You probably give clients the benefit of the doubt and assume that they have honest motives. Why wouldn’t you? The vast majority of your business’ transactions are conducted with legitimate customers who want to buy your product or service.
A small fraction of transactions, though, may be made under false pretenses. Perhaps the customer is using stolen credit card information, or maybe the customer uses their own payment method but later claims a chargeback.
How can you minimize your susceptibility to incidents like this and ensure that you’re screening for potential fraud? Batch address verification is a great way to improve the quality of customers’ data and lower your fraud risk in the process.
Clean Updated Database
Every time a customer places an order, you collect information such as their payment method, phone number, email, and shipping address. All of this information then becomes part of your database which comprises details on every transaction you’ve processed.
Once a transaction is complete, it may not seem particularly important to ensure a clients’ data is up-to-date, but verifying information should always be a top priority. If you don’t regularly audit your database, most of its contents will eventually become obsolete, and lost data often means lost revenue.
A tool like BatchData offers a simple solution. Automate your data pruning process with a verification API. You can review customer information and verify essential details for thousands of database entries using technologies such as skip tracing and geocoding to ensure precise results.
You never need to worry about the veracity of a customer’s information when you can quickly confirm its details using a batch verification processor, and a verified customer is a valuable customer.
Increase Conversions
Reducing fraud isn’t the only benefit of data verification. Verification can also help you achieve better conversion rates and turn more leads into customers. A phone verification API is great for this purpose because it allows you to confirm a customer’s contact information in just a few seconds.
It also reveals additional insights such as a customer’s status on the Do Not Call registry, whether they are a known litigator, and whether the number is reachable. These details offer valuable information when you need to confirm a client’s identity or ensure that they’ve supplied legitimate contact information. It’s also vital for any outreach to prospective customers.
Once you’ve confirmed the phone number of a client, you’ve boosted your chances of a conversion. Time spent calling a dummy phone number will, of course, be a dead end. Time spent calling a verified lead, on the other hand, could potentially end in a deal.
When you weed out unverified and unreliable data, you can devote all of your company’s resources to chasing the leads that matter the most. With more resources to use and confidence in your data, it only makes sense that your conversions would increase. Put your money where your mouth is and invest in verification.
Keep your company’s database up-to-date with verified customer data usage, including addresses, emails, and phone numbers.