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Identity verification is one crucial step to partake in for a business to comply with legal and KYCC regulations. One aspect of identity verification is age verification which many consider as being bad for business as it may reduce the audience numbers. Shufti Pro’s age verification solutions can help you increase your business’ sales. Read more to find out how.
Age regulations have been in place for many types of businesses for a long time now. With the advent of the digital world, most of these age-restricted businesses also moved online. For a good period, a lack of digital age-restriction laws led to many businesses finding loopholes to sell illegal goods to underage children.
Today, age-restriction laws are in place for the digital world as well. However, many businesses try to run away from them thinking these laws will be restricting their business. This is far from the truth and age-restricted eCommerce brands can benefit greatly from age verification solutions.
But What Are Age Verification Solutions?
Age or identity verification solutions are simple systems that any business can set up online to verify the ages or identities of their customers. Age verification solutions are implied to check for the age of a person already engaged with or about to engage with a business. Only once age verified, the user can access the business and its products ensuring that the products cannot be accessed by underage kids..
These online age verification systems are usually set up to comply with KYCC which stands for "Knowing Your Customer's Customer". KYCC solutions typically are employed by B2B businesses whose users or clients offer age-restricted or identity-sensitive services or products. KYCC is an extension of KYC which is mainly for B2C businesses.
How an Age Verification Model Can Help Your Online Business Grow
As previously mentioned, most e-commerce business owners believe in age and identity verification systems being restrictive towards their business, however, that might not be wholly true and age checks might actually be able to help a business thrive.
Below are some ways that can help an eCommerce business grow by setting up online age verification solutions.
From brick-and-mortar to online
Many businesses shy away from moving online thinking that they cannot or might not be able to abide by age-restrictive laws. Identity verification solutions provide a seamless and simple solution to this problem. When you move from offline to online with a good age verification solution set-up, you can intensify your growth by tapping into a much larger market that can only be accessed online, while keeping in line with the age restriction laws.
Comply with age-related legal regulations:
Being in compliance with legal regulations is extremely important for any business to thrive. For businesses selling age-restrictive products or services, this becomes even more important as it concerns not just legal requirements but also ethical and moral responsibilities. If you have a business, that is required by the law, to check for age verification, and you do not install an effective age verification solution, then you will inevitably get into legal issues and might even get your business shut down. Having a good system to verify age, and being in compliance with KYCC and legal requirements, is an absolute necessity if you want more sales as an online business.
Online age verification solutions helping increase efficiency
If you have an online business that sells goods that require you to necessarily verify the ages of your users, and you still do not have automated Age verification solutions set up then you’re likely wasting a lot of your time. Automated age and identity verification systems can help you save heaps amounts of time and make your business’ processes much more efficient. This will most certainly increase your customer satisfaction levels and you will have better reviews, ultimately improving business.
This applies even if you’re just moving from a brick-and-mortar store to a hybrid business model by having a digital shop as well. While you’re spending extra time in your brick-and-mortar store manually reviewing everyone’s IDs, having an online store with a well set-up system to verify ages such as by using a regulated and automated age verification system will not only give you access to a larger market but will also save you time and make your business feel more modernized to the customers. This can be turned into a one-time solution for repeat customers as well.
Verification for KYCC and building trust with your customers
Fostering a business that is trustable by your customers is one of the best things that you can do for your business. The more your customers trust you, the more they will keep coming back to you. This is one of the biggest reasons why most people will always go for big brand names. Even one review will put you in a better position than someone with no reviews.
So, how does age verification play into this? Well, if you are selling age-restricted products or services, having an age verification system installed will convey to your customer base that you are an ethical company that can be relied upon. One simple act showing that you are abiding by the law instead of hiding away to do something that can help you sell to a younger audience will make your customers believe that you will not harm them.
Shufti Pro’s age verification solutions can help you perform your age verification processes much more seamlessly and efficiently. Identity verification is not only important for a business itself but also helps it comply with the legal and KYCC regulations, and builds trust, resulting in a growing business. I
