5 Ways Identity Verification Can Protect Your Business and Your Customers
You probably know that identity verification solutions that utilize cloud based systems or a combination of these, software and hardware systems can streamline not only the capturing of customer data but the entire ordering process. After all, these solutions capture your clients’ information and intelligently populate it into various required fields for use across different databases, all from a single swipe of an identification document.
However, do you know that these identity verification solutions do not just protect your business but your customers too? Certainly, every business could use a bunch of happy customers. In this writeup, we show you five, and not just one, ways in which such identity solutions can safeguard both your business and customers.
Reducing Room For Fraud
One of the problems that hurt online businesses the most is fraudulent requests for refunds that that cut into a businesses’ bottom line. Implementing a solution that verifies the identities of your shoppers can be an effective means of confirming that your customers are real. This helps you eliminate costly fraudulent transactions from your business portfolio.
Protecting Your Customers From Increased Prices
According to Chargeback, the loss that merchants suffer due to online fraud runs into billions of dollars each year. Normally, once businesses have lost money to fraud, they are forced to raise the prices of their merchandise in an attempt to recover what they’ve lost. Consumers then have to shoulder the burden of these increased commodity prices. By sealing off the loopholes for fraud through a suitable identity verification solution, you effectively prevent losses that would otherwise force you to increase the prices of your goods or services: The ultimate beneficiary being the customer.
Protecting Your Business’s Reputation
A business that has been scandalized by cases of online fraud can lose most of its customers. An identity verification solution can prevent such scandals and help your business preserve its reputation (and paying customers). This way the solution will be helping you retain customer confidence in your business as they know that their transactions and personal data are safe with you.
Safety From Fines and Lawsuits
If your kind of business requires that you verify the age of your customers, then failure to do so may amount to lawsuits and costly fines. An identity verification service will make the age verification process automatic, so your business won’t run the risk of capturing misleading personal customer information. Consequently, it becomes easy for your business to remain compliant with such legal requirements.
Your Customers Are Protected
Identity theft can allow perpetrators to accumulate huge bills on a customer’s credit card and eventually hurt their victim’s credit profile or even dent their bank accounts. Fortunately, implementing an identity solution for your business is one of the surest ways to ensure that your customers won’t suffer this kind of fate, safeguarding them from unnecessary frustrations without necessarily bombarding them with intrusive questions.
