Complete Guide to IVR Payment Compliance

When you have a business that accepts orders, manages payments, or is involved with money, you are going to have customers who need to call in. You could hire a couple of people to route these calls, making sure that billing questions go to billing and general information goes to a customer service representative, but that option is not your only choice. Thanks to modern technology, you can also opt to implement an Interactive Voice Response (IVR) system.

What is IVR?

IVR payment solutions are automated phone systems that have users speak or key in a response to different queries. For instance, a person using IVR might hear, “For billing, press 3. For all other inquiries, please press 0 or stay on the line.” As a business, you might love adding IVR. You save money on having to pay for someone to answer and route every call and you might need fewer support staff if customers can find what they need using the automated system (e.g., calling to check a gift card balance or to hear store hours). Most customers like it too. They spend less time on hold and have more control when an IVR payment solution is in place.

IVR and Payments

IVR has some clear implications when it comes to customer service, but the technology can also be used to accept payments. After all, when there is no person on the other end of the line, the call doesn’t need to be recorded and the information provided cannot be overheard. However, IVR payment processing solutions are not, by themselves, secure. In order to make sure your customers’ information stays secure, you need to understand how to make IVR payments PCI DSS compliant.

Why Does My Business Need to be IVR Compliant?

If your business is PCI-compliant, that means that you have measures in place to encrypt sensitive data and hold that information secure. You have policies and procedures in place as to who can access that data and you take steps to ensure its integrity as well. Moreover, you test your data security system regularly and thoroughly to make sure that your information stays secure.

Benefits of IVR Payment Compliance

IVR PCI compliance is part of good business, but there are benefits aside from the money you save by installing an IVR system and the time your customers save from being on hold. When you are PCI-compliant, you significantly reduce the risk of financial data security breach and the hefty costs associated with mishandling customer information. You might also reduce your payment processing costs.

Consequences of Non-Compliance

Without those steps, you are risking a financial data breach and that could have serious consequences for your company. Aside from the risk to customer loyalty, you can expect a $50 to $90 fine for each cardholder who has had his or her information compromised. You could also face a lawsuit from the people affected and all the costs of litigation involved with that. Furthermore, your credit card processor may discontinue their service with you or your ability to process payment cards could be impacted.

What Features/Abilities Should I Look For in an IVR Bill Pay System?

Before you adopt an IVR Bill Pay System, do your research. While there are several systems on the market, they do not all offer the same benefits. Ideally, you should limit your search to companies that offer the following benefits: