What is a PCI Compliant IVR Solution, and why is it so important for your call center? Continue reading to learn more!
The world of PCI Compliant IVR Solution contact centers has evolved from answering calls and selling products to handling transactions and providing customer support.
In a matter of years, call centers have gone from a simple answering service to an essential part of any business. However, as customer satisfaction and market share are at stake, call centers must maintain a high security level and privacy.
The main aim of a PCI compliant IVR is to protect against card fraud. Many businesses today are using a web-based customer portal to gather payment information. The data they receive is sent directly to their bank accounts, which can be compromised if the information is not handled securely.
To avoid this, the PCI standard is designed to prevent data breaches and protect cardholder information by restricting access and usage.
But why would you want to protect your data? Here are seven reasons PCI compliance should be a priority for your call center.
7 Reasons why you need a PCI Compliant IVR Solution in your call center
What is a PCI compliant IVR solution?
A PCI compliant IVR solution is a type of technology designed to protect sensitive data from security breaches and fraud. It works by restricting access and usage of this data while also employing security measures to protect it from unauthorized users.
IVR solutions are commonly used in call centers, as they help to provide a secure platform for collecting payment information and processing transactions. As such, businesses that are looking to protect their data and customer information will find PCI compliant IVR solutions to be a valuable resource.
Your Call Center Needs PCI Compliant IVR Solution. You must prioritize your data security if you are running a call center. Without a PCI compliant IVR solution, you could be at risk of a data breach or fraud that can damage your reputation and affect your bottom line.
There are many benefits associated with PCI compliant IVR solutions. These include providing a high level of security and privacy, increasing customer trust, and improving the overall performance of your call center.
In other words, your IVR solution should be in compliance with PCI-DSS, also known as the Payment Card Industry Data Security Standard. This is a protocol that was designed and implemented by the world's biggest credit card issuers - VISA, Mastercard, American Express, Discover and JCB, based on their data security programs:
• Visa's Cardholder Information Security Program
• MasterCard's Site Data Protection
• American Express's Data Security Operating Policy
• Discover's Information Security and Compliance
• the JCB's Data Security Program
This standard was created with one single, unified purpose: to provide an additional layer of protection for card issuers by making sure that all merchants and businesses that handle online transactions meet the minimum levels of security when they store, process, handle and transmit cardholder data.
PCI-DSS was published for the first time in 2004, keeping in mind that there were no standardized security regulations before that. It's essential that all companies, including your call center, should be in compliance - otherwise, they may suffer from costly fines and penalties that may lead to your company's bankruptcy in the worst case scenarios.
7 Reasons why you need a PCI Compliant IVR Solution for your call center
1. Protects Your Customers' Sensitive Data
Your call center's customers often give you their most private information when they place an order over the phone.
If they provide your business with any sensitive data, such as social security numbers or credit card numbers, you have to ensure that it is safe and secure. This is the purpose of PCI compliance. It ensures that you have adequate security measures to protect this data and keep it away from hackers and other unwanted eyes.
One of the biggest reasons why most call centers use an IVR instead of a web-based form is to prevent the theft of sensitive cardholder data. It is estimated that more than $100 billion in fraudulent payments are made each year.
However, with an IVR, a caller cannot enter personal information into the system, allowing the operator to verify the caller before granting access to sensitive data.
2. Helps you meet PCI Compliance requirements
When protecting customers' financial information, all companies have different PCI requirements. This can make compliance challenging to maintain, primarily when operating in multiple markets. A Web-based IVR helps you comply with the regulations in each region. It also allows you to set rules and alerts based on your needs.
You can easily use a web-based IVR solution to protect your customers' sensitive information, even when they call from outside your designated area. You can also manage and update sensitive data automatically using mobile device apps.
3. Keeps your Call Center running smoothly and efficiently
A PCI Compliant IVR System is the easiest way to keep your call center running efficiently and without delay, since it will automatically route calls to an agent who speaks the same language as the caller and will have the information needed to answer questions about products and services.
This ensures that customers can easily access the help they need and that there is no confusion as to what to expect in terms of payment options.
When a business needs to process credit cards, it needs to make sure that the system is functioning properly. An unsecured IVR could leave the customer's sensitive data vulnerable, increasing the risk of card fraud and damaging your brand image.
A secure, PCI Compliant IVR Solution is also essential to ensure that your staff has the necessary training and procedures in place to minimize the possibility of any card breaches.
4. Delivers a positive customer experience
Call centers are not just there to take orders. A customer service agent's job is to keep customers happy and satisfied. A customer's dissatisfaction or unhappiness will affect the entire business. As mentioned, call centers often collect sensitive information, such as credit card numbers.
To protect sensitive data, call centers must adhere to the PCI standard. In addition, any third party that handles or stores the data also needs to comply with the PCI standard.
Having an IVR solution in place can help prevent any negative impact on your customer experience. If your IVR has a built-in fraud prevention system, it will help ensure that customers have a positive experience with your company.
5. Help increase sales and Marketing efficiency
There are many reasons why call centers should implement an IVR system that's compliant with the PCI standard. First, with the growth of mobile technology, it has become increasingly important to provide consumers with exemplary service whenever and however they choose. As such, the ability to offer secure payments is a top marketing priority for companies.
In order to increase sales, marketing, and advertising, businesses must take the necessary steps to offer services that can be received on any platform or device, including a smartphone. To do this, they need to ensure that the IVR system is secure and can handle any type of phone number or caller ID.
With a PCI compliant IVR Solution system, businesses can rest assured that all transactions will be completed securely and effectively.
The ability to collect information on potential customers' contact preferences, spending habits, and product selections will help you increase sales and marketing efficiency. In addition, the IVR will help guide potential buyers through a series of questions until they find a service that meets their needs.
It will also give them the option to answer these questions from anywhere by calling in via a number that will direct their call to the IVR.
6. Help reduce costs
Since the IVR solution helps businesses meet their marketing objectives, this leads to reduced costs and less downtime. For example, in 2021, the number of unwanted calls in the United States rose by 56 percent. Sixty percent of all calls were made by automated systems. . Considering that most of these calls came from prepaid plans, the cost of operating and maintaining the IVR system can quickly add up.
In addition, to protect customer funds, businesses have adopted new regulations such as the PCI standard, which protects the data collected when customers enter payment information. This helps ensure that no unauthorized individuals gain access to sensitive data.
7. Improves communication and collaboration between employees
One of the main goals of PCI compliance is to ensure a higher level of communication and collaboration between employees in order to identify potential vulnerabilities before they become critical issues.
By utilizing a secure, PCI Compliant IVR Solution system for the entire call center, callers will have better access to an agent or supervisor who can provide additional information, update them on current developments and offer support throughout the process. As many businesses today use shared call platforms, it is easy for sensitive information to be overheard.
When callers speak with another agent or supervisor, a security breach may occur when a colleague overhears personal information, such as credit card numbers, social security numbers, or other valuable information.
A well-designed IVR solution will also improve the flow of calls and ensure the most efficient use of staff time. This allows call centers to focus on their core business without being distracted by trivial details. It also reduces the possibility of errors and improves customer satisfaction.
The customer's experience will improve because the interaction will be more effective and efficient. When a caller reaches the IVR, they will experience an easy-to-understand, secure and professional experience that will increase the chances of converting them into a paying customer.
The right IVR solution can not only improve your business, but it can also make the difference between success and failure in your market. Hence Implementing a PCI Compliant IVR Solution will benefit your business in the long run.
Implementing a PCI Compliant IVR solution
The easiest way to implement a PCI compliant IVR solution is to do it with a PCI-compliant Payment Gateway that not only enables you to accept payments online safely and securely, but also provides you with a variety of features, functionalities, and extra security layers to deliver the best experience for your customers.
MYMOID is an advanced Payment Gateway that enables you to accept online payments for your call center, and implement a PCI compliant IVR solution that actually works for your business. With us, you can enjoy a variety of different services - from solutions specifically designed for call centers to debt collection services, donation functionalities, invoice payments, and recurring payments.
Are you ready to get started? Contact us and we will be happy to tell you more about our business. If you have any particular questions, doubts, or inquiries, your MYMOID representative is just one call or email away. Get started today and grow your business seamlessly with MYMOID.
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