Marketplaces do not grow without verified identities
Businesses can take on various forms, ranging from sole proprietorships to large corporations, each with its unique set of documentation and compliance obligations. The intricate nature of these businesses necessitates the verification of both business buyers and sellers to cultivate a secure and reliable transaction environment.
B2B Marketplaces
Identity verification challenges are further impacted by diverse business structures, complex decision making-units, regulatory compliance and risk of fraud. Advanced strategies are required to handle:
- Business buyer and seller centric verification order workflows
- Industry specific verifications
- Business registration status
- Continuous monitoring of business risk
- Insurance status change
- Automated workflows
B2C Marketplaces
Connecting individual consumers to a variety of sellers comes with its set of unique challenges. Consumer buyer demand comes from having a Marketplace with trustworthy suppliers. Therefore, the first step in driving buyer demand is verified supplier and seller business verification. Innovative solutions are required that can handle:
- Comprehensive seller identity checks
- Business risk transparency and stability
- Sole proprietor verification (when applicable)
- Ongoing monitoring
- Seller feedback integration
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