Third Party Verification (TPV) is a solution for consumer protection and assists in the prevention of company liability claims. It’s intended to protect consumers from unauthorized changes to their accounts and provide companies with a verbal record of customers agreeing to purchase and abide by contractual terms.
It is the regulatory policies of the FTC and FCC that enforce these policies by levying fines and penalties on regulated companies that violate statutes dealing with accessing customer accounts, unauthorized account conversions, and what constitutes an agreement between a company and their customers. TPV is often used when customers change phone carriers to verify the change and payment agreement.
You don’t have to be a regulated company to consider implementing Third Party Verification! More and more companies that provide timed payments and leasing arrangements are opting to have a third party verify with the buyer their contact information, terms of the agreement or contract, understanding of the agreement, and an understanding of payment terms. Having telephone verification provides the buyer and the seller with undisputable proof that the buyer has confirmed the purchase and understands the expected result.
Endicott is PCI compliant in gathering merchant information and credit card transactions. Our agents confirm the buyer has unambiguously accepted the account change or offer before any changes are processed. Endicott agents get the verbal confirmations and record them digitally providing a permanent record. You will have access to the digital records in the event of disputes or legal actions.
Endicott makes Third Party Verification easy for you by:
- Becoming your neutral source for TPV – no in-house bias
- Eliminating the need for you to purchase additional systems – Endicott provides the setup services
- Recording every call and providing the backup for your library
- Working with you to create the scripts required for TPV activities – Covering topics like Payment Terms, Offer Acceptance, Cancellation Policies, an Modification of Terms
- Providing daily summaries of TPV activities
- Assuring our services will make you 100% compliant with TPV laws
It doesn’t matter if you are a company in a regulated industry that requires Third Party Verification or you’re a company the just wants to offer TPV to verbally confirm your customers are in agreement with their purchase and its terms and conditions. Endicott will provide you with professional and cost-effective TPV services.
Contact us today at (800) 947-3227 to discuss how Third Party Verification services from Endicott can help you finalize your transactions.