Payer Financial Debuts New ID Verification Service

Payer Financial Services has developed a new registration product to change how customer relations are made between companies online through better identity verification services, according to a press release.

The new product will let eCommerce merchants verify new customers as trustworthy, to ease some of the difficulties of making new transactions, the release stated. It hasn’t been named yet, but it will be tested with several B2B merchants.

“B2B expectations for a better buying experience online is clearly driven by modern consumer-facing apps and software that are light-years ahead,” Peder Berge, founder and CEO of Payer, said, according to the release. “Payer is determined to lead the development of the end-to-end payment chain for B2B. Our new product solves the conversion and onboarding of new customers for merchants, as well as recognizes recurring customers at checkout.”

Johanna Stridsberg, product owner at Payer, said in the release that the digitization of invoices will be another step for Payer to help boost user-friendliness. The release noted that 90 percent of B2B payments globally are currently made via invoice, with the model working well for companies as information on accounting and taxes came with the invoices.

“Invoicing is clearly the preferred method of payment across the globe,” Stridsberg said, according to the release. “But it’s still not fully digital and user-friendly. Most of the manual processes both on the customer and merchant end of a purchase should be effectively removed. This product does exactly what both target groups are looking for.”

PYMNTS’ Digital Identity Tracker for October found that, as customers continue their migration to mostly digital shopping, identity verification is becoming a more important part of the customer satisfaction process as a way to better ensure privacy and safety.

The Tracker found that the trifecta of expectations from customers includes security, speed and a lack of friction. With the number of options available, many companies look to biometrics for the best possible security.