Two things are key to building a profitable business: healthy customer relations and loss avoidance. One way to guarantee both is to use identity solutions that combine software and hardware systems, and/or cloud-based solutions to streamline the capturing of customer information.
Is this technology something you need for your business? Absolutely. Here are five, and not just one reason to use identity verification for your business.
- Verification streamlines the ordering process, making it easier and more convenient
Many people find the paperwork to be a burden, or downright annoying. When customers have to put up with a pile of paperwork on their initial visit, plus re-submit their credit card information each time they revisit your e-commerce site, you might just end up with abandoned carts.
However, with identity verification solutions, all they have to do is swipe a state-issued ID, driver’s license, passport, or other identification document and all the relevant information is captured and intelligently populated into the required fields for use across various databases – all in that single step.
This eliminates the tedious paperwork, simplifying the ordering process. As a result, your business becomes more customer-friendly and well-placed ahead of your competition.
- Building customer confidence, rapport and loyalty
Due to the element of increased security that comes with the state of the art verification solution, customer trust in your business will solidify. They will feel confident that you are dedicated to safeguarding their identity, thus winning their loyalty.
- Reduced fraud and the burden of chargebacks
Online merchants lose billions of cash to fraud each year, affecting both card-present and card-not-present transactions. Tons of fraudulent request for refunds amount to burdensome chargebacks that cut into your business’ bottom line each time. By verifying the identity of shoppers, you can establish proof that your customers are real and be able to reduce or eliminate fraudulent transactions from your e-commerce portfolio.
- Reduced shipping errors
Part of the details that identity verification captures is the buyer address as this is often built into the payment processing software.
By verifying your buyer’s address against their billing address, you can be able to catch any errors that may have been sustained during their personal data entry. Customers mistype their addresses or other important data all the time. Since errors in the address can misdirect the package, catching an error such as a mismatch in the billing address and the address on the card’s billing statement can be a great way to expedite the process; avoid wrong routing and guarantee great customer service experience.
- Compliance with applicable regulations
Depending on your business, you may need to verify the age of your customers or comply with the mounting federal and state regulations in some other way. Identity verification solutions provide an easy way to remain compliant with such requirements since they eliminate room for capturing misleading personal customer information – keeping you safe from costly fines and lawsuits.
Technology has made it a breeze to gather customer information and verify their identities. Be sure to leverage this technology to keep your business ahead of the curve.