When speaking of Artificial Intelligence (AI) it’s important to clarify that we are referring to the capacity by a machine to posses the say skills that humans have. This skills are, for example, learning, reasoning, creativity, planning and of course Artificial Intelligence for credit card payments.
With the advancement of new technology, Artificial Intelligence systems have become indispensable to companies. We are now in a time where clients have at their disposal a wide range of business that offer the same products. That why, finding an element that differentiates you from the rest is fundamental and that can be what Artificial Intelligence does for you.
Today we’ll show you about if these possible uses for AI, but most of all, how you can use it within your company for credit card payments.
Uses for Artificial Intelligence
Has we mentioned before, systems that incorporate Artificial Intelligence are in demand and being used in different areas. Here are just a few of the fields AI has been used in:
- Advertising and online shopping: Artificial Intelligence is important within commerce because it helps optimise products, plan inventory, logistics, etc.
- Web search: Search engines have the capacity to learn from the immense amount of use data the users generate to create more accurate search results.
- Automatic translations: translation software is reliant on Artificial Intelligence to produce better results and learn each phrase introduces to it.
- Audio to text transcripts: It’s thanks to AI systems that we are able to get real time transcripts of what we hear. A very useful tool when it comes to phone interaction or audio messaging like WhatApp or Telegram.
- Client support: Currently, one of the most common uses for Artificial Intelligence in most companies. These systems take form of virtual agents like callbots (to answer calls) o chatbots (to respond to clients through instant messaging)
Advantages to using Artificial Intelligence
- Reduced margin of error and incrementing precision in computing and compering data
- With Artificial Intelligence machines can be used for automating small processes, thus freeing up human talent to deal with bigger responsibilities.
- Makes daily life easier by allowing us to know our clients needs better
- Artificial Intelligence can take on repetitive tasks and require lots of time plus resources.
- Gives more security in transactions as data is sent directly to banks with no human intervention and clients can be assures the purchase was safe.
The transformation of payment methods through the use of Artificial Intelligence
The changes in consumer expectations and the incorporation of technological tools have changed the way in which we shop. Nowadays, thanks to technology, we have the choice of doing it either physically or digitally. So, we must make available variuos channels for users to do so, for example, debit and credit cards, virtual transfers, QR codes and tradicional payment.
The advancement of technology has brought solutions to different challenges, for instance, transaction scams. Several entities within the financial ecosystem have incorporated Artificial Intelligence within its operations, with the purpose of reducing payment fraud.
Thanks to Artificial Intelligence it’s possible to analyse payment data of the buyer, establishment and device in real time. This way, through the analytics of amount, time, location, shopping history, IP address and type of transaction, the system can identify normal shopping patters, study transaction and determine risk factors of the operation.
That’s how AI based systems have been able to help in the detection of fraudulent payments, benefiting consumers and favouring legitimate entities. This has meant a safer shopping experience for users, and for business, a guarantee of transaction approval that keeps away from risks.
Credit card payment over the phone with Artificial Intelligence
Currently, there are solution that allow companies to make charges with card in a completely safe and instant way with just a call. Because, of solution like the virtual PBX and call center software which both use Artificial Intelligence to complete the purchase. The process can happen in two different ways:
During a phone call
- Without exiting the call: in the midst of a phone call, any agent that may want to do a credit card payment will inform the system about the transaction and redirect the call to the AI system, after payment is successfully made they will reenter the call.
- Without human interventions: the clients gives the automated system their card data and this gets transmitted directly to the back within a safe space (PCI-DSS) without the data being stored or accessed by third parties.
- Additional payment option: this option exist so the client is the one that triggers the call in order to their device make a payment. The client will receive a call and an automated system will gather their bank card data and authorization to make the transaction.
- Programmed payment collection calls: there is also an option to schedule outgoing call in order to collect overdue payments from clients, and provide the chance to pay immediately through safe card payment.
There is no doubt, that Artificial Intelligence has changed our lives in many ways. Now all is made easier thanks to it and its application in technology. Through Artificial Intelligence, your clients can make credit card payment securely and processes are more efficient.