Tech Tips: Your next call could be VoIP

Typically, when you make a PSTN phone call, the network dedicates space to your conversation, setting up what’s known as a “circuit” between you and the other party, sending your voice signals directly to each other.

VoIP, instead of creating a circuit, chops up your voice signal into small chunks of data known as “packets.” These packets then are sent across the Internet, in a fashion similar to conventional web or email traffic, then reassembled at the other end into your voice signal.

This approach creates several significant advantages for VoIP users, especially small, professional businesses such as independent financial advisory practices.

The most obvious benefit for many small businesses adopting VoIP is the potential for cost savings. A well-configured VoIP line can enable you to drop your land-line phone service and dispense with any expensive switchboard systems that you have in your office. Services such as call conferencing and call forwarding often are available and less expensive from VoIP companies than from their PSTN counterparts.

The biggest saving from VoIP typically is long-distance service, which may not affect financial advisors who do most of their business locally. Still, there are many other benefits you can take advantage of over and above the cost savings from a VoIP system.

Unlike conventional PSTN signals, VoIP-based traffic can be manipulated in ways similar to Internet traffic, enabling VoIP services to do be customized to fit your needs.

For example, although features such as call forwarding are available via conventional PSTN services, they can be challenging to set up and options often are limited. With VoIP, you can manage these features via a web interface, and they often are more flexible and easy to configure.

Let’s say the battery on your cellphone ran out or you left your cellphone at home. If you are expecting an urgent call on that phone, you can divert it to the phone at your client’s address. Perhaps there is no cellphone service at your summer cottage, but you’d like to receive calls there, too. VoIP services typically let you forward your calls to any number you like. You also can have multiple phones ring at once.

Perhaps you’d like more than just your phone to ring. Tablet devices, laptops and desktop computers also can be equipped for VoIP calls. This feature can be useful if, for example, you have a high-quality headset on your laptop and want to take calls on it during the day. The advantage is that many VoIP software tools provide sophisticated user interfaces, enabling you to perform various tasks, including cutting and pasting telephone numbers directly into a window or dialing directly when you click on a number in your device’s contact manager, so you don’t have to dial.

A VoIP system may turn your computer or tablet into a fax machine. VoIP services often include integrated email-to-fax services, enabling you to send and receive faxes via email. Those antiquated, toner-hungry fax machines are a thing of the past with VoIP.

Voice-mail messages can be delivered through email and played directly as audio files from various devices. Some services even attempt to transcribe voice-mail messages into text.

VoIP also can help you to manage the client-facing aspects of your business more effectively. Virtual phone number services enable you to generate multiple phone numbers with different area codes for your advisory business quickly and easily. You even may be able to create vanity phone numbers (such as 1-800-WEALTHY).

Multiple numbers can be good for different strands of your business, such as wealth management vs basic life insurance. You even could choose to give virtual numbers to high-value clients, making it clear to each that this is a priority line just for them.

While you’re at it, many VoIP services will allow you to add other custom features, such as custom greeting messages for callers contacting you from specific numbers. Some more sophisticated services even let you define entire call workflows based on incoming caller-ID numbers.

Perhaps one high-value client is important enough to have your phone ring at your cottage, for example, whereas unknown, generic incoming calls can be sent to an auto-attendant system, which directs people through an interactive voice menu when you’re not around.

VoIP is not without its challenges. Your corporate network must be able to handle the extra data load that VoIP services will place on it. Your external Internet connection must have enough bandwidth, or those voice packets will become congested. A good rule of thumb: bandwidth equivalent to that used by one-third of your staff should be available for your small-business VoIP system.

Security also is a factor. Just like other Internet-based services, VoIP can be hacked. In early 2013, an unnamed company in Perth County, Ont., reported $7,500 of stolen phone calls, thanks to an intruder who placed malware on the company’s servers, according to local police. And there’s always the danger of hackers eavesdropping on your calls.

A good security audit is crucial, especially for firms dealing with sensitive information.

There are many VoIP suppliers on the market, such as Anveo (www.anveo.com), RingCentral (www.ringcentral.ca), Broadconnect (www.broadconnect.ca) and MyPBX (www.mypbx.com), to name just a few.

Consulting services, along with the cost of VoIP-compatible handsets, mean an initial outlay to implement a business-class VoIP system. But the long-term benefits could be substantial, both in cost savings and in business operations.

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