10 Questions For Third Party Verification
Before you launch into a relationship with any third party verification vendor, you’ve got to know what you’re dealing with. Here are 10 key questions (and some guideline answers) that you should put to a prospective TPV company. 1. What third party verification services do you offer and how can they help improve my company’s sales? There are several different types of TPV services, from fully automated to live operator and some in-between hybrid options. Have your prospective TPV company explain the pros and cons of each, and ask what they’d recommend.
2. What kind of redundancies do you have in place to prevent interruption of the verification process? You should expect any TPV company to outline their system of carriers, multiple dialers, back-up servers and the process to ensure a seamless transition if something goes wrong. Additionally, you should expect your TPV company to have a back-up generator with enough power to run the call center for several days, and have back-up call centers to take overflow traffic or all traffic if the main call center goes down.
3. What is your reaffirm rate (percent of sales that actually get verified) and average hold time? You should expect a reaffirm rate of at least 84 percent and a hold time of less than 10 seconds.
4. Do you have a user friendly and efficient client portal and reporting platform? Your prospective third party verification company should be able to walk you through their client platform and show you how you’d manage your sales verification process. It should produce real-time information, with all the graphs and reports you need.
5. Do you have a strong Account Management culture? A quality account management team should genuinely care about your account, and should act as a consultant to ensure you are getting the most out of your TPV investment. The relationship should include troubleshooting the entire process, trying to reduce the length of the TPV calls and alerting you to trends that are affecting your sales. They should act as a proactive partner.
6. What percentage of Spanish speaking verifiers do you have? Any third party verification company should offer at least a 35 percent bilingual work force. This will ensure you don’t lose sales due to an unforeseen language barrier.
7. What training process do you have in place? They should be able to tell you the exact steps they take to train their verifiers on your industry, their verification systems and the ongoing steps they take to improve the soft skills of their verifiers.
8. How large is your available staff? This just allows you to understand whether you are dealing with a small, medium or large third party verification company, so you can feel comfortable they are able to handle your volume.
9. How long has your company been doing TPV? You want to know you are dealing with industry veterans. If the answer is less than three years, keep shopping around.
10.Give us your elevator pitch. If they can’t confidently answer, or if they disparage the competition, we suggest you move on.
Your sales are important to you and your agents. The last thing you want is to lose them due to poor TPV. The questions above get to the heart of the professionalism and care factor of your potential TPV partners. Make sure your client is finding the best TPV partner for your sales efforts
At The Sales Verification Company, we think we’ve got good answers to all of these questions. Just ask.