Third-party verification is a secure – and often required – means of protecting a business from sales fraud. More importantly, it protects the end user from less than savory business practices.
The traditional way businesses conduct third-party verification typically includes a sales agent, the end user, and the verifier. However, this is not the only way verifications can be done.
What is Third-Party Verification?
Companies use a concept known as third-party verification to confirm information, intent, and accuracy within an agreement. As the name suggests, it utilizes a third-party organization to review the terms with the customer – and verify their understanding of them – so that the customer is fully aware of what they’re signing up for.
Traditionally, organizations conduct third-party verification in a face-to-face environment. The third-party verifier sits with both parties and ensures all the information is relevant and accurate. However, a tool known as Interactive Voice Response (IVR) easily automates the process.
How Does Interactive Voice Response Help?
Not every deal made or contract signed occurs in person. In comes IVR. Interactive voice response, or IVR, is a technology that allows for human-computer interaction. For example, when someone calls in, they go through a computer-operated phone system rather than another human.
IVR automates the call process and is easily programmed to handle most inquiries. With it, live agents or in-house staff are able to walk away from the phones during certain hours. The IVR ensures your customers are still taken care of at all times, regardless of staffing.
In third-party verification, IVR allows the verification process to unfold over the phone. IVR automates the phone call process in which a recorded voice asks specific questions of the individual. In turn, the individual offers simple ‘yes’ or ‘no’ answers.
If not ‘yes’ or ‘no’ answers, they press specific numbers on the dial pad to move the process forward as instructed. The IVR TPV collects data in a manner similar to that of an in-person verification without the hassle of an additional live agent.
4 Reasons Why You Need IVR in TPV
Third-party verification secures your negotiations and is expected to have in many scenarios. However, why not go the extra mile; make it more secure and tailor it to your needs. Find out why it’s important to have both IVR and in-person TPV:
1. Reduces Staffing
Any technology that automates your processes reduces staffing needs. IVR does just that. It eliminates the need for an additional body present during the negotiation process. This often creates an easier, more seamless verification for the end user.
Hiring staff in place of the technology can be costly. One individual salary could cost you more per year than a TPV IVR service alone. Why spend that kind of money when there’s an easier, more cost-effective way?
2. Frees Up Sales Agents
The sales agents you already have will thank you for the extra time. Without having to be part of a verification process, your sales agents focus on what they do best: selling your products and services to potential customers.
Once they’ve finished presenting, the agent’s part is done. They submit their notes and move on with their day. At this point, the IVR step comes into play, guiding the customer through an automated process.
3. More Easily Tracked and Recorded
In typical verification scenarios, the data collected is at the whim of the verifier. As such, there’s always room for human error. For example, the verifier may forget to confirm the customer’s knowledge of a particular term or condition.
When a verifier forgets a step, the business is at risk.
An IVR component ensures every step is taken and every question is asked during all verifications. It also tracks and records answers, saving them in your system to be referenced later.
4. Simplifies the Process for the End User
In many cases, for the third-party verification to occur, the customer must go to an office to meet with the company representative along with the verifier. In other cases, a three-way call must be had from the individual’s home with themselves, a sales agent, and the verifier.
With IVR, there is no scheduling, and the end user doesn’t even have to leave the comfort of their own home. Everything can be done over the phone in a quick process for all parties.
Who Can Give You Both?
Third-party verification is a must-have tool for all companies that offer contractual agreements to their customers. While it’s expected to be standard in most cases, not all providers give you the option of both in-person and IVR.
AnswerNet Third-Party Verification does! Our team has performed over 115 million verifications and counting – more than 5 times that of our closest competitor. Additionally, the AnswerNet TPV FOCUS Portal lets you customize almost every aspect of your verification process. Tailor it to local laws, monitor the actions of your sales reps, and pull dozens of different types of reports to fit your needs.
Contact us today to learn more about our robust third-party verification solution.
