During the COVID-19 pandemic, all businesses have been struggling to survive since the situation has greatly affected the economy. On the one hand, people are reluctant to make purchases in-store or online as they feel unsure of the future. On the other hand, businesses have been experiencing a rise in credit card fraud during the pandemic.
However, there is something that online businesses can do to overcome these difficulties and gain their customers’ trust. Identity verification can contribute to the growth of an online business, even during these difficult times. At the moment, you can find identity verification services, like iDenfy, that take advantage of advanced AI to help businesses identify fraud.
In this article, you will discover how can ID verification work for your online business’ benefit.
#1 Comply with Global Regulations
Depending on your industry, you might need to comply with specific regulations. For instance, online businesses have to comply with the anti-money laundering regulations (AML) and the “know your customers” guidelines (KYC). If you don’t, you face the risk of getting fined, a thing that will cost you a significant amount of money. Identity verification is a simple process that will guarantee that you comply with all these regulations.
#2 Avoid Unexpected Chargebacks
Credit card fraud has always been an issue for online businesses. However, during the pandemic, this phenomenon has been on the rise. A great number of businesses have experienced some “card-not-present” transactions that ended up in requests for refunds. The chargebacks are an unexpected event for any online business since the fraudsters cannot usually be traced. For this reason, identity verification is essential for online businesses that want to avoid this unfortunate situation. ID verification services can automatically complete the task in a matter of minutes.
#3 Enhance Your Business’ Reputation
An interesting fact about the pandemic is that it has pushed many brick-and-mortar stores to launch e-shops. This has increased the competition for all online businesses no matter the industry. Therefore, your business needs to gain a good reputation in order to stand out from your competitors. Adding identity verification is a practice that enhances the security of your business, which is a thing that concerns the customers nowadays.
#4 Protect Your Customers
Identity verification can also contribute to the increase of your customers’ trust in your online business. This happens because you have taken all the steps to protect them from fraudulent transactions. Since online fraud can go unnoticed for a long period, your customers will have the peace of mind that they can rely on the identity verification services you are using.
#5 Improve the Overall User Experience
Identity verification services that utilize artificial intelligence make the process much quicker and simpler than ever before. For this reason, your customers will no longer have to manually add a tone of paperwork as the services will do the task. This creates a seamless user flow in your website, which boosts the overall user experience.
#6 Optimize the Checkout Process
Since you have already performed the identity verification through the specialized services, users will be able to complete their purchases in a matter of seconds. Studies have shown that many users will abandon their shopping carts if they have to manually submit a lot of personal information. Therefore, you can avoid this and see a resurgence in your sales.
#7 Avoid Shipping Errors
Lastly, identity verification can be used to check the information that the customers have already provided. For instance, they might have mistyped their address, a thing that would normally lead to a shipping error.
Identity verification services, like iDenfy, provide online businesses with the necessary tools to avoid fraud and protect both their company and their customers. However, if you are still hesitant about these new technologies, you can manually learn how to perform the identity verification of your customers, go to link.
