Automate Business Buyer Verification and Accelerate Revenue

By Mesh on February, 29 2024
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Automate Business Buyer Verification and Accelerate Revenue
Mesh
Mesh

A Fortune 50 ecommerce company was struggling to verify business buyers who were required to prove a valid and active professional license. The Company's solution forced it to rely on significant manual intervention, which introduced friction for prospective B2B buyers and meant that the verification process could take a day, if not more. This delay resulted in churn and revenue loss. Furthermore, friction and manual intervention compounded with regular reverifications over time.

Lengthy Business Buyer Verification Process Leads to Churn and Lost Revenue

Business Buyer Verification Challenges

License verification required manual intervention, which introduced friction and meant that the verification process could take up to a day, if not more.

 

State Agency Hurdles

In the U.S., there is no unified database for license verification, or for business registrations. Instead, each state has its own agencies, licensing boards, and secretaries of state, each with their own data standards. The vast majority also lack modern data infrastructure such as APIs. Furthermore, in certain cases, the only way to verify a license is to directly contact the agency via email, or speak with an actual person during business hours when they are available to receive a phone call, which is inefficient, slow, and burdensome.

 

Inefficient Manual Verification

The Company employed a dedicated team to handle manual verifications, which was not only expensive, but also prone to errors and delays. Verifications typically took approximately one
business day from prospect click to verification, but could take longer if inaccurate information was provided, or the verification was escalated, which required input from senior team members
and pulled them away from other critical projects.

 

Churn and Lost Revenue
The inefficiency of the verification process directly impacted the bottom line, leading to customer churn and significant revenue loss. Businesses buying online increasingly expect the convenience and speed that are commonplace for consumers, especially when they have a high intent to purchase and need to solve a specific problem. If they are forced to wait 24+ hours to complete their purchase, many simply search for the products elsewhere. The Company realized that when verifications were
not immediate, roughly 50% of users would churn and not convert to spending buyers. This issue was magnified when considering the Company’s scale; when millions of businesses need to be verified the losses add up quickly.

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