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Why You Should Know Your Customer
Red Stories
Mar 30th 2021

Why You Should Know Your Customer

Jochebed
Jochebed

For a few years now, the trend has been in favour of eCommerce. People are becoming more tech-savvy and are moving with the flow of the digital market space. This move and preference were further reinforced by the global lockdown last year. The physical markets had to be closed down, and the online market was no longer a matter of preference. It was the only choice.


However, this expanding online market ushered in a fresh concern and responsibility for businesses - customers identity. The web is a very volatile space. And with physical contact fast moving out of the options, businesses have to be double sure of their clients - who transacts with them and who they open their systems to.


Verifying customers identities had always been a thing for businesses. It is an essential step in safeguarding your business from fraud and hacks. But, it is more than trying to steal your money, steal your clients and bring your business down. It is also about if your service is available/appropriate for the age of your customer.


If you run a bar and a young guy or lady walks in, you can request an ID card to be sure he/she is of legal age before selling. But when buying from your website, how do you know you are selling to an underage? Of course, you cannot request to see their birth certificate before they make payment. 


The dark web has even deepened this challenge as people can buy fake identities on the dark web and use it on your website. "But I don't know." Well, ignorance makes you vulnerable. That person will get away with defrauding you, and the only link you will have to that person is a stolen identity. That is no link at all. 


You can also get into a severe legal mess. Think of a case where your business is used for money laundering. And you have no idea because you were all about making sales and taking no precaution. It is good to make sales, but not when your profit goes into fighting legal battles. Battles that could have been prevented by doing a simple background check on your customers.


The point is not that you should be suspicious of every customer and every transaction. It is very unhealthy for your business. But, do not underestimate what people can do and leave your business open to fraud. 


Well, you have the option of asking your customers a thousand and one questions about themselves or simply doing your check on them without them knowing. Of course, not by violating their privacy but by simply accessing some public records that verify that they are who they claim to be.


Also, asking questions can be discouraging for sincere clients. Frudsters would get the point, but honest customers would wonder why they have to be profiled that much just because they are transacting with you. They would ultimately abandon their cart and get it elsewhere. 


Redbiller offers Ten identity verifications you can choose from. With our KYC - Know your Customer - tools, you can verify your customers' identity before sending value - goods and services - to them. Check our website to see which suits your business. You can also blacklist customers you suspect such that when they pay you, we will notify you of their status, and you can bear it in mind when transacting with them. The verification is private, and there's nothing to upset your client or make them uncomfortable in the process.

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