The world of business has changed dramatically in the past decade. Digital transformation has completely reshaped how you think about marketing, sales, and finance, but it’s also given rise to new risks and opportunities for fraud. One way you can protect your company and its customers from these threats is by using document verification software. Here are five ways that using this software can help your business do just that
Fraud detection is a big business, and it’s also a big problem for businesses that lose large sums of money to fraudsters every year. Document verification software can help detect fraud by verifying the identity and location of individuals who are conducting business in person with you or your company. This includes:
Employees: Document verification software can verify the identity of your employees before they enter the building by scanning their credentials such as ID cards.
Vendors: When running on-site training sessions for vendors, you’ll be able to know that each attendee has verified their credentials and location before entering your office space or facility.
Contractors: Contractors may need special permission to enter your facility based on their work schedules; document verification software can confirm that they have permission before they arrive at your front door.
Secure customer data
Document verification software helps protect customer data from security breaches and identity theft. With this kind of software, you can keep sensitive information secure and prevant fraud. You can also avoid security breaches and other data breaches that could potentially put your customers at risk of identity theft or financial loss.
Improve company efficiency
Document verification software can help reduce the time it takes to process documents, the number of errors in documents, and the number of people required to process documents. The same goes for improving efficiency. A report from IDC showed that companies using document verification software saw an average time savings of 14 hours per week spent on manual data entry and data retrieval.
Better identity management
As a business, it’s your responsibility to protect the identities of your customers. Even though you can’t always prevent identity fraud from happening, there are ways that you can make it more difficult. Document verification software can help with this by providing better identity management capabilities.
A document verification solution can also be used to manage your own organization’s identities. For example, if one of your employees leaves a laptop behind somewhere, someone could use the laptop to access sensitive information or do damage to the company by deleting files or accessing customer records and other private information. A document verification system would allow you to track down that person quickly and bring them back into compliance before any major issues occur.
One of the most overlooked benefits of using document verification software is the time savings it can provide for transactions. With traditional verification methods, such as faxing or snail mail, it can take days for a company to receive documents back from its vendor. This means that the customer must wait until their documents are returned before they can pay for products and services.
When you use document verification software instead of traditional methods, your customers don’t have to wait any longer than necessary once they’ve submitted their documents. They’ll be notified within seconds whether or not they’ve been approved—and if they’re approved, then payments will be processed automatically so you can keep moving forward with no holdups at all.
As a business owner, the last thing you want is to have to worry about security in your office. The fact of the matter is that there are some things you can’t ever fully control, but there are also some things you can do to make sure they don’t affect your business. By using document verification software, you can keep your customer data safe and secure while also managing employee access and providing better identity management for faster transactions.