Verification software is one of the most important innovations in online retail. It has the power to change how consumers shop, and it can improve the life of retailers by reducing fraud, saving time, and improving customer satisfaction. Here are four ways that verification software is the future of online retail.
Verification software provides customer peace of mind
Customers want to feel safe when they make purchases. While you can’t guarantee that your information will never fall into the wrong hands, verification software provides a sense of security for customers. Customers like knowing that their information is secure, and this motivates them to buy from you instead of another company that doesn’t have verification software in place.
Verification software helps you avoid losing sales because a customer doesn’t feel safe using their credit card or checking account number on your website without this security in place. If they feel hesitant about giving these details out, then chances are they won’t buy from you at all.
Verification software prevents online fraud
Fraudulent orders cost retailers money and can be a big headache for both customers and retailers. In today’s world of online shopping, it is important to keep your eye on the ball when it comes to security. Most fraudsters are looking to make quick money off of fraudulent purchases they have no intention of paying for – so why not let them go elsewhere? With verification software, you can verify whether a purchase is from a legitimate source before you process the payment, which will help you to avoid costly chargebacks.
Verification software saves time and money for the retailer
As a retailer, you know that a single chargeback can potentailly cost up to a hundred dollars or more. And while some fraud is unavoidable, there are many ways to reduce your costs by using verification software to verify transactions and prevent chargebacks.
By verifying customers’ identities through social security numbers or other forms of identification, verification software helps retailers identify fraudulent orders before they’re shipped out. It also prevents credit card fraudsters from creating new accounts with stolen information by confirming the legitimacy of existing cards before making purchases for them on your site. In addition, it reduces costs associated with customer service—you don’t have to answer calls from angry customers who didn’t realize their order wasn’t going through because it was flagged for fraud
Verification software improves the ordering experience
The benefits of verification software primarily have to do with the customer experience. Customers can use their own devices to place orders, which is more convenient than having to go through a complicated checkout process on a computer or mobile device. They’ll also be able to order from anywhere in the world and at any time of day—not just during business hours as dictated by your company’s physical location and working hours. Plus, customers can place orders with confidence knowing that their purchases are secure from fraudsters who might try to use stolen credit cards or fraudulent information to purchase items online, which happens more often than you think.
Verification software also saves businesses money because there’s no need for costly expenditures like a team of customer service representatives. Verified transactions tend not only to increase overall sales volume but also improve conversion rates since customers feel safe about making purchases without having someone check over their shoulder every step along the way. This means less overhead costs associated with running an effective operation.
Conclusion
Verification software improves the ordering experience for customers and reduces the risk of fraud and identity theft, saving both time and money. While some online retailers might be concerned about losing sales to competitors who don’t verify their customers’ identities, the fact remains that not verifying a customer is a violation of many payment processors terms of service, including PayPal. If you don’t have verification software in place yet, it’s time to start looking into it now.
