Eliminating the Excess Baggage With Verifications: Creating a Win-Win

Eliminating the Excess Baggage With Verifications: Creating a Win-Win

Written by: inverify@dmin on HR Operations & Analytics,Employment & Income Verifications

At InVerify, we have assessed that 60-80% of verification transactions are conducted through self-service. In other words, a requesting verifier (bank, mortgage company, etc.) logs directly into a verification system and pays a processing fee. The transaction is handled real-time, the verifier gets what they want, and the employee is happy.

On the surface, win-win.

However, what about the remaining 20-40%? These transactions are a critical and often forgotten piece of the puzzle. Employers and employees alike need—deserve—a vendor that is not just going to focus on these overlooked transactions but be innovative and creative in how these time-consuming, overlooked inquiries are served. Otherwise, companies will have both an external service in place to manage the 80% while attempting to try to handle the remaining transactions with in-house staff.

Feels a little excessive, right? Not to mention, it’s process heavy and puts a greater demand on your resources.

At InVerify, we’re aware of this inefficiency and strain on businesses, and have made significant steps to be innovative in our approach to all verifications for our customers:

Innovation 1 – Cost Efficiencies

First, we keep our charges to a minimum with one of the lowest processing fee rates in the industry. For incentive, we add a discount of up to 40% for regular users like large banks and mortgage companies that set-up monthly services and continue to meet minimum verification thresholds.

Innovation 2 – Full-Service Provider

Second, InVerify is both a self-service and full-service verification provider. For example, we provide manual and physical mail verifications, and complete the necessary forms for our customers when needed. We also handle one-off and more unique situations where the InVerify processing center completes required forms to send to authorized verifiers in order to finalize transactions.

Innovation 3 – Verification Letters

Thirdly, and even more unique in the industry, InVerify offers customers an assortment of letters to help employees provide verifiers with information from their employers that helps complete the verification process: VOE Express, Leave of Absence, Healthcare Dependent, and Stock Pay. This is a no-cost service to both employers and verifiers.

These three advanced service features allow InVerify to differentiate themselves in the market while handling that elusive 20-40% of the verification requests that most vendors ignore—transactions that create the most resistance and frustrate employees that are also working with a third-party vendor.

It’s a 100% win-win.