Acuant and eLend Improve Retail Automotive Industry

Retail automotive can be considered the largest “broken industry” in the world, and companies are trying to innovate new solutions that simplify the process of purchasing a car. Anyone who has leased or purchased a new car has despaired at how long it takes to walk out of the dealership with the keys, even when you walk in knowing exactly what you want and how you want to finance it. Auto Trader estimates that consumers can spend 2 hours at the car dealership, and that’s if the buyer’s financing is already set up.

Dealers know that there is a lot of room for improvement in the speed, efficiency, and integration of their sales and financing processes: increasing customer satisfaction means more sales and higher profits. To increase efficiency, dealers have to start gathering and processing data at the initial point of contact. As soon as a potential customer walks into the dealership, reception needs to get that person into the sales queue and verify their license so they are ready for a test drive. Customers are understandably wary about handing their driver’s licenses to a salesperson. To prevent fraud and provide a transparent, relaxed experience, dealerships need a quick, systematic, and professional way to capture and verify ID information as early in the process as possible.

eLEND Solutions, an automotive technology company specializing in online and in-store credit and finance solutions, has incorporated Acuant’s identity verification and automated data entry solutions into its credit application products, thereby streamlining credit check and financing processes for auto dealerships. Acuant’s technology enables customer service representatives to quickly scan a potential customer’s ID card, verify their demographic information, check for history of fraud or other financial red flags, and automatically port all this information into a database. OCR scanning converts information captured from driver’s licenses, passports, and other government-issued IDs into text format, checks the information against DMV and other records, and auto populates applications the dealership uses for CRM, financing, and regulatory compliance.

Scanning and digitizing the data is more accurate than manual entry and reduces keystrokes, staff time, and customer waiting time. The Acuant solutions are cloud based and mobile ready; customer engagement can originate online or on the lot, and can be picked back up from any point if interrupted by the customer. Capturing quality, vetted data at the entry point carries through all back-end processes to positively impact everything from first handshake to final insurance certification.

Feeding verified information into integrated systems connects traditionally siloed processes, and the biggest slowdowns occur in the transition between Sales and F&I. Transforming the sales process to be “customer first” starts with efficient information capture and integration. Streamlining workflow, eliminating redundant processes, and speeding up the transition from Sales to F&I keeps the customer happy and willing to close the deal. With these data-driven tools, dealers can process more transactions per day.

The streamlined, efficient interactions impress customers and leave dealers free to focus on the finer points of customer service, eliminating some of the most painful aspects of the car buying experience- leading to increased Customer Satisfaction Index scores (CSI) and ultimately more sales.

 

 

Download the Acuant + eLEND Case Study Now

Customer-Friendly and Cost-Efficient Technology to Prevent eCommerce Fraud

Online fraud rose 15 percent between 2015 and 2016, and approximately $32 billion in costs associated with e-commerce fraud occurred in 2014. LexisNexis reported that 1.5 percent of retailers’ revenue is linked to fraudulent transactions. Continued data breaches also put online shoppers and retailers at risk. However, you can safeguard your eCommerce business from fraud by enhancing your existing security with easy to use, cost efficient technology tools.

How People Are Gaming the System

Before safeguarding your e-commerce operations, it’s important to understand how people are getting around security measures in the increasingly card not present (CNP) transactional environment. Some common ways eCommerce fraud occurs include:

Vulnerability in Mobile Devices and Infrastructures. Data breach occurs when vulnerabilities exist. Even the largest and most sophisticated businesses are vulnerable, as evidenced by headlines regarding Sony, Yahoo and retailers like eBay and Target. They can happen on almost any device, too, and with the rise in the use of mobile devices for both personal as well as business purposes, there has been an exponential growth in the number of well-organized cyber-crimes and independent hacks.

Account Takeover Fraud. Account takeover occurs when a fraudster uses a piece of stolen personal information to attempt to gain access to a private account. This does not have to be a social security number or PIN code – anything from an email address to a username, any identifier used in the validation process can work. As an example, a fraudster could use an email and login for any account and run that against services such as PayPal, eBay, Amazon and virtually any other mobile app – in minutes. Validated credentials can then be sold for hundreds or thousands of dollars on the Dark Web.

Chargebacks and Reversed Transactions. This form of “friendly fraud” happens more often than you think. More than 86 percent of chargebacks are estimated to be fraudulent. It makes it easy for customers to get a refund via their credit card companies by disputing charges while putting the burden on the e-retailer or business owner to prove that the charges are valid.

Identity Theft. While ushering in the EVM chip helps to reduce fraud in person, it doesn’t stop fraudsters from viewing the physical card number, recording it and using it online. Moreover, hackers can get personal data online from doxxing (the internet-based practice of researching and broadcasting private or identifiable information) and can often link public information with bits of personal data, such as the last four digits of the social security number and the birth date and address from a voter’s registration database online.

Tech Solutions That Work

With the increase of card not present (CNP) and mobile transactions, the good news is that you can safeguard your online business with the right tech tools. Here are some quick and easy tech solutions to instantly prevent eCommerce fraud:

ID Verification via ID Authentication. Quick and easy ID capture can allow online retailers to validate an ID in seconds. Forensic tests can be performed in real time to ensure that the ID presented is authentic. Scanning the ID also allows retailers to get necessary information that is accurate to populate into your point-of-sales (POS) system and CRM. This allows for quick verification of customer data such as age and address to verify the sale of an alcohol wine club membership or other age or geographically restricted business. It also removes the inconvenience of manually entering in data, improving shopping cart abandonment rates.

Biometric Security Measures. Facial recognition match makes it easier and more user-friendly to verify identities and integrate with existing apps or systems. Customers can simply snap selfies to verify that they match the photo on their government issued ID from a webcam or mobile device. This extra step prevents fraudulent transactions by further binding a person to their identity.

By recognizing that there are quick and cost-effective tech solutions to manage online retail fraud, you can instantly reduce your risk and recognize good transactions while flagging bad ones. As a bonus, you get the added benefits of:

  • Verifying Age and Address
  • Clean CRM/Customer Database with Accurate Information
  • Fast and Friendly Customer Check-out Experience

See what verification tools are right for your business!

 

Why Vape Shops Need to Embrace Modern ID Verification

The FDA ruled earlier this year that electronic smoking devices including vape pens and e-cigarettes fall under the category of “tobacco products,” which makes them unavailable to anyone who is under 18. This means vape shops and other retailers now need to verify the ages of customers who want to buy them. The new legislation went into effect August 8, 2016 and will no doubt hugely impact the $3.5 billion a year industry.

The new regulations are in place because the FDA has seen a significant increase in minors who are using electronic smoking devices over the past five years. Back in 2011, 1.5% of high schoolers were using e-cigarettes, but by 2016, that number jumped by 16%. With the new ID verification laws, electronic smoking devices will be harder for minors to access.

Sellers will now have to make sure customer ages are verified before they can purchase an electronic smoking device. When the age restrictions weren’t in place, merchants used to offer free samples to customers and electronic smoking devices were also available in vending machines. The new regulations prevent customers from buying electronic smoking devices without a verified photo ID. Retailers will have to ID customers who look younger than 27 and want to purchase an electronic smoking device.

Verifying IDs can be a difficult process for store clerks, especially if they are doing it by hand. Accuracy in ID verification is critical for retailers under this new regulation because if they fail to verify the ages of customers, they can be hit with huge fines.

Acuant offers a solution for retailers needing a fast, easy and reliable age verification. Whether in the vaping, alcohol, lottery or market, retailers can use Acuant’s ID card authentication solution to accurately verify customer identities and ages in seconds. Acuant’s AssureID solution automatically recognizes IDs from all 50 states, making it easy for retailers to implement across national locations. With immediate image processing and data intake, customers won’t have to wait in long lines while cashiers verify customer IDs. Instead of manually checking IDs, which can lead to inaccuracies, cashiers can use Acuant’s solutions to electronically verify ages with a scanner or mobile device. Acuant’s instant ID verification technology guarantees accuracy and speed, so retailers will be able to remain in compliance and transact with confidence.