As a leading e-commerce solution provider in Canada, we believe that address verification in the form of an address verification platform is one of the most important and cost-effective steps that can be taken to ensure compliance with Canada Revenue Agency rules regarding electronic filing of tax returns.
There are many benefits to using an address verification platform as part of your e-commerce strategy. One of the primary benefits is that address data collected by your e-commerce web hosting company will assist with calculating your e-business’ taxable income. The accuracy of the calculations is dependent on the data entered into the system.
Address Validation for Businesses
In addition to assisting businesses in calculating their taxable income, address verification technology provided by our web hosting partners assists Canadian retailers with managing their virtual point of sales environments. As many retailers are aware of the need to maintain efficient inventory management and avoid any possible pitfalls that might impact negatively on their bottom line, point of sales systems are designed to reduce the number of mistakes made while recording these activities. By recording the correct information, these systems ensure that the correct taxes are paid at the end of the financial year. A well-chosen address verification platform will go a long way in helping you keep your small business on track!
For Canadian retailers operating on the Internet, there are some additional considerations related to e-commerce solutions that are not addressed by standard POS software applications. For example, certain Canadian retailers may be required to meet additional security requirements imposed by various government authorities. In addition, most POS systems do not have built-in fraud prevention features. In certain locations, automated teller machines (ATMs) are prohibited due to concerns about high-volume transactions. In order to mitigate these risks, most Canadian e-businesses require the use of mobile POS systems.
One challenge inherent in maintaining compliance with Canadian laws and regulations is the reliance on human judgment. In order to reduce this risk, address verification technology is becoming an increasingly important tool for Canadian retailers. Mobile POS devices can provide Canadian retailers with access to their databases and application software, thereby reducing the risks associated with human error. Some devices are specifically designed to meet the needs of mobile retailers. The accuracy provided by address verification technology can significantly reduce the time spent verifying addresses in traditional manual practices. Mobile device users are also able to receive notifications from the application via SMS or email, which allows them to verify and update addresses as quickly as possible.
Many businesses today rely on holiday shopping as a source of revenue. As consumers become more accustomed to online Christmas shopping, the importance of address verification cannot be overlooked. Without address verification, any potentially fraudulent credit card transaction would render the transaction futile. With over three million consumers expected to utilize mobile applications during the upcoming holiday season, the importance of address verification cannot be understated.
According to a recent survey conducted by Leger, a majority of Canadian retailers believe address validation will be an area of greater interest for online retailers during the upcoming holiday season. A majority of online retailers believe that address validation will offer new opportunities for online shopping. In fact, a majority of those surveyed believed that increasing security and fraud prevention would improve online retailers’ chances of increasing their revenues during the current holiday season.
One of the greatest benefits provided by an address verification application is its ability to provide security to the business’s database. E-commerce site owners can help reduce their chance of acquiring fraudulent transactions through their website by preventing fraudulent purchases through e-commerce. By using an address validation system, online retailers can reduce the risk of receiving untrustworthy purchases through their carts. In addition to the ability to prevent untrustworthy transactions, address verification offers another benefit to e-commerce websites: preventing cart abandonment. Cart abandonment is one of the leading causes of lost revenue during the holiday season.
Auto-populating addresses with an address verification application reduces the risk of losing revenue because of fraudulent or unauthorised purchases through checkout. By implementing this technology, an e-commerce site owner can ensure that his site will be safe from fraudulent transactions and will not lose revenue through inactive or unoccupied carts. With this auto-populating feature, an e-commerce site owner can ensure that a site will remain live during the busiest shopping times and increase his company’s revenue. An address verification system and an effective checkout process go hand in hand for achieving success with e-commerce.