According to the Small Business Administration (SBA), the US has over 30 million small businesses, that account for 58.9 million jobs. These companies are a driving force in the overall economy, contributing almost all of the net new job growth.
These small businesses contribute in numerous sectors and geographical areas; their diversity represents a bulwark against specific financial downturns. Unfortunately, the rapid escalation of the COVID-19 crisis has impacted small businesses almost across the board. Many have been forced to temporarily close operations due to physical distancing rules and many that have remained open are experiencing a massive decline in customers.
“Although our lives may seem like they are on pause at the moment, it doesn’t have to and we’d like to help,” said Steve Munford, CEO of Trulioo. “As businesses shift online, we can accelerate this digital transformation by providing turnkey identity verification.”
To help these small companies in this time of need, Trulioo is proud to be part of ‘Stand for Small,’ a coalition of more than 40 companies providing millions of U.S. small businesses with support through valuable services, offers and access to tools and expertise. Some of the goals of the program include supporting small businesses to reduce their operating expenses, manage their teams remotely, enhance their digital capabilities, and address other needs during this pandemic.
The ‘Stand for Small’ Coalition was launched by American Express. The initiative brings together vendors into an easy-to-use centralized digital platform that allows access to relevant products, information, tools and services.
Free identity verifications
Trulioo will provide each small business with 100 free identity verifications per month for three months to help mitigate various types of risks associated with digital identities, such as fraud, identity theft, and account takeover.
Trust, safety, and security are at top of mind for online consumers; a 2020 consumer report found that 89 percent of consumers want online account creation to validate ID and protect against fraud and identity theft. While consumers appreciate the convenience and speed of performing online transactions, they want to ensure that their confidential information is kept secure.
For businesses, they need to know that their customers are who they say they are, and not fraudsters, criminals or money launderers. Verifying the customer at onboarding helps protect the business from losses and reputational damage.
The ability to provide an online onboarding experience that is both secure and relatively quick is crucial to online success.
Especially at this time, as businesses want to quickly implement or scale their online presence, the ability to implement solutions in a timely and effective manner is fundamental to gaining momentum in these difficult times.
Visit www.standforsmall.com to find out more about the initiative and how small businesses can benefit.