efficiency; no waiting on hold.
- Greatly reduce organizational man hours.
- Fast setup.
- Multiple languages can be employed.
- PCI compliant platform.
- Online and automated email delivery of reporting.
- Reporting integration via API.
- Single source for reporting of all credit card and eCheck payments.
- Consumer convenience fees enablement to offset processing costs possible for many industries or organization types.
- Reduced PCI scope when eliminating human interaction of accepting payments via phone.
There aren't many people who are not familiar with and have paid bills using EFT (eCheque). By utilizing EFT transactions within an IVR system for Canadian businesses and organizations, you are able to process transactions at a much lower cost than if using credit cards to facilitate the same transactions. Canadian EFT transactions are about the same as U.S. ACH transactions when factoring in the exchange rate. The costs savings over paying via credit cards can be substantial! If a business processes 500 credit card transactions with an average amount of $500, the processing costs could amount to over $2,500. Those same transactions if processed through the Canada EFT rail would amount to less than $200 (CA).
Is your business missing out on IVR payments with the EFT payment rail option?