For the past two years, the planned adoption rate of Integrated Voice Response (IVR) technology among collection agencies has surged, according to an annual survey of industry executives conducted by BillingTree. In this year’s survey, nearly half of the agencies surveyed indicated they planned to start using the technology, which increases efficiency, improves compliance, and reduces expenses.
But the technology can be scary, overwhelming, and expensive. BillingTree is aiming to take most of those fears and worries about money out of the equation with the release of its myPayrazr IVR, which it officially released on Dec. 1.
MyPayrazr IVR is available at three different price points, $3,000, $5,000, and $7,000 per line. Each price point offers a set amount of minutes that can be used during a 36-month window. On a per-minute basis, each of the three packages is at or below the average standard cost of IVR technology, which ranges between $0.12 and $0.15 per minute, said Dave Yohe, vice president of marketing for BillingTree.
More agencies are looking at IVR as a means of reducing their compliance requirements. By removing human collectors from taking payment information from an individual, and having the IVR take the payment information and pass it along to the processing company, agencies can streamline their compliance responsibilities with certain requirements, such as the Payment Card Industry Data Security Standard (PCI DSS).
“This gives companies another channel to accept payments,” Yohe said. “We’re trying to remove the resistance to giving this a try.”
BillingTree’s IVR is the first offering in its myPayrzr suite of products that will aim to more tightly integrate payment processing with other core functions of operating a collection agency. The IVR is available to BillingTree clients that are already using the company for payment processing. The technology is also available to non-BillingTree clients that want to add an IVR and integrate it with a different payment-processing company. BillingTree will also continue to offer access to other IVR platforms via its Payrzr marketplace.
“Our organization was in the market for a new payment solution and tested a number of off-the-shelf options, which did not meet our needs,” said a myPayrazr IVR client, who asked not to be named. “We discussed our dilemma with BillingTree and they were able to customize a solution to meet our requirements. With limited technical resources available to us, BillingTree made it painless for us to accomplish the integration and implementation of our new IVR payment solution. We are now collecting money 24/7.”
MyPayrzr IVR can be integrated into an agency’s PBX system, customized with specific prompts and scripts, and can be used not just to take payments, but also to look up account information, validate information, and more. The technology can be used on either a toll-free or local phone number and can support up to 10,000 calls at a time. Customers who purchase one of the three packages also receive two free hours of set-up implementation from BillingTree.
“There is a whole list of data elements that can be passed back and forth between the IVR and the consumer,” said Joseph Bonilla, a business development consultant at BillingTree. “Everyone out there using an existing system has the flexibility to build out call scripts. But we can move the around easier and implement them faster. This allows them to explore things they might not have been able to get done under their current systems.”
By offering unique payment options, more flexible technology and the opportunity to more tightly integrate payment acceptance with payment processing, BillingTree has positioned its IVR to take advantage of the growing number of collection agencies that are tapping into the technology.
Those interested in learning more about BillingTree’s IVR should click here.