The risk management side of card processing is one that should not get overlooked by professionals in both e-commerce and financial services. One of the key issues that’s been coming up for most merchant underwriters is the new ways in which they can examine the worthiness of micro-merchants wishing to receive their services. It turns out that expanded identity data is helping them make decisions.
At Whitepages Pro, we have seen a scenario develop for a new unique identifier. Of course the merchant’s unified business identifier (UBI) still exists, but the need for other identifiers is still necessary for verification. With the reduction of landline usage in the U.S. (the Center for Disease Control estimates that less than 60% of households still maintain a landline), it is evident to us that the mobile phone number has become a new entry point for connecting data points in order to verify identities. Whether those connections involve finding the applicant’s current address, how long they’ve been associated with that mobile number or searching for other related people; these factors when taken together help produce a picture of an applicant to an acquirer. Knowing more about them enables acquirers make merchant decisions with increased confidence.
But a savvy acquirer has to find a balance between customer acquisition, overall customer experience and fraud prevention. When fake merchants deploy social engineering with stolen or purchased identity data, acquirers need best-in-class technology and processes to defeat them. Pro’s robust identity data offerings give acquirers access to mobile phone data along with other valuable contact data so they can make smarter applicant decisions.
On March 12th, Pro is pairing with other industry leaders, such as Recombo, IDology and Shopify, on a panel to discuss the trends and best practices on merchant underwriting at the MAC conference in Las Vegas. Join the other merchants and acquirers attending the talk to learn more about how this process can be improved.
Want to learn more about our robust phone data? Check out our data sheet!