Address verification solutions help improve the quality of address data. Businesses need to have accurate addresses to reduce the risk of fraud. This is particularly important for organizations that do business internationally. In addition, accurate addresses decrease the risk of chargebacks, which can harm a company's revenue.
Several industries, including ecommerce, ride sharing, and retail, rely on address verification software. Having accurate address data can help your business communicate with customers more effectively. It can also cut down on lost and returned mail.
Address Verification Solutions use a variety of technical processes to validate addresses. Some use APIs that are able to check data as it enters the system. Others perform bulk verification to clean a database of invalid addresses.
The USPS estimates that five percent of all mail is undeliverable. When addresses are not accurate, companies have a tough time making important decisions.
Businesses also face an increase in chargebacks. Identity verification processes can deter financial fraud and provide better customer service. Keeping addresses up-to-date can also prevent fraudsters from spoofing systems.
Using address verification software is an effective way to reduce cart abandonment rates. It can also ensure that your addresses are in the USPS standard format.
Address Verification Solutions also reduce the risks of chargebacks and fraudulent charges. This can lead to higher sales. Especially during the holiday season, when fraudsters are at their most active, having accurate data can prevent your company from losing valuable revenue.