E-commerce has been trending for the past decade. With more and more merchants moving to omnichannel marketing to enhance customer experience, there is no looking back to it now. While online shopping offers their customers 24*7 access to their portal, it poses a considerable risk of fraud as well.
Determining the credibility of colossal traffic is not an easy job, especially when your portal involves taking payments from customers. A slight lapse in security will lead to huge losses to the business’s reputation. It is when address verification services come into the picture. If you are a merchant whose online portal accepts credit card payments, this article is for you.
What is an Address Verification Service?
Address verification service (AVS) are among the most widely used fraud protection tools to detect suspicious card transactions and prevent online fraud. It helps you tighten your online payment security to avoid the loss of reputation for your online portal. The AVS checks your billing address used in the transaction and compares it with the bank records to certify the cardholder’s credibility. It checks if the information matches fully or partially. The goal for the merchant is to confirm if the person placing the order is the cardholder themselves. Address verification also helps you validate a credit card purchase. Let’s see how!
How does Address Verification Services Help You?
If a person uses a stolen credit card on your website, the address verification system can determine the address mismatch. However, this raises the question of whether AVS is sufficient for your portal’s security? Certainly not! AVS acts as an extra layer of protection. It is worth verifying your customer’s address for each online transaction as a security breach can happen over minor mistakes.
Benefits of Address Verification Services for your Business
- Customer Satisfaction
Address verification acts as a security layer to keep your portal safekeeping frauds at bay. It will help you retain user trust, essential for flourishing your business.
- Reduces Risk
AVS helps merchants detect suspicious card transactions. There are instances where people enter wrong addresses, address verification weeds out outdated, inaccurate customer address data that costs you a lot of money. Address validation helps you update your data and reduces loss of money and time.
- Minimizes Mistakes
Address verification makes the filling of online forms easier. It provides a real-time check so that users can change the mistakes then and there.
- Better Marketing
With online address verification, you can eliminate frauds and target only genuine customers and potential leads. This makes your marketing campaign more specific to the target audience thereby improving efficiency.
- Save time
The correct address will ensure that your package will reach your customer quickly. It is undoubtedly a hassle to take the returned package, update the address, and reship it.
AVS is a layer of a fraud prevention solutions in digital onboarding. You can also add additional security to your payment gateways. Approach a good address verification service that is powered by artificial intelligence that leverages the power of image recognition, geotagging, and liveness detection technologies to ascertain a person’s identity. Save your precious time and money. Get the right customers by leveraging your verification to quality service.