In today’s extremely competitive world, acquiring clients is more vital than ever. Accepting every phone call as a customer without due evaluation is not a good strategy. Many callers wish to gain more information about a specific product or service. However, only a small percentage of them will convert into paying clients. As a result, having a system that can filter out callers who need to be more relevant is critical.
Furthermore, remember that the individual claiming to be the client and requesting an order or adjustment may not be the client. To avoid serving fraudulent individuals, it is critical to validate the identity of customers while selling things over the phone or online.
As a solution to this problem, independent verification mechanisms and services have emerged. Keep reading to learn why third-party verification is essential.
What Is Third-Party Verification?
Third-party verification (TPV) is standard when handling transactions over the internet. When conducting online banking or making payments, it is customary for merchants to utilize an independent third-party firm to verify your information.
The advent of online banking has entailed that most of us know how it works. What does a third-party verification service mean for businesses? In addition to its everyday use in electronic payment systems, it has practical applications in call centers and other sales environments.
Third-party verification systems ensure that only individuals genuinely interested in purchasing a product or service are connected with inbound call center solutions.
Furthermore, the verification service verifies that you are authentic and eligible to complete the transaction or acquisition you wish to make. The fundamental goal of such systems is to verify your identity as the account holder and your legal right to complete the transaction.
Why Is Third-Party Verification So Important?
Third-party verification is critical because it objectively assesses a company’s procedures, products, or services. A neutral third party with no financial stake in the outcome of the assessment frequently confirms the information. This third party could be an auditor, certification body, or trained assessor.
Third-party verification serves multiple purposes and can be beneficial in several ways:
- Credibility. Independent validation increases consumer trust in a product or service. It shows that the allegations have undergone objective scrutiny and hold water.
- Compliance. Third-party verification assists firms in assuring compliance with applicable regulations, legislation, and best practices.
- The process of detecting, assessing, and prioritizing potential risks to develop solutions to limit or mitigate their impact is known as risk management. Third-party verification can assist businesses in detecting hazards and taking preventative steps. This could include detecting flaws in systems, procedures, or threats.
- Marketing advantage: By setting themselves apart from rivals, firms may get a marketing advantage through third-party verification. It can also assist businesses to win over customers who are on the lookout for legitimate goods and services.
How to Choose a Third-Party Verification Provider
Below are a few important points to consider while choosing a third-party verification provider:
Although it may seem cliché, maintaining a good reputation is crucial. You should read reviews of the team and the services you are interested in to understand their general reputation.
When searching for a TPV provider, it is crucial to consider their accreditation. Although it is not unlawful for a corporation to function without accreditation, it signifies that they must still advance in their careers.
A variety of businesses offer a variety of services. Having all of them, however, is not necessarily essential. Make a list of the important elements you desire from your independent verifier and only pursue service providers who provide those features.
Four Reasons Why You Need IVR in Third-Party Verification
Having a third party like Call Center Studio verify your talks for security is common practice. Discover the significance of Interactive Voice Response (IVR) and in-person Third-Party Verification (TPV).
Reduces Staffing Levels
The implementation of technology that automates processes can lead to a decrease in staffing requirements. IVR performs that specific function. Third-party verification eliminates the need for a third party’s presence during the negotiations. This frequently leads to a more seamless and painless verification process for the user.
Replacing technology with human staff can result in high expenses. A single person’s yearly salary may exceed the cost of using a TPV IVR service alone. What is the point of spending such a large amount when a more straightforward and economical alternative is available?
Frees Up Sales Representatives
Your existing sales reps will appreciate the extra time. Without participating in a verification procedure, your sales agents can concentrate on what they do best, offering your products and services to potential clients.
Once the presentation is complete, the agent’s role is entire. After submitting their notes, they proceed with their day. The IVR step is initiated at this juncture, which directs the customer through an automated process.
Can Be Tracked and Recorded More Easily
In typical verification scenarios, the verifier has discretion over the collected data. The verifier might need to confirm whether the customer knows a specific term or condition. Forgetting a step can put the business at risk, especially for the verifier.
The IVR component ensures that all necessary steps are taken and all required questions are asked during the verification process. The system can also track and record responses, which can be kept for future use.
Simplifies Things for the End User
Third-party verification replaces a face-to-face meeting between the buyer and the seller. Sometimes, the person must initiate a three-way call from their home with a sales representative and a verifier.
IVR from a contact center like Call Center Studio eliminates the need for appointments and allows customers to stay home while serviced. The entire process can be completed quickly and easily over the phone.
Third-party verification is strongly suggested to improve your business and deliver the finest possible service to your clientele. It is critical to confirm whether third-party proof is required in your location.
A third-party verifier can help your company streamline its operations and give customers peace of mind. You can boost your sales conversions by reducing the number of unneeded callers and freeing up your staff’s time.