Types of verification services:

Here are mainly 2 types of verification services available—identity verification and attribute verification.

1) Identity Verification:

This process in generally used by industrialists, investors and businessmen to make sure that the client or customer’s given information matches with the identity of a real person. This method can easily confirm whether the user has given the original physical documents, like a passport or a driver’s license, which is also known as documentary verification. Identity verification service is also able to confirm the customer’s identity with the help of the sources which are linked with big authorities, like government data or credit bureau. This is popularly known as non documentary verification.

2) Attribute Verification:

It is a rising online verification system, which is created to quickly confirm the eligibilities of a person or a company. This process can work by accessing a data source of an authority and also as multiple verification methods, which contain things like SSO based verification and IP based verification.

Functions of verification services:

The functions of verification services are mentioned below…

A. Verification services in the segmentation of the market:

The best part about verification services is that they help businessmen to build gated offer programs, which includes high discounts or some specific offers, groups with high values which has large amount to buy power as well as positions, like…

• Army: Nowadays there are approximately 1.5 million soldiers who are in the U.S army and when the retirees, veterans, the their family members are also added in the list, then the gated offer goes up to almost 37 million with the huge amount of $ 1 trillion as the spending money.
• Students and teachers: In the developed counties, like only in the U.S, $560 has been spent on the students. There are hundreds of millions of graduate and undergraduate students in other counties. Almost 6 million U.S teachers spend $1.5 billion per annum on education.
• Senior Citizens: A senior citizen has five times more properties and money than an average American citizen.
• Employees: Sometimes employees also get big promotions with the help of special programs for government employee.
• Small Businesses: There are approximately 30 million small businesses alone in the U.S.

B. Verification service in Customer Acquisition:

Customer acquisition can be increased with the help of verification services by helping a fellow brand.

• Give a huge offer to a particular group, which produces a good brand impression in the minds of the members of that group.
• Arrange the journey of online, in store and mobile for a customer.
• Fulfill the criteria of creators, vendors or companies that need that service or products that are only given to the members of a particular group.
• Identify the discount frauds and stop them to use eligibility verification.

Verification services in the prevention of loss:

Verification services can decrease the negativity of discount abuse by stopping…

• Discount abuse of the employee: When an employee of a company shares his discounts with his family and friends, who are not a part of that program.
• Discount fraud of the POS: When an employee of a retail shop doesn’t have the power to validate the customer, who is checked out by him. Hence he approves the gated offer by using a manual override at the cash counter.
• Redemption of the white lies: When a customer has invalid eligibility.

Data flow verification services has quickly become popular for their high quality services. They are building a huge empire which is based on faith and trust. And the best thing is that the service providers are really trying hard to satisfy their all clients and customers.