5 Ways How Online Identity & Age Verification can Save Your E-commerce Business

The world has become confined to the smartphones due to the advancement of science and technology. That's why online stores have hit high records. Shopping has become easier for the customers and selling have become easier for the businesses. But it has also invited a challenge to the e-commerce businesses. There are a number of online stores offering the similar kinds of products or services. Therefore, competition is getting higher. Each business is trying to make the shopping experience easier and flexible for their customers as an excellent user experience attracts the customers. At the same time, the safety issue is also a great concern, An e-commerce site is committed to providing security to their customers. They need to make the transactions secure to avoid any kind of fraudulent act. On the other hand, an addition of too much security measures can make the checkout process complex and this complex process can drive a lot of potential customers away.

Still, every e-commerce site should prioritize the security measures. Age verification is the first thing that they should consider. I have compiled the most valid reasons for which you should take online age verification very seriously. Let's check them out:

1. Emergence of Online Frauds

To give the criminals fewer scopes for misusing the stolen credit cards, online stores should switch from magnetic strip credit cards to chip-based cards. Now, it is quite easier for the criminals to take their stolen credit cards to the Internet which is the best place for their mischief.

Cards-not-present fraud costs have been rapidly increasing since 2011. Total loss caused by card-not-present will reach to $6.4 billion according to the experts by the end of 2018. To fight against this great challenge, e-commerce businesses need to verify customer identities.

2. Minimization of Age-restriction Violation

Online age verification makes the shipping operation exact and efficient. Whenever an e-commerce site is verifying the details of a customer, it will be able to eliminate sending orders to the wrong people. In this context, it is important to discuss that certain products are restricted for the minors. E-commerce sites offering age-restricted products must abide by the federal and state laws regarding the age-restriction issue. Online age verification is the ultimate solution to this problem. If you own an e-commerce business, you should pay special attention to age verification to keep secure both the business and your customers. Don't forget that even unintentional violation of the law can drag you into danger. Products restricted to the minors include:

• Alcohol

• Tobacco/e-cigarettes

• Pharmaceuticals

• Online gaming and video gaming

3. Making Online Ordering Easier & More Flexible

Do you know that complexities in your shopping cart system can lead you to shop cart abandonment? Some e-commerce sites make their customers put their information multiple times. It irritates the customers and they may either give up or put incorrect information. When you are using identity verification technology, you can offer the customers an opportunity to scan their information directly into the system. In this way, the processing would be easy and more convenient.

4. Security of Mobile Transaction

Now, most of the customers prefer to shop from their smartphones and tablets. It makes the entrepreneurs take the security of mobile transactions very carefully. With the advanced technology used in online identity verification system, the mobile transaction has become much easier and private. A standard mobile verify will allow your customers to go through the mobile self-identification. It has a two-fold impact on the retailers. First, it avoids the risk of card-not-present fraud. Secondly, it minimizes the violation of age-restricted laws.

5. Compliance Requirements

Being an e-commerce entrepreneur, you should know that the e-commerce businesses have compliance obligations such as FACTA and USA PATRIOT Act. These acts want the businesses to know their customers ( "Know your customers" or KYC). An effective online identity verification solution will enhance the compliance efforts in order to stop identity theft and other fraud cases.

A Final Takeaway

If you want to provide your customers a consistent and market-leading service, knowing your customers is the primary requirement. Therefore, this is the high time for you to consider one of the most reliable identity verification for your business. Ideal online age verification systems use the most effective and reliable data sources that can help you get the highest customers math rates. What are you thinking? Assure your customer's identity and ages quickly to stay compliant and offer a safe consuming.

Is there anything else you need to know about online identity verification? Please feel free to write to us!

Kaitlyn Dhavernas is an expert marketing executive who is associated with Viage. She pens down informative blogs to keep you updated. Keep an eye on her blogs!