If you look back fifteen years, the worst-case scenario of not verifying an address was subtle. It would just take an occasional letter to reach the wrong address. But, things are much different today. With the advent of KYC (Know Your Customer), KYB (Know Your Business), and AML (Anti-Money Laundering) compliance requirements, it takes a more brutal blow on companies havingwrong addresses in their database.
Today’s brands have understood how addressing errors can cost them not just financially but also stain their reputation. Address verification by Experian is one of the many available tools and services used by companies to manage and recheck input errors.
The need for an accurate, updated, and validated customer information database is high for any business. In fact, the address is almost as important as a customer’s details.
So, how should companies use these tools and services? Well, you are about to discover some of their intriguing uses in the article.
Stepping Ahead of Fraudsters and Scammers
The need for fraud prevention is felt across every business sector. Address verification services can help businesses stay safe from fraudsters and scammers by instantly detecting fake addresses before any loss is made.
As businesses know where their customers, partners, or users live, it becomes easier to check false actions. Besides, scammers or fraudulent people become aware as their location no longer remains a mystery.
Accurately Determine Customers’ Geographical Area
Businesses that provide services like plumbing, house cleaning, or anything else need a specific geographic area where they render their services. For such businesses, address verification is very essential. An address verification tool is necessary to prevent customer bookings from unserviceable areas.
These tools and services ensure that businesses get local appointments within a specific geographical area. The verification tools check whether the customer is from within the desired area.
Keeping Databases Updated and Clutter-free
Company databases usually have thousands of false, invalid, and outdated records. With the help of address verification, companies can regularly clean their database and flush out invalid and outdated addresses. The reason doing this is so important is that data informs crucial business decisions.
Bulk verification solutions can speedily mend and standardize poorly formatted addresses. The outcome of this ensures a clean and clutter-free address database that matches with advanced formats.
Boosting Checkout Conversions
Forms are time-taking to complete. That is why studies have found that around 18% of customers abandon carts as the checkout process is lengthy. This negatively affects checkout conversions of your company.
With the help of address verification services, forms can be auto-filled by deducing information from the customer’s IP address. Enabling customers to automatically complete these fields can decrease the time needed for a customer to fill in relevant details. eCommerce sites, especially, can primarily benefit from this as their conversion rates can increase up to 35%.
Using an address verification tool can provide businesses with many benefits. As said, eCommerce companies are the ones that benefit the most from these. Address verification by Experian is one of those tools having updated data from the USPS (US Postal Service) and other global partners.
With its help, your business can be more confident with deliverable addresses and save money by avoiding returns or lost packages. Besides, it will also save your company’s reputation from getting tarnished.