A business can employ an outside entity to carry out an independent Third-party Verification (TPV) to examine and verify the information of a client’s and intentions , and therefore assure the accuracy. Third-party verification is utilized by sales teams to ensure that a prospective customer is interested in or is willing to purchase a product prior to giving the customer back or passing it to an agent for sales. It is also utilized in cases where the customer is required to provide or update their information, but they are unable to easily provide a contract or the original copy of the information due to the fact that the update takes place on the phone or via online.
Understanding Third-Party Verification (TPV)
Third-party verification permits companies to refer to the history of interactions that is maintained independently by a third party, in event that a customer claims they didn’t authorize the account to change or a transaction to occur. To get from this verification procedure, the client must consent to a transaction scheduled to occur and prove an agreement that is legal.
Third-party verification can be legally required, particularly in light of the growing examination regarding Internet security as well as do-not-call lists for phone numbers. In the case of TPV, changes to utility or telecom services (such as gas or electricity services) are subject to TPV, as defined by the Federal Trade Commission.
Today, third-party verification is the most common method for all transactions made on the phone or in digital formats where the signature or confirmation not secure. In the year 2018 the Federal Communications Commission passed a new rule that aimed to improve its TPV system following allegations of fraudulent calls as well as misrepresented third-party approval procedures. 1
Example of Third-Party Verification (TPV)
A good example of verification by a third party is when a client communicates with a cable TV sales representative to suggest modifications to the plan. After looking over options and concluding that the client is willing to go ahead and is willing to sign an extension of the contract for a specific period duration, the sales representative is able to confer with an unrelated third party. The TPV could be a tracked and timed recording service, which is a separate business from the cable provider. The sales representative will examine the new changes as well as the personal details of the customer and ask them to verbally consent to the new contract for recording line.
