More often then they would like, e-commerce websites and delivery services find themselves in a huddle where customers complain about non-dlivery of their ordered items at their assigned address. Even worse are the delivery orders that are paid for by fake or stolen financial information.
Cashback requests are truly the bane of online shopping but they can be reduced if an online business can perform ID verification either at the time of customer registration or at the time of product checkout.
There are several KYC verification solutions available that can check the authenticity of official Identity documents via ID Verification. They easily integrate with an existing online system to provide reliable protection against cashback requests. How such a system operates for the benefit of online businesses is explained in the following lines:
Address Verification
An e-commerce website that asks for the original identity document for ID Verification will never have to worry about their delivered items being sent to the wrong address. Real-Time check for fake ID will ensure that only the users with genuine credentials are used for availing services and online shopping.
A KYC service provider with a smart and automated system can perform these checks. They use the official address printed on the identity documents to verify the address that their customers have given for the delivery of the items.
An ID Verification system also comes in handy for businesses that offer the cash-on-delivery feature to their customer. With the help of a an officially issued identity document, delivery staff can check for the original identity of the receiver and thus can save the company the headache of false claims and customer complaints regarding faulty deliveries.
Automated System
Most of the ID Verification systems are beneficial because they tend to offer a highly sophisticated system to their customers which can integrate into a pre-existing digital system used for order management and product delivery.
Each step of the way is fully automated which means that no time will be wasted in ID Verification and end-users can have a smooth shopping experience, while the e-commerce platform can ensure that no unwanted cashback request is made from a user with the help of a fake document or stolen identity.
A KYC service provider has the ability to check fake id with ID verification module. The system basically matches the submitted identity document with that of an original identity document.
All the security features are checked to ensure none of tampering with the document is done or no part of the document is forged to defraud the e-commerce platform.
Price vs. Value
Now, most e-commerce platforms believe ID verification to be an unwanted business expense. But the cost of ID Verification services is nothing as compared to the loss form which an e-commerce platform is secured by the KYC service provider.
Cashback requests are mostly originated from original identity holders who have either not been able to receive their ordered items or whose identity has been used by identity thieves to order an expensive item.
Also read: How to get more clients for your online business
One look at the pricing plan of any reputable and innovative KYC service provider, an e-commerce executive will understand the worth of ID Verification and sure shot ROI that they stand to earn. Not to mention, superior customer support incentive that will be gained by an ID verification system.
Demographic-based analytical data can be compiled because of the official identity information collected from genuine buyers. This huge data bank can help the online shopping industry to capitalize on their hottest selling products, information that no analytics tool or marketing firm can provide these online businesses.
Most of the Identity verification solutions offering ID authentication can not only verify address with the help of official ID cards but also have support to verify addresses via passports and driving licenses as well. Some of the more customer friendly ID verification solutions extend support for bank statements as well as utility bills.
Couple that with Pay as you go pricing model and online shopping industry have a reliable companion in the digital arena that can help them save from identity fraud and financial loses incurred by chargeback requests.
Unlike what skeptics have to say, Online shopping industry needs to integrate ID verification services with their online platforms not only to benefit themselves but to also provide a risk-free shopping experience to their customers as well.
It is high time that online businesses start taking responsibility for making online marketplace free of online frauds, financial scams and digital identity theft.
