For a legitimate business, address verification is an indispensable task. Thorough verification of on boarding customers includes a bunch of verification checks among which address verification is the one. It is checked by matching the provided address against an authentic database. If the address is found in that database, it means that the address is ‘verified’. Otherwise, it is marked invalid and so halt further processing.
Statistics show that 17% of Americans change their address every year which shows about one out of six families move annually. Collectively, about 45 million people move to different residences. Any discrepancy in changing addresses open ways for the fraudsters to create fake addresses and associate their identity with it. Online stores and websites and hence trapped. To combat fraudulent behaviors, address verification is mandatory.
Address verification API is integrated into the system that intakes the address and returns the status. After the user enters the address, it is split into several segments. Each segment is separately and collectively verified. The API collects accurate and standardized information. An updated version of the local address is authenticated against the actual geolocation of it. Address verification software is available which check proper formatting and spellings of address that the user has entered. In real-time, this software is opted to work.
Advantages of Address Verification
More than 90% of industries utilize user data for improvement in businesses. To analyze human behavior and their interest, the business model is altered accordingly and reforms are made. This approach is foresighted. It is regarded for more eminent business revenue and better user experience. The following are advantages of address verification:
Saves Time & Money:
here let’s take an example of e-commerce store that deals with hundreds and thousands of addresses each day. An inaccurate address can result in extra shipping costs and time that delivery men are spending. Even if the service is taken from a third-party, that would cost more than expected. To curb the risks of inaccurate address it is more suitable to confront it at the time of order placement.
Better User Experience:
real-time address verification would serve the purpose of better customer experience. At the time of address filling, a user should be given the status of a valid/invalid address. This would eliminate the headache for both customers and service at the time of shipping.
Updated Address Database:
Address verification services have updated databases of accurate addresses against which the user address is verified. This is crucially important for an online business to make sure that address is verified from all the official marked geolocations. This advantage also contributes to better user experience.
To wrap up, strengthening an online business acquires adequate measures to eliminate the chances of online fraud and fake identities. Verify the identity, address and similar details to authenticate the customer and make sure you are providing services to honest customer traffic. Not only for curbing risks of online fraud, but to streamline the online process with better user experience has got covered by address verification.