Updated by 09.06.2023
Companies Ask: What Is IVR and How Can It Boost Business Performance?
Interactive Voice Response Key to Profits and Customer Satisfaction
New York, New York August 14, 2017 — If ever there was a moment where interactive voice response technology, or IVR, has achieved near-complete popular acceptance, it is now.
Thanks in part to the growing acceptance — and appreciation — of interactive smart speakers like Amazon Echo, Google Home, and the soon-to-be-released Apple product HomePod, IVR technology, automated voice prompt computer systems used by businesses to streamline transactions and track payments, is also coming into its own.
Since IVR’s early use in the 1980s, computer processing power has grown exponentially. This means that today’s systems bear little resemblance to earlier products. Speech recognition is approaching natural-speaking qualities and sophisticated software can more accurately infer what customers are asking. According to market research company Technavio, the IVR systems market was worth $2 billion in 2016 and is forecast to increase in value to $3 billion over the next five years, a 50 percent jump.
Recognizing the need to introduce IVR’s newfound potential to businesses of all sizes, E-Complish, a leading payment solutions provider, is pleased to offer its advanced inbound/outbound automated phone payments system, called DirectPay. DirectPay takes the hassle and manpower out of managing inbound customer phone calls and allows businesses that adopt the solution to accept a wide variety of payment types over the phone using a series of pre-recorded messages. DirectPay also integrates with other E-Complish solutions using the company’s online payment system, VirtualPay.
“The question: ‘what is IVR’ still comes up with particular frequency from select businesses, despite the technology’s growing ubiquity,” says Stephen Price, E-Complish’s CEO. “That’s because many smaller operations, knowing full well the continued importance of telephone-based transactions and communications, maintain an antiquated approach, in some cases hiring whole subdivisions in their company to handle increasing call volume. But as technologists know, the more complicated a system gets, the more failure prone it becomes. Our IVR system streamlines the process, delivering satisfaction to customers and business owners alike.”
The system offers numerous features to help businesses of any size gain a competitive edge. Some of the best features include: the ability to take phone calls any day or time of the week, process transactions in real time, customize the messages and prompts your customers will hear, and access to detailed reports and transaction data. NACHA compliant ACH processing via IVR and transaction processing is Level One PCI compliant for maximum security.
Ideal for businesses that currently take phone payments or would like to or lack the manpower to offer 24/7 phone service, the system is designed to drastically reduce customer wait time. It’s also an ideal way to increase the amount of payments per hour. With increased capacity to handle calls and deliver enhanced customer service (all with no installation charge), IVR is the way companies are re-gaining their competitive edge.
“The ‘magic’ behind the E-Complish IVR system comes down the software’s ability to track several customer metrics: the way they input dollar amounts over the phone, number-entry for credit card instructions, automated message length, and system exit voice prompt,” Price says. “With these abilities firmly established in this and in next-generation IVR solutions, it is my hope that in the not too distant future the question ‘what is IVR’ will be entirely obsolete.”
Since 1998, E-Complish has provided merchants around the country with top online and over-the-phone payment processing services that keep customer data secure and make it easier for retailers to manage transactions. E-Complish uses the latest groundbreaking technology to design payment processing services that deliver ease of use, accuracy, and dependability, personalization capabilities, and automation that improves productivity.
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