Identity verification might seem like it is a little bit of an extreme response if your business is on the small side but it is actually an incredibly important part of the transaction. If you would like to know more about why you should include identify verification then keep on reading!
It Helps Protect Against Fraud
Online fraud is a very serious issue and you need to ensure that you are doing everything you can to protect against it. You could potentially lose a lot of business and capital if you are not vigilant when it comes to ensuring that you are protected against fraud.
This type of fraud can take many different forms and it is important that you are aware of them; whether it is fraudulent addresses or requests for refunds on orders which don’t exist.
It Offers Customers Safety Too
If you are willing to put the effort in and demonstrate that you are committed to protecting your clients and their data, it makes you appear all that more reputable. Use an established identity verification process like that offered by Cognito HQ to show your customers that their safety is of top priority to you. Cognito will pull in all your customer’s data and starts with just a phone number, so it will be a hassel free option on both ends.
It Helps You Keep Your Prices Low
It may sound off that a verification process can help you keep your prices low but it is also very much the truth. If you don’t have to devote your capital to correcting fraudulent claims, you won’t need to compensate for those losses. This means that, overall, you can keep your prices fair and attractive for everyone. You can enjoy being able to stay in the same league as your competitors, while your customers enjoy all the products you have to offer them. It is a win-win situation for all involved.
It Reduces Shipping Errors
Address verification is fantastic as it means you won’t have to lose out by routing their package through the delivery system several times. Mistakes happen all the time; for example, someone could accidentally enter the wrong house number when they order. Address verification can catch this to ensure that you are not sending the packages somewhere they should not be.
A delayed package is one of the first things to make a customer complain about the service they have received. Make sure you are on the ball so every order is fulfilled to the order it should be.
It Helps You Stay Compliant
There are many different governmental regulations and laws surrounding the verification of customer identities. You need to make sure that you are educated on these laws and how they apply to you. If you slip up, you could be eligible for some pretty big fines which could put the future of your business at risk.
Don’t delay; this is such a little thing which you should be well aware of. If your business does not yet have the capacity for verifying your customers’ identities, find a service which can provide it now.