Earlier this month, as part of its Quarterly Consumer Newsletter series, ACCES published the most recent issue highlighting the process of third party verification. A full copy of the issue is available here. Sign up for future issues of the Quarterly Consumer Newsletter here.
To make sure consumers are only enrolled in products and services that they wish to sign up for, many states have implemented regulations meant to ensure transactions are transparent and reflect customers’ wishes. Third party verification, or TPV, is now required in many states. TPV requires a retailer to use an independent company to check and confirm with a customer before implementing a change or completing a sale for a new service or product, when the transaction is completed by telephone, in person, or even online.
How does it work?
The purpose is to ensure that consumers understand and fully agree to the new product, or to a service change being made to their account. Consumers are typically asked to confirm their identity and their order. Audio recordings of these confirmations are retained as evidence should any proof of confirmation be needed. TPV is a growing practice used across several states and industries including merchant and credit card processors, insurance and health care providers, cable & telecom providers, alarm companies, credit collectors and debt consolidation companies, and retail energy suppliers.View this News Release (external link)