ID document verification increases the surveillance of the e-commerce industry, as only verified and authentic clients are allowed to interact with the organization.
ID verification documents ensure that the address of the user is valid, in e-commerce the realtors must integrate the biometric system. The solution aids in onboarding authentic customers so that they can mitigate their risk rate. The companies verify the location of the customers, by comparing the legal papers of the client with the database of the government. Other than the user also sometimes has to give their utility bills, as they contain the details of their address. Therefore such papers are used to verify the identity of the customer.
Why Are Identity Verification Documents Used in E-commerce?
The biometric solutions hold the updated record of the clients, this is very beneficial for the companies, as it prevents the companies from wrong deliveries of the orders. It creates convenience for the clients as they can get their parcel at the right location and at the right time. The business that does not integrate the verification of identity documents have to face both financial loss and their brand image is also affected. If the services of the organizations are not user friendly then the clients shift to other companies, which causes loss to the business. In 2022, the revenue of the cyber security market of Malaysia increased by 14.7%.
Importance of the Document Verification
The benefits of the Know Your Customer (KYC) documents are seen in every industry, here are some prominent advantages of it:
- Reduce the Fraudulent Activities
The organization has to integrate the biometric system and verify documents so that fraudulent activities can be reduced. The businesses can get thorough information about their clients, and when the comprehensive record of the user is known, then the probability of data breaches is reduced. Companies that are unaware of their users are always at the edge of fraudulent activities.
- Optimized Services
Documents verification promotes the swift services, as the clients do not have to fill the whole form manually, the advanced tools are used in it. Sometimes the customers just leave the cart because they consider it a time-consuming task to complete the form. Therefore the corporations that integrate the ID document check, increase their customers.
- Increase Deliverability
When the clients place the order, the e-commerce website also tells them about the data of the delivery. In this way, the company can also keep track of their product, and check whether the parcel is ready or not. Verification of identity documents also aids in detecting fake identities at the time of verification, so the users can not place the order through the stolen account.
- Streamlined Services
The ID document verification smoothens the activities of the companies, the company does not have to collect the data of the user, they can get this record through the database of the e-commerce. Other than this the companies can track their record and check its status, in this way, they can deliver the product at the right time. Timely deliveries enhance the experience of the organizations, as the clients do not leave such companies.
- Less Human Force
The companies require less staff, as the biometric solutions perform the whole function. The organizations can reduce their miscellaneous expenses and can utilize this money for any other task.
- Compliance with Regulations
The Anti Money Laundering (AML) and KYC documents verify the identity of the users. The businesses must have to follow these guidelines, otherwise, they have to face thrifty penalties.
- Save Time and Enhance Productivity
The businesses do not have to repeatedly confirm the address of the customer, they can save this time and utilize it in another task. The daily operations of the companies are also streamlined through these digital means.
- Increased Sales and Revenue
Companies can increase their sales by providing seamless services to customers. The users do not have to go through the complex verifications, they can be verified in seconds. Other than this they repeatedly do not have to give their data, the system saves it in their database.
ID document verification enhances the surveillance of e-commerce, the retailers can ensure that only authentic users are visiting the website. The businesses can increase their revenue, as their miscellaneous expenses are reduced. Their daily operations are streamlined through it, as the operators do not have to perform entire functions. The advanced solutions have created convenience for the users, as they do not have to repeatedly give their information. The system saves the whole data and uses it for future purposes, this can be used for other purposes also.