Have you ever wondered what TPV is? Have you ever heard the acronym? If the answer is no to both questions, you are not alone. These buzzwords may not be everyday fodder, but TPV affects every citizen within the United States. Surprised? You won’t have to be for much longer. Learn why TPV is critical to your wallet, your financial safety, and the transparency of transactions.
First of all, what is it?
TPV is short for third-party verification, and not to be confused with The Total Perspective Vortex. A third-party is a neutral outsider that can confirm information used within a transaction. The need for this type of clarification seeps into almost every facet of life. Healthcare, lawyers, utilities, and even school systems use TPV companies to secure legitimacy for each arrangement.
TPV means safety
In a digital age, when even the biggest names in business get hacked (still waiting on my Equifax check) we need greater safety in transactions. Even a person who stays vigilant, keeps their cookies off, buys in cash, and covers their laptop camera, is a netizen who needs third-party verification. A TPV provider allows companies to prove that a consumer agreed to almost any kind of sale or other transaction, using either email or telephone or both, and obtain a legally binding instrument in the process.
Before there was third party verification . . .
Before third-party verification became a standard, cramming and slamming were dastardly deeds many consumers fell victim to. Thieving companies could create false accounts for unsuspecting persons, send bills, and collect until someone took notice. The great Sprint long-distance scandal spurred the FCC to enact the mandatory use of third-party verification. TPV is a rare tool that works in favor of both the company and the customer.
Looking Towards the Future
Third-party verification can be done via lab, phone, text, or email; and for years, call centers have employed the use of long, cumbersome scripts that take valuable time to complete a contract. With the use of TPVNinja, companies are able to bypass that time wasted, with a software any agents can use to breeze through compliance for each and every sale made. Third-party verification is a necessary and vital part of every sale, for both parties. A safer, quicker deal for both the vendor and the consumer, while still complying with every legal statute set forth.