5 Reasons Why Every Business Needs Identity Solutions
May 11, 2016
Gathering information from customers and verifying the identities of those who provide it is becoming a simpler task, with the advent of identity solutions that enable businesses to capture, process and verify information in a single step.
Most identity solutions combine hardware systems, software and even cloud-based solutions to make capturing information as easy as swiping a credit card. No more paper forms to fill out. No manual typing of information. It sounds almost magical when you think about it.
But is this new technology simply the latest fad or something your business should seriously consider? Here are 5 reasons why your business should be investing in identity solutions now:
1. Streamlined Processes & Greater Accuracy
Whether they are paper-based or computerized, using forms to gather customer information has its limitations. Customers spell things wrong, leave things blank or mistype information. Handwriting can be difficult to read on paper-based forms, leading to data entry errors. Even your own employees can make mistakes when typing information or merging it with other data in the system.
By contrast, the technology behind identity solutions virtually eliminates manual input of information for greater accuracy.
A simple swipe of a driver’s license, state-issued ID, passport, or other ID easily captures relevant information, intelligently populates the fields for use in third party databases, and verifies the identity of customers in a single step. This saves time, money and frustration by simplifying a formerly complex process.
2. Better Customer Relationships
By eliminating the annoying pile of paperwork that most customers fill out on their first visit, you’ll be one step ahead of your competition, making your business more customer-friendly from the start.
Furthermore, the additional time you can spend with your patients, clients or customers when you eliminate the lengthy check-in process becomes a great way to start customer relationships on a positive note.
Even customers who shop online will appreciate the streamlined process that identity solutions allow, enabling them to proceed through to checkout with minimal input of information.
Finally, you’ll build trust with customers when you take the time to verify their information. Customers will appreciate your attention to safeguarding their identity, building rapport and brand loyalty.
3. Increased Security
With threats of domestic terrorism on the rise, it’s more important than ever to verify the identities of customers and other visitors that enter your store, facility, practice, or campus. Identity solutions are a great tool to instantly verify the identity of any visitor quickly and easily, making both customers and employees feel safer.
The integrated technologies of many identity solutions can give your business the ability to process and verify visitors quickly, while capturing detailed information and images from visitor ID’s, business cards, or passports.
4. Deter Fraud
Excerpted from LexisNexis.com
By verifying the identity of shoppers both in-person and online, you’ll decrease fraudulent transactions which lead to lost merchandise and chargebacks that cut into your bottom line.
Identity solutions don’t just verify that the credit card or other payment method is valid. They also verify the identity of the card user, effectively preventing transactions from lost or stolen credit cards.
5. Regulatory Compliance
Using identity solutions is a great way to comply with legal requirements imposed by state and federal laws. For example, if you serve alcohol or sell other products that cannot be sold to minors, identity solutions enable you to verify the identity and age of potential customers, so you stay in compliance with the law, avoiding costly fines and even lawsuits. Financial service providers can ensure that their customers have a fast, positive experience when opening accounts while meeting the Know Your Customer (KYC) and Customer Identification Program requirements.
Identity solutions are also a great tool to help medical practices and other businesses comply with growing HIPPA regulatory compliance requirements.
Emerging identity solution technologies are changing the way business is done for the better, leading to reduced paperwork and greater accuracy, increased security, less fraud and better compliance with regulatory requirements, while providing a better customer experience all around. If you’re interested in moving your business forward, while saving time and money, it’s time to consider identity solutions for your growing business.