Know Your Customer: Identity Verification is Becoming Widely Popular and Your Business Could Benefit from Adding It to Your System

With the news of widespread hacks and identity theft becoming rather commonplace, customers are very clued in about the dangers associated with having their information leaked. Similarly, businesses should be very wary of any holes through which they could lose precious data or become involved in fraudulent purchases.

Where the Thieves Go 

Your business is being watched. Fraud and theft are widely addressed on the ground with chip cards and other in-person measures, and the dishonest among us are moving online. Adding extra security to your business is a key way to gain an edge over the competition, particularly in an age where more and more purchases and personal details are being entered on mobile devices.

Not to mention, you want to keep the price of your goods and services on target. Repeated instances of theft can drive your prices through the roof, damaging your bottom line. If you’ve decided upon the ideal price for whatever you sell, lock that price in and keep making those sales by ensuring that the risks associated with working with your business won’t necessitate an increase.

If you already have some protections in place, look into adding another layer. Hackers and people looking to commit fraud are always innovating, and you should, too.

Build Trust, Gain Confidence 

Far and away, one of the biggest reasons to place importance on identity verification is to keep every customer. Businesses that assure customers can enjoy the benefits of multi-factor authentication are more likely to enjoy repeat business.

In fact, many older generations, who tend to have more money but are more cautious with their personal information, will feel much more secure doing business with someone who makes their security protocol clear and thoroughly understood. Tap into this market by employing an identity verification service that clients and customers of all ages can feel good about.

Identity verification can also make up for areas genuine users have overlooked, including shipping info. If you need to mail your customer a product, you want it to arrive in a timely manner. Typos and out-of-date information which lead to a mismatch can stand between your business and a satisfied customer.

Building trust with customers and getting deliverables out efficiently helps strengthen your business’s reputation. When your day-to-day operations are safe and run smoothly, that’s another reason for consumers to choose you over your nearest competitor. With online reviews being so prevalent, any bad news one can share about your business can and will make its way onto the internet. From there, you’ll have to spend more time and money rehabilitating your image and doing damage control. All of this is avoided by upgrading your security measures now.

Aside from customer satisfaction, your business can gain something else – information. Verifying the identity of your customers can impart valuable information about your best-performing products and their associated demographics.

And that’s not general information – it’s solid information you can trust. Get better acquainted with your audience while ensuring that their sensitive information is secure in your hands. Stave off fraudsters and make a promise to consumers that you’ve got a handle on everything with multiple layers of identity verification.