How Car Rentals can safeguard their interest with Digital KYC?

Car rentals stand to benefit a great deal from Digital KYC as it will enable them to verify the credentials of their users, before renting out their expensive vehicles. It will not only lead to greater transparency but the valuable assets of car rentals will be secured from any stealing. Danger of Identity thefts and use of fake IDs can be minimised as well at car rentals, further streamlining the business operations. Shufti provides perfect Identity Verification services that can help car rental companies regardless of their country or the official language used on that country’s identity documents. A smart SaaS product backed by Artificial Intelligence, Shufti is fully equipped to verify the provided identity of a customer within 30-60 seconds so that a car rental business can secure its interest without making any sacrifice on customer service.

Why Car Rentals need Digital KYC?

Every year thousands of cases are registered across the globe for cars gone missing that were rented out to customers. Even the identity documents provided by the customers for renting out a car are of not much use. In majority of the stolen or missing car cases, identity documents of customer are found either fake or to be owned by an entirely different person. Cash backs on credit cards and huge costs of stolen vehicles add additional burden to an already competitive market, thanks to ride-sharing services like Uber. Insurance might cover the cost of a stolen car but that is just again an additional business overhead that car rental companies have to bear, in the absence of a Digital KYC service provider.

Sometimes, cars rented out on fake IDs are even used by criminals to commit different kind of crimes that can lead to criminal proceedings against car rental companies due to their lack of vigilance at the time of renting out automobiles. We cannot stress enough the damage such incidents can do to the reputation and business of a car rental company. Sometimes, the criminal elements don’t even bother to steal the entire vehicle and are just interested in expensive spare parts. They butcher the entire car for most useful and expensive spare parts and ditch it for law enforcement companies to find the vehicle. Car Rental companies are left with the headache of replacing the spare parts or getting the car sold as a scrap.

In modern times, where technology is overtaking every sphere of life and car rental companies are offering remote services like delivering a car at the doorstep of customer and remotely verifying the identity of customers, Digital KYC presents itself as an ideal solution to reduce risks and maximize profitability. Imagine a business environment for car rentals, where identities of potential clients are actually ensured before handing them the expensive and only true assets of the company. All the risks are properly assessed and background checks are performed to rid the company of any potential legal proceedings. Shufti can give the much needed peace of mind to car rental companies where they can operate their businesses without worrying about unnecessary business overheads by reducing cases of stolen cars or cars rented out using fraudulent documents.

Benefits of Digital KYC for Ride Sharing Services

Ride Sharing services like Uber and many others with similar business model have a lot to benefit from Digital KYC services. These services will not only help to safeguard company’s interest for customer on-boarding process but the captains and drivers of the rides can also be verified against their provided credentials and documents. This will add an additional layer of security to ensure customer trust and credibility towards the ride sharing service.

Why Shufti?

Shufti is an ideal choice for car rental companies for multiple reasons. Services offered by Shufti are available in every country of the world and can verify documents in every language of the world. It means that regional or global car rental services can use the flawless services of Shufti without having to worry about the coverage area or concerning about the language used in different countries of the world. Shufti is easily integratable with pre-existing online systems, android or iOS apps and web applications.

Choose Shufti now to provide Digital KYC for your car rental business and witness an unprecedented growth in your business without spending a fortune.

Recommended For You:

• How Real ID Act enables Digital KYC Services for US Customers?

• Digital KYC/AML Operations; Shufti Gears Up for GDPR Enforcement

• How Mobile KYC will revolutionize the Digital World?