Verification software is a powerful tool that helps reduce charge backs and increase sales for both merchants and their customers. For e-commerce companies selling either goods or services online, verification software lets you interact directly with your customers before they complete their purchases—preventing fraud while building trust between buyers and sellers. This gives both parties peace of mind that the transaction will go smoothly and efficiently. In this article, we”ll dive into what verification software is, how it works, how to choose the right one for your business, and more.
What is verification software?
Verification software is a technology solution that helps businesses verify their customers’ identities and creditworthiness. This will help reduce the losses you incur from fraudulent transactions, such as charge backs. When selling products and services online, there is always a risk that customers aren’t who they say they are—which can lead to lost revenue if merchandise or product keys are resold rather than used by their legitimate owners.
Types of verification software
Various types of verification software can be used to verify the identity of your customers. These include:
Biometric verification systems:
These systems use physical characteristics, such as fingerprints, voice patterns, and handwriting analysis. They’re more expensive than other types of software but can be very accurate.
This type of software collects basic information about your customers—such as their birth dates, addresses, and social security numbers—and then compares it against information from public databases.
Do you need verification software?
If you are a small business with a low number of transactions, you probably do not need verification software. However, if your company has a high number of transactions and/or the risks associated with them are high, then it’s time to consider using verification software to help reduce charge backs and increase sales.
For example: let’s say that your business sells products online and you have 100 unique customers each month who purchase $100 worth of products from me. This is considered “low risk” because the total amount owed per customer is less than USD 1000—meaning that if they were to file a charge back as there would be no real impact on your company at all.
In another situation: let’s say you sell electronics online—but instead of having 100 unique customers who purchase products each month, you have 10,000 buyers purchasing merchandise for $10 each. However, even though every single one of those sales might not add much to your bottom line individually (let alone all at once), with so many transactions happening simultaneously it could still grow into a big deal relatively quickly.
How to choose the right verification software
When you’re looking for verification software, it’s important to keep in mind that not all solutions are created equal. Some solutions require extensive training and can cause a lot of frustration for merchants and their customers. Other solutions take weeks or even months to integrate with your existing systems, making them less than ideal if you want something quick and easy.
To ensure that the solution you choose works well for your business’s needs, look for:
- Software that doesn’t require extensive training – this will help ensure your customers have an easier time using it
- Easy-to-use technology – the easier it is to use, the more likely customers will be able to complete a purchase without any problems or confusion
- Affordable pricing plans – no one wants to pay more than they have to for something like this
In the end, it’s up to you and your business to decide which solution is best for your needs. If you’re looking for a quick and easy way to integrate online shopping with your existing systems, try one of these options. Remember, though, that the best solution is one that works for your business and your customers. If you don’t think a particular system is right for you, try another. But don’t be afraid to experiment and find out what works best for your business.