Online marketplaces expanding their global presence can face complex regulatory and onboarding challenges as they enter new regions. Vendor onboarding often tops the list of challenges. Regulations might require marketplaces vet those vendors, or it could be a step toward ensuring a trustworthy and safe place to do business. Business onboarding takes different forms depending on marketplace needs and the audience in different regions. But marketplaces can face delayed expansion and higher costs when they don’t have a sound business onboarding approach in place prior to entering a new region. There are obstacles to finding that approach. Deep expertise in one market might not apply elsewhere. Businesses of different sizes often require different onboarding strategies. Business data for verification can come from multiple sources that provide information in different formats. A Checklist for Market Expansion The gig economy has led to an increase in online sellers. Individual entrepreneurs and sole proprietorships often have little or no business data, which makes them difficult to vet. Different markets also pose unique challenges. For example, addresses in France don’t always follow a standardized system and can be difficult to verify. In Brazil, tax IDs are more important than business registry numbers. In the U.S., the jurisdiction of incorporation is crucial for verification because each state operates its own registry. Online marketplaces don’t have to overcome those challenges on their own. The Trulioo person and business verification platform can help marketplaces verify merchants in markets across the globe. Here are strategies marketplaces can use to accelerate expansion. Assemble Cross-Functional Stakeholders Product, compliance, and fraud and risk teams have different requirements during expansion. Collaboration among those stakeholders delivers insights, helps achieve buy in and speeds the process along. Identify Regional Regulations, Due Diligence Requirements and Data Reporting Guidelines Data guidelines vary by country and region, so it’s critical to understand the reporting requirements. Regulations also vary among countries, making it crucial to have flexible onboarding systems that can adjust quickly to shifting requirements. Determine Regional Data Requirements for Risk Management Fraud attack vectors continually evolve, and each market has unique threats. It’s critical to have a clear understanding of those threats to inform a risk-based approach catered to each region. Research Regional Onboarding Expectations for User Experience A quick, smooth business onboarding experience helps prevent abandonment, build positive relationships with suppliers and establish a competitive advantage. Those experiences are based on business onboarding workflows – customized for the market, language, use case and merchant – that enable the right mix of security and speed. Set a Budget for the Cost of Onboarding Verified Sellers Not all sellers are the same, and each brings a different value to a marketplace. When marketplaces balance the levers of verification rates, response times and transaction costs, they can optimize the cost of onboarding ideal sellers. Confirm Regional Data Sources and Regulations Business types, regulatory requirements and data sources vary across markets. Marketplaces can accelerate expansion by understanding the data they need for verification and where they can get it. Design Onboarding Workflows with Routing for Sole Proprietors and Incorporated Businesses Sole proprietor verification often requires Know Your Customer (KYC), rather than Know Your Business (KYB), checks. Workflows that provide KYB with routing to KYC can accelerate onboarding and provide ultimate beneficial owner verification for larger businesses. Consolidate and Standardize Data Organizations that operate across borders often need to integrate multiple data sources. Different data formats in different languages can lead to costly manual reviews. A holistic approach with standardized data helps reduce bottlenecks and achieve accurate verification. Trigger Additional Screening for Higher-Risk Cases When marketplaces gain a deep understanding of platform sellers, their transaction volumes and compliance risks, the organizations can create automated workflows that accelerate onboarding for low-risk scenarios and trigger additional due diligence for higher-risk cases. Elevate Expansion Opportunities Many online marketplaces have successfully developed their brand in one region and are ready to expand their reach. With the right tools, data and local expertise, those marketplaces can enter new regions, onboard new sellers and reach a global audience. Read the white paper Verify Businesses and Their Owners Quickly and Securely Gain insight into how online marketplaces can streamline Know Your Business, Anti-Money Laundering, Know Your Customer and customer due diligence processes. White Paper Build Trust and Safety With Digital KYC Read the Know Your Customer (KYC) White Paper First Name* Please enter a first name Last Name* Please enter a last name Work Email Address* Please enter a valid email Marketing Banking Crypto Foreign Exchange Lending Neobank Online Trading Payments Remittance Wealth Management Marketplace/ Community Retail/ e-Commerce Entertainment Gambling Gaming Healthcare Hospitality/ Travel Public Sector Other Industry* Please select industry Please specify other industry* Please enter other industry Company Name* Please enter a company name Per our privacy policy, we store information to improve your experience. You’ll receive updates about related content and services. You can opt out at any time. I agree to the privacy policy Must agree to privacy policy to continue Submit Achieve Compliance While Enhancing Convenience and Customer Due Diligence Building uncompromising compliance programs can come at a cost: In doing manual Customer Due Diligence, companies risk causing friction during onboarding. That can lead to frustrating delays for customers and abandonment during account creation. Digital identity verification can accelerate onboarding and enhance customer relationships. This white paper reveals how digital solutions can help you: Automate KYC and identity verification to reduce resource drain Win consumer confidence with efficient onboarding Protect against identity theft, fraud and risks to reputation Benefit from scalable infrastructure when expanding to new markets Posts navigation Previous 1 2 3 4 … 157 Next
Online marketplaces expanding their global presence can face complex regulatory and onboarding challenges as they enter new regions. Vendor onboarding often tops the list of challenges. Regulations might require marketplaces vet those vendors, or it could be a step toward ensuring a trustworthy and safe place to do business. Business onboarding takes different forms depending on marketplace needs and the audience in different regions. But marketplaces can face delayed expansion and higher costs when they don’t have a sound business onboarding approach in place prior to entering a new region. There are obstacles to finding that approach. Deep expertise in one market might not apply elsewhere. Businesses of different sizes often require different onboarding strategies. Business data for verification can come from multiple sources that provide information in different formats. A Checklist for Market Expansion The gig economy has led to an increase in online sellers. Individual entrepreneurs and sole proprietorships often have little or no business data, which makes them difficult to vet. Different markets also pose unique challenges. For example, addresses in France don’t always follow a standardized system and can be difficult to verify. In Brazil, tax IDs are more important than business registry numbers. In the U.S., the jurisdiction of incorporation is crucial for verification because each state operates its own registry. Online marketplaces don’t have to overcome those challenges on their own. The Trulioo person and business verification platform can help marketplaces verify merchants in markets across the globe. Here are strategies marketplaces can use to accelerate expansion. Assemble Cross-Functional Stakeholders Product, compliance, and fraud and risk teams have different requirements during expansion. Collaboration among those stakeholders delivers insights, helps achieve buy in and speeds the process along. Identify Regional Regulations, Due Diligence Requirements and Data Reporting Guidelines Data guidelines vary by country and region, so it’s critical to understand the reporting requirements. Regulations also vary among countries, making it crucial to have flexible onboarding systems that can adjust quickly to shifting requirements. Determine Regional Data Requirements for Risk Management Fraud attack vectors continually evolve, and each market has unique threats. It’s critical to have a clear understanding of those threats to inform a risk-based approach catered to each region. Research Regional Onboarding Expectations for User Experience A quick, smooth business onboarding experience helps prevent abandonment, build positive relationships with suppliers and establish a competitive advantage. Those experiences are based on business onboarding workflows – customized for the market, language, use case and merchant – that enable the right mix of security and speed. Set a Budget for the Cost of Onboarding Verified Sellers Not all sellers are the same, and each brings a different value to a marketplace. When marketplaces balance the levers of verification rates, response times and transaction costs, they can optimize the cost of onboarding ideal sellers. Confirm Regional Data Sources and Regulations Business types, regulatory requirements and data sources vary across markets. Marketplaces can accelerate expansion by understanding the data they need for verification and where they can get it. Design Onboarding Workflows with Routing for Sole Proprietors and Incorporated Businesses Sole proprietor verification often requires Know Your Customer (KYC), rather than Know Your Business (KYB), checks. Workflows that provide KYB with routing to KYC can accelerate onboarding and provide ultimate beneficial owner verification for larger businesses. Consolidate and Standardize Data Organizations that operate across borders often need to integrate multiple data sources. Different data formats in different languages can lead to costly manual reviews. A holistic approach with standardized data helps reduce bottlenecks and achieve accurate verification. Trigger Additional Screening for Higher-Risk Cases When marketplaces gain a deep understanding of platform sellers, their transaction volumes and compliance risks, the organizations can create automated workflows that accelerate onboarding for low-risk scenarios and trigger additional due diligence for higher-risk cases. Elevate Expansion Opportunities Many online marketplaces have successfully developed their brand in one region and are ready to expand their reach. With the right tools, data and local expertise, those marketplaces can enter new regions, onboard new sellers and reach a global audience. Read the white paper Verify Businesses and Their Owners Quickly and Securely Gain insight into how online marketplaces can streamline Know Your Business, Anti-Money Laundering, Know Your Customer and customer due diligence processes.
White Paper Build Trust and Safety With Digital KYC Read the Know Your Customer (KYC) White Paper First Name* Please enter a first name Last Name* Please enter a last name Work Email Address* Please enter a valid email Marketing Banking Crypto Foreign Exchange Lending Neobank Online Trading Payments Remittance Wealth Management Marketplace/ Community Retail/ e-Commerce Entertainment Gambling Gaming Healthcare Hospitality/ Travel Public Sector Other Industry* Please select industry Please specify other industry* Please enter other industry Company Name* Please enter a company name Per our privacy policy, we store information to improve your experience. You’ll receive updates about related content and services. You can opt out at any time. I agree to the privacy policy Must agree to privacy policy to continue Submit Achieve Compliance While Enhancing Convenience and Customer Due Diligence Building uncompromising compliance programs can come at a cost: In doing manual Customer Due Diligence, companies risk causing friction during onboarding. That can lead to frustrating delays for customers and abandonment during account creation. Digital identity verification can accelerate onboarding and enhance customer relationships. This white paper reveals how digital solutions can help you: Automate KYC and identity verification to reduce resource drain Win consumer confidence with efficient onboarding Protect against identity theft, fraud and risks to reputation Benefit from scalable infrastructure when expanding to new markets