It is a method used by businesses to confirm their customer’s addresses, to make sure that the address data they give to the organization is accurate and up to date. There are different methods in the market but the most effective and convenient one is online address by document verification. The address document is essential to be issued by some authentic authority, like a bank or government institution and must be issued within the last three months.
Address Verification
For an online business, the address is verified during customer registration. When the customer is giving his data to account sign-up, the address is validated in the meantime. The customer just has to give an image of some document containing the address information. The information is captured from the image using character recognition technology i.e. OCR. It first locates the area where the address data is and then plucks it from the image.
The address verification process is performed by artificial intelligence-powered online software. The software standardizes and normalizes the address details. One of the many problems that result in false address information is non-standardization. Sometimes the address that is given to a business is very complex and complicated, thus raising the difficulty of understanding it. This takes more time and funds from the business in making the address understandable.
There is also a problem with the address format, a business dealing in more than one country can face this problem. Because every country has its address format. Although businesses are insisting on the use of the international address format, it is still not adopted by common customers. The software can format the address data as per the requirement of the business. Some customers also use aliases of city or state names. This issue can increase the service timing. For instance, first, the business has to search for the full city name and then proceed with the customer request.
There is another way of address verification i.e. geolocation. It is not largely used because it has some limitations and business-type restrictions. If the customer wants to order a product online and is in the office. If the business is using geolocation, it can’t be helpful in this case. The product is to be delivered to the home, but the geolocation will deliver it to the office.
Benefits of Using Address Verification System
Better and Fast Deliveries
The E-commerce and shipping industry has to deal with customers’ addresses daily. They receive millions of orders in one day and some of them have to be delivered on the same day. If they do not have the right address of the customer, it can lead to delayed and returned deliveries. Having the correct address will fasten the speed of shipments and rescue the number of failed deliveries.
Fraud Prevention
Financial institutions and other sectors experience frauds and scams daily. Verifying customer addresses can assist in this case. Most of the frauds are committed because of poor verification and fraudsters took advantage of anonymity. Businesses that do not give attention to customer identity verification, suffer fraud the most. Address verification is an essential part of IDV. Having more legitimate customers will greatly reduce frauds and scams.
Chargeback frauds are costing millions of dollars to businesses every year. Fraud is caused when a customer gives his incorrect address deliberately. It can be controlled by taking the address from the document as in the online address verification system.
Enhanced Customer Satisfaction
Receiving the right orders at an accurate time increases the customer satisfaction level. Businesses can have an enhanced customer experience through address verification. Also, it makes solid customer profiles. It is very valuable in making decisions during market campaigns and advertisements.
Summing It Up
Address verification complies with modern-day customer demands. It reduces the cost of spending on traditional address verification. As the verification is conducted by online software without any human help, it has very few chances of mistakes. Businesses can avail of this service easily using thief-party verification services.
Speak Your Mind