Identity Verification solutions should be part of a modern business’ all-in-one payments and engagement technology portfolio. Here's what to look for when choosing comprehensive set of security and verification services for your business:

Security Certifications - HIPAA, PCI, SOC 2 Type 2

Choose a provider that adheres to the highest standards of data protection and privacy compliance, such as HIPAA, PCI, and SOC 2 Type 2. This demonstrates a provider's commitment to safeguarding sensitive customer information.

Only 9.1% of websites are PCI DSS compliant (SecurityMetrics)

A Secure Payments and Engagement Ecosystem

Select a provider that integrates identity verification within a broader messaging and payments security framework. This unified approach helps manage multiple aspects of operations from a single platform, enhancing overall efficiency and security.

2-Factor SMS Authentication

Incorporating two-factor authentication, particularly via SMS, adds an extra layer of security to transactions, crucial for minimizing the risk of unauthorized access.

A study showed that 76% of businesses experienced phishing attacks (Symantec). With Everyware, using 2 factor SMS charge authentication is like setting up your own digital Gandalf at every transaction gate, “Fraud shall not pass!”

See Also: What is Two-Factor Authentication?

Automated SMS Consent & Staff Opt In Controls

Ensure your provider supports compliance with evolving engagement regulations like 10DLC for B2C messaging. Flexible SMS opt-in controls are essential for maintaining customer trust and legal compliance.

See Also: 10DLC Messaging Number Registration in 2023: Why it Matters to Your Business

With flexible SMS opt-in controls, businesses can manage communication preferences effectively. The ability to manually or automatically adjust SMS settings from each contact profile, including blacklisting customers with poor payment histories, enhances trust and security.

With great power comes great data security. An engagement platform with opt-in controls gives your staff customer communication levers, ensuring they don’t accidentally text someone who would rather call or email.

Anti Money Laundering Controls

Providers should include Anti-Money Laundering (AML) protocols in their services to safeguard against financial crimes and ensure secure transactions.

Globally, money laundering transactions account for up to 5% of global GDP (UNODC) – and there are ways to avoid becoming part of that statistic.

See Also: Decoding Anti-Money Laundering in Payments: A Comprehensive Guide to Secure Transactions

Network Payment Tokens

Utilize providers that offer network payment tokens, which provide enhanced security over traditional methods, ensuring safer transaction data handling.

Fun Fact: Network Payment Tokens reduce fraud risk by 29% (Visa). They’re like having a shield around every transaction.

See Also: Network Tokenization 101: The Security Solution of the Future

Chargeback Monitoring and Management

Opt for platforms offering robust chargeback monitoring capabilities, allowing for effective dispute management which can mitigate financial losses significantly.

Did you know that chargebacks could cost businesses $117.47 billion by 2023 (Juniper Research)?

User-Friendly Consumer Experiences

Prioritize providers that offer straightforward, user-friendly solutions. Simplicity in the identity verification process can greatly enhance both the business and consumer experience.

API Availability

When choosing a technology partner, it's crucial to look for available APIs that allow for seamless integration of payments and messaging solutions into your platform. This flexibility enables businesses to customize and enhance their existing systems with minimal disruption.

When selecting a technology partner for your security needs, consider a provider that meets all these criteria, offering your business a comprehensive suite of services that ensures both data security and customer satisfaction. Everyware fits this profile perfectly, providing growing array security solutions including a suite of Identity Verification tools along with multiple advanced payment and messaging features. Speak to a representative today to schedule a demo and explore how Everyware can elevate your business's security and operational efficiency.