Late deliveries of products can impact the consumer’s decision to do business with a company in the future or not. Customer experience can also be halted by the factor of executing complex checkout procedures. Without identifying the addresses, there is a chance of risk for fraudsters to prevail in the global market. Multiple institutions are paying attention to resolving the problem of the rising number of chargebacks to protect their companies and initiate secure customer onboarding. Products getting shipped at the wrong locations increase the chance of getting in the hands of crooks who can use the information obtained in a wrongful manner. To control the number of criminals from increasing, several industries are now implying an online address verification solution for keeping fraudsters away from harming their businesses.
The Act of Misplaced Deliveries
Finding solutions about how to uplift the customer experience has become a major concern for every business nowadays. Due to the covid-19 crisis, the e-commerce industry has seen a boom in reaping profitable benefits. It is no doubt that it has also created new opportunities for imposters to search for loopholes to illegally onboard. Buying products online and getting them shipped at fake addresses is a tactic of crooks which they normally use to fool companies into sending them products after which they claim that they did not ask for them. This increases the number of returned shipments which eventually becomes costly for businesses to get them re-delivered to the actual customer. Moreover, this can create problems in dealing with other potential customers as the brand image gets exploited due to these illicit crimes.
Complex Checkout Affecting Customer’s Decision
In today’s digital era, no customer wants to spend a lot of time on the checkout procedure while they have made their mind to buy that particular product. They want quick and secure results in a smooth operating checkout process. The more complicated the checkout procedure, the more it increases the chances of losing customers who may decide to abandon the whole process before even a purchase has been made. No company wants to lose customers as they are the main source of generating profitable revenues for them. Therefore, for enabling a secure digital onboarding process swiftly, verification of the address of the clients needs to be done in a simple yet efficient way. This will not only help businesses to secure customers but will also help distinguish real clients through verifying addresses.
Implying an Online Address Verification System Effectively
Verifying an address has become a necessity for businesses to protect themselves from the chargebacks. In order to fulfill the task to verify address, consumers are required to go through a procedure in which they submit an image of an official document such as a driver’s license, identity document, etc. it is cross-checked against proof of evidence uploaded by the user on which their legitimate address is mentioned. Once the system, checks for any errors and the originality of the document, the address verification process gets completed and the results are stored in the back office.
List of Documents Acceptable to Validate Addresses
Before examining what documents can be used to verify addresses, it is important to note that they should not be older than three months. Outdated documents will not be acceptable by the system and hence automatically decline the verification process. The elements checked in the documents could be the customer’s name, address, date of birth, date of insurance, etc. These details are extracted by the OCR software. In addition to this, it is advisory to prohibit documents consisting of folded or crumbled edges. Any document modified or photoshopped will be detected by the system. Here’s a list of documents acceptable for the verifying an address:
- ID Card
- Employee Letter
- Residential Statement
- Passport
- The tax bill, and much more.
Wrapping it Up
For keeping fraudsters at bay, it is mandatory for businesses to adopt an address verification system to verify the addresses of their onboarded customers for protecting themselves from becoming a target for returned shipments. To secure customers in the most effective manner, a smooth checkout process can be of great help. Misplaced deliveries are another concern for retail businesses which can be dealt with by implementing online address verification services. It can also help in combating fraudsters from prevailing in the global market at an increasingly high rate. Hence, the more secure a customer feels with a business, the more it increases the chance of converting them into potential buyers.
