Published on February 28th, 2018 | by Guest0
Identity Verification: Real World Identity Verification as a Service for Your Small Business
You know how to run your small business, and as an owner, operator, or manager of your company, you likely value protection, transparency, and security more than anything – especially when dealing with your customers. One of the best ways to provide yourself with security, guarantee your customers protection, and help to establish the real-world identity of your consumers is to work with an identity verification service that’s catered to and custom-built around your business. Real world identity verification as a service for your small business can help guarantee security, optimize conversions and business, and even bring new clientele into your wheelhouse. So, why does using an identity verification service benefit your business? Read on!
Why Does Working with an Identity Verification System Help?
It Limits Fraud
Fraud, online fraud especially, is one of the fastest growing crimes in the nation – in short, it’s on the rise. If you’re running a small business that specializes in working online with virtual customers, you’re at increased risk for losing money or providing services to customers who have fraudulent identities – not just wasting your time and effort but costing you hard-earned profits in the long run.
Working with a company that helps to provide your small business with real world identity verification can save you the time, hassle, and cost that comes with fraudulent customer identity. What the system really does is ensure that users or customers are providing factual, accurate information that’s associated with a real person. Simply put, they’ll come up with a series of authenticity tests that can help determine a person’s identity. The best part? They can be used online and in person.
Benefits to Consider
So, how does working with an identity verification service benefit your small business? For starters, you’ll likely see better conversion optimization in your business – the user experience is quick, painless, and most importantly, effective and safe. Better yet, they provide programs and best practices to teach you how to implement these verifications with your customers in a painless, quick way.
Using a service for these identity verification tactics can also provide you with secure data storage with strong encryption, ensuring that your confidential, classified information stays just that – confidential and classified. Most of the tactics used by services that provide identity verification will include strategies to verify your customer’s IDs in real time. This includes providing you with tools that allow for error-proof image capturing and increase in completion rates for business transactions and account openings, and an opportunity to catch fake IDs and prevent fraud in your business.
Keeps You in Line With Regulations
Typically, businesses that use services to provide real world authentication will have identity verification tactics that can thwart fraud and help meet compliance mandates by allowing you to know the true identity of your customers. That being said, these verification systems can detect fraudulent transactions, typically require little-to-no-user prior user experience, will include computer and AI experts and verifications, and will comply with KYC, PCI & AML regulations.