By Ian Bevington, Oak Innovation
There’s no need for clean rooms and complex PCI audits, touch tone digits entered by the caller are sent to your Payment Service Provider. Here’s some potential benefits you may not have considered:-
1. Simplify future payments
Tokenization allows debit or credit card details to be saved making future payments faster and more convenient. Sensitive information is replaced with ‘tokens’ that have no exploitable value and can be stored with little risk. Card data is only ever stored by the card acquirer to minimize risk. All tokens have a dedicated customer reference, for example, a policy number, customer account number or phone number. This simplifies future payments and reduces the number of abandoned sales where the customer doesn’t have their card to hand.
2. Schedule payments
Traditionally, scheduled payments are taken using a Direct Debit mandate or in response to a reminder. Payments may be taken in line with an ongoing service, for example, a service agreement, in support of staged payments, for example, a holiday, or as part of a debt collection agreement. PaymentAssist allows agents to agree and set up scheduled payments against a card. Unlike Direct Debit, most card providers do not make a charge if a payment fails.
3. Effective debt collection
If you struggle to get customers to pay on time, PaymentAssist may be able to help. Reduce the cost of sending reminders by configuring PaymentAssist to place outbound payment reminder calls. Your customers will be invited to use the self-service facility to make the payment ‘in the moment’ and if their card details are known and tokenized, the payment process is simplified.
How can Oak Help?
Oak Innovation provide technology to support customer experience and compliance. PaymentAssist is a payment automation solution that secures card transactions over the phone. The agent assist option works alongside existing agents to simplify PCI DSS compliance and de-scope the office environment from sensitive card information. The self assist option is a fully automated payment IVR service that reduces the cost of card payments over the phone. Our integration expertise allows you to integrate call recording and payment automation into your existing telephone and CRM infrastructure.