With a robust identity verification system in place, it gives the business a competitive edge and secures them from frauds.
Security from potential frauds
Online businesses are the particular targets in this case. Credit card frauds, identity theft, are everyday terms among online businesses. Complainants request businesses for refunds on fraudulent transactions they haven’t done. With an identity verification solution in place, a business can verify their customers and prevent such frauds. Once they can verify the customers, it leads to lower chargebacks and a boost in revenue.
Improved customer experience and better conversion rates
With an identity verification system in place, a business can improve its customer experience. The end-user does not have to stand physically in long queues and get the job done online in minutes. When your customer has shorter checkout time, it makes them happy while increasing your conversion rates.
Maintaining the brand’s market reputation.
When you are operating an online business, the lack of proper cybersecurity systems makes you vulnerable to online attacks and data breaches. This leads to a bad market reputation. Likewise, more and more chargebacks make the customers lose trust in your brand. A robust identity authentication like iDenfy can help you solve these issues by a considerable percentage. When you fix your security system, you can protect your data and solidify your reputation among your customers and the market.
Security for customers
When a business uses a robust identity authentication system, it allows them to safeguard its customers from the impacts of fraudulent transactions. Generally, identity thefts are hard to discover, and sometimes it takes weeks or months to notice. It means fraudsters can use a person’s identity for long before the person realizes it. Online identity verification can detect fraud users and block them instantly in the future.
Adhering to global regulations
International and national authorities are working hard to stop money laundering and similar frauds. When a business employs an identity verification service, it complies with global compliance regulations. Using KYC and similar services, businesses can comply with national and international laws.
Trust-building among the customers
When businesses adopt security measures to avoid and stop frauds and comply with regulations, they gain their customer’s confidence. Those businesses which report the least number of identity and credit card frauds have the most reputation and trust among their customers. Once a business gains their faith, they acquire a loyal customer for life.
Personalized offers for customers
The ID verification tools obtain a customer’s details for verification. The business can use these details to create personalized services or products for customers along with specialized offers. Personalization makes your brand marketing effective and trendy among the customers and adds to their brand experience. When customers feel valued, they will buy more from the business and promote them among their family and friends.
Having a robust identity verification system in place is beneficial for the business and valuable for the customers. A better identity verification method means improved user experience while it speeds up the onboarding process.