Verifying who your customers are is an important part of taking credit and debit card payments. This is especially important when you’re an online business. If a card payment goes wrong or is involved in a fraudulent activity, the burden falls on the business the majority of the time. This is an additional cost that is never desirable. You don’t just lose out on the cost of the goods, but you then have to pay the card company as well. It’s both unfair and unsustainable.
These are costs that all businesses can do without, and this is, even more, the case if you are a new startup. Of course with the advent of identity verification services it is easier than ever to verify that your customers are who they say they are when they purchase things from your online store.
Fraud is a huge problem for online stores. Fraud keeps rising online, 19% last year. If you can identify your customers accurately when you sell things to them, then it instantly makes fraud more difficult. Identity verification ensures that your store is less of a target for fraud and thus your costs will decrease. Identity verification keeps you protected and will ensure that your store is not an easy target. If you make it difficult to steal from you then people are less likely to try and you will ensure that your costs are kept to a minimum.
Identity verification means that your customers are less likely to suffer from shipping errors. As verifying the address is a part of the identity verification process it means that the customer doesn’t put in their address manually and there is no room for error when shipping the goods. This means that there will be fewer issues when it comes to delivering your goods and less chance of there being any return based costs. It will also keep complaints lower as customers won’t be angry about their orders not being delivered. If you can keep complaints to a minimum then it means that your reputation will not take a hit. It makes sense from a business standpoint, identity verification won’t just stop your business from being the victim of fraud but it also makes sure your good reputation stays intact.
Make Things Easier
There is less hassle with inputting all data if the customer’s identity can be verified instantly. This will stop the customer from getting fed up with the seemingly never-ending data inputting and leaving their basket at the checkout without completing the order. If you have almost instant identity verification then that makes customers more likely to order products from your online store. So even though you’re protecting yourself from fraud and keeping errors to a minimum, ensuring that your customer experience is as simple and short as possible means that you are more likely to keep customers coming back time and time again.
If you run an online store then online identity verification services are highly important for your business. This will only become more and more important as time goes on. Without a way of proving your customer is who they say they are you will not only just be susceptible to fraud but you will also become known as an easy target and encourage people to target you.
Ensure that your customers are not just looked after, but that you are protecting yourself by enlisting the services of an identity verification system. Your business needs it in both the long-term and the short term.
This is especially important when you’re a new start up. New startups tend to be targeted more often as they are seen as easier targets. Make sure that your new startup isn’t seen as an easy target by upping the level of your verification software. The initial upfront cost will save a huge amount of money in the long term by protecting yours from people who want to steal from you.