UPDATE
January 2023

KYC for marketplaces: Connect buyers and sellers in the most secure way

The challenge for marketplaces operators is to create a credible community by dealing with the uncertainty. Where does it come from? Buyers cannot be 100% sure that the seller will deliver the product. Sellers cannot be confident that the buyer is using their real identity. Trust is everything here. Identity verification service can support you in growing your business by onboarding genuine users and ensure that common e-commerce fraud won’t bother you and your customers.

Provide seamless customer onboarding

Onboarding is the first contact between a seller or buyer and the marketplace platform. A proper and convenient one creates an experience to which a user will be attached. The process should reflect the advantages of using that one particular marketplace. Even so, a fast and seamless onboarding should be balanced with regulations compliance. Users should be aware that they are provided with the safest process possible – video identity verification offers a secure, fraud-proof service.

Build trust

It is up to the marketplace’s operator to create a trusted ecosystem of verified users. As the platform grows, bad actors may appear among sellers and buyers using a false identity, exposing others to fraud. Marketplaces users need to be ensured that they transact with legitimate people, and identity verification is the answer by adding a level of protection. Trust is the supreme value in marketplaces – it brings loyalty of the customers who feel safe.

Stay compliant with regulations

Most marketplaces are subject to specific legal regulations, KYC, and AML procedures. They are obliged to verify and control the sellers. Regulatory compliance doesn’t have to delay the onboarding process for your users – you just need to find the proper service. Identity verification can help you to run business operations in many jurisdictions.

Handle fraud

Checking for stolen and synthetic identities is a must if you run a marketplace business. Bad actors should be exposed right away during the onboarding process. If not, one fraudulent event may cost your brand reputation and damage the trust you had been carefully building. Unless the right KYC and identity verification solutions are implemented, a single incident will probably bring the next. Fraudsters use more and more innovative tools for chargeback and purchase frauds and create fake seller profiles.

Build a reliable brand

Caring for brand reputation is another step towards building customer trust and strengthening the company’s position in the market. Video identity verification solutions are of the utmost importance in filling the gap which results from a lack of face-to-face interactions. As a marketplace operator, you should stand for protecting users from fraud and make it clear that you take any precautions needed. Such an approach leads to customer loyalty and further expansion of your business.

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Identity Verification

We have created Fully-Verified tools to help you build a solid defense for your marketplace platforms. Our KYC solutions will help you comply with the latest laws and regulations. Identity documents aren’t enough – if you want to verify customers’ identities fast and easily, video verification is a great help. Our Live-Verify and Self-Verify solutions will provide your organization with a higher degree of identity reliability. Modern ways of identity verification are necessary if you want to establish a good profile of the buyers and sellers on your marketplace platform. Ensuring the person behind a transaction can be much more seamless than you think.

Live-verify
Our identity verification solution is conducted on a video call with a trained operator. The verification specialist, backed by automated algorithms and AI, guides the user through all the steps. The scenario may be customized to your marketplace needs to comply with necessary regulations and your business needs.
Auto-verify
Fully automated verification service guides the user through the process with the help of artificial intelligence. The AI automatically authenticated and validates the submitted documents.
Self-verify
This id verification service allows the user to go through the process on their own by following on-screen instructions. The system automatically validates the submitted documents, and on top of that, a verification specialist evaluates the recorded video.

Proof of address check

If you want to enhance the security of the onboarding process, you can add the proof of address check to your KYC. It confirms that the address stated for verification is an actual residence address. We can validate the user and their documents in real-time to avoid breaking the momentum of the signup process.

Age verification

If your marketplace business operates within the age-restricted products, you need to verify the age of your customers. All our solutions are designed to check and validate the users’ date of birth. You can be sure that no underage person will go through your onboarding process.

Sanctions and PEPs checks

You can add the sanctions and PEPs checks to the identity verification process to determine who is and who isn’t appropriate to do business with or be a part of your marketplace community. We are prepared to do the screening of watchlists issued by governments and financial authorities based on more than 350 databases in the whole world.

Boost your marketplace platform with security and trust

Fully-Verified can be your partner in building trust in your marketplace community and staying in compliance with the latest financial laws and regulations. Our tools have been designed to fulfill the needs of the e-commerce industry. The process can also be customized to meet your specific requirements. Book a demo to see how we can help you develop your business.