TPV: A company may hire a third-party verification (TPV) provider to evaluate and authenticate a customer’s information and intentions in order to assure accuracy.
Before forwarding a potential customer back or on to a salesperson, third-party verification is used in sales departments to ensure that they are interested in or agree to acquire a product.
TPV is also utilised in cases where a client wants to provide or update information but is unable to do so since the update is taking place over the phone or online.
What Is Third-Party Verification (TPV)
Important Point:
• When a company hires an independent entity to evaluate and confirm a customer’s information and intentions in order to assure correctness, this is known as third-party verification (TPV).
• TPV is also utilised when a client wants to supply or update information but is unable to do so due to a lack of a contract or a physical copy of that information.
• In the event that a client argues that they did not authorise an account update or transaction, TPV allows a corporation to resort to the interaction history maintained by an independent third party.
• TPV is occasionally required by legislation, especially as Internet security and do-not-call phone lists become more scrutinised.
• When a customer speaks with a cable television sales professional to make modifications to a package, a TPV will verify or record the conversation.
Know About Everything About Third-Party Verification
In the event that a customer alleges that they did not authorise an account modification or transaction, third-party verification allows a corporation to resort to the interaction history maintained by an independent third party.
To proceed past the verification stage, the client must agree to consent to a transaction that will take place, demonstrating that the agreement is legally binding.
Third-party verification is occasionally required by law, especially as Internet security and do-not-call phone lists become more scrutinised.
According to the Federal Trade Commission, any changes to telecommunications or utility services (such as electricity or gas) require TPV.
Third-party verification is now the normal procedure for every transaction that takes place over the phone or in a digital format and cannot be safeguarded with a signature or confirmation.
After reports of misleading calls and fraudulent third-party clearance processes, the Federal Communications Commission established a new rule in 2018 to tighten its TPV process.
Example of third-party verification (TPV)
When a customer communicates with a cable television sales professional to make modifications to a package, this is an example of third-party verification.
The sales rep will consult with a third party after analysing options and concluding that the customer wants to proceed and will accept a new contract for a period of time.
The TPV could simply be a distinct firm from the cable company that offers timed and tracked recording services.
After reviewing the revisions and the customer’s personal information, the sales representative will have them verbally agree to the revised contract on the recorded line.
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