August 22, 2022

Mitigating Payment Risk

A 2019 Consumer Payments Trend Analysis report found that 83% of people wanted to pay digitally, either with a mobile device or through an online platform. Digital payments offer a range of benefits: ease, convenience, accessibility, and a lower cost of processing. Plus, when you provide consumers the channel of interaction they use most, you‘re more likely to receive payments faster. But increasingly—for both consumers and receivables management teams—unauthorized or fraudulent use of credit cards is a real concern.

Going Deviceless to Mitigate Payment Risk

Choice is key. Some consumers want the immediacy and accessibility of text while others prefer to manage online communication via email. And even with digital interactions becoming almost mainstream, some still find calling into an IVR platform or reaching out in-person to an agent a more comfortable option. Yet no matter which route, when it comes to sharing sensitive data, all consumers demand safety and security. And especially post-COVID, when many firms have shifted their agents to home-based work which is outside of traditional PCI-compliant environments, maintaining privacy is a big concern.

A “deviceless payment” system is the answer. This payment solution offers the flexibility of choice linked with a payment step that is automated and encrypted. Moving the entire payment process online and taking an agent out of the process—in effect “cutting the cord” to providing credit card data over a voice line—allows the consumer to achieve a more secure transaction. The use of a deviceless payment system can also lower processing costs as you don’t need a human involved in the activity.

Digital Payment Options

What’s the difference between the digital options? And how can a deviceless payment system be integrated into the operational model? There are several possibilities:

• Voice/In-Person through an Agent: The agent handles the majority of the call, addressing questions and setting up the details of the payment. When the consumer is ready to pay, the agent transfers the call to the IVR platform, where the caller then enters in their credit card or ACH information using the telephone keypad. The agent has no visual or auditory access to the private financial information, but notice is provided when the transaction has been completed. At that time, the consumer can request that the agent return to the call or the call can be terminated.
• IVR: From the moment the call is initiated and throughout the transaction cycle, all interaction is automated. The consumer proceeds through voice prompt to the payment stage, where they enter credit card or ACH data securely. At any time, the consumer may opt to speak to an agent in person. The agent can assist and then return the caller to the automated IVR system for processing (as noted above).
• Email: Interactions that start in a digital environment (such as email or text) are mostly agent-free in nature, and usually only require the consumer to click on a payments link and type payment details into a secure system. Via email, the consumer receives an encrypted and tokenized URL to the payment portal. The consumer clicks on the link, is then authenticated, chooses a payment option, fills in their card and billing information, and then receives confirmation once the process is complete. More sophisticated options can prompt whether the payor would prefer to switch to text for future communications or transactions.
• Text: As with email, texting starts in a digital environment. When it is time to pay, the consumer receives an encrypted link that takes the payor directly to a secure payment portal. The consumer clicks on the link, is then authenticated, chooses a payment option, fills in their card and billing information, and then receives confirmation once the process is complete. There is no need for an agent to receive the credit card data through text. The entire transaction is taken into a secure processing environment where an agent isn’t involved.

Deviceless payments allow you to reduce the potential for fraud and give consumers greater peace of mind about data security. When coupled with omnichannel communication options, firms eliminate barriers to a single-call/single-transaction resolution, thereby improving payment rates

Learn how RevSpring’s Deviceless Payments solution provides a safe and secure way for receivables management teams to take consumers’ credit card and ACH payments at the first point of contact.