Identity Data APIs, like Find Person API, Reverse Phone API, and Phone Validation API, can help funding marketplaces who support startups and small businesses in several ways. Being able to verify the legitimacy of the people applying is necessary when it comes to small businesses needing loans from investors.
Here are a five ways that reverse lookup APIs can validate and verify applicants:
- Risk Assessment and Fraud Prevention: Small business funding marketplaces are susceptible to fraud. By cross-referencing the provided phone number with Phone Validation API, Reverse Phone API, and Find Person API, the investor can assess the risk associated with funding a particular business.
- Phone Number Validation: Phone Validation API can indicate whether the phone number they provided is valid, what the line type is (i.e., mobile, landline, VoIP, etc.), and if that number is connected and in service, which can be leveraged by Trestle’s Phone Activity Score.
- Identity Verification: When a small business owner applies for a business loan, the marketplace needs to ensure they are who they claim to be. Reverse Phone API can verify if the provided phone number matches the applicant’s provided name, address, and demographics, providing an extra layer of authentication.
- Data Enrichment: By using Reverse Phone API and Find Person API, a funding marketplace can enrich its database with additional, up-to-date information associated with a phone number.
- Customer Service and Communication: Because Reverse Phone API and Find Person API have up-to-date contact and location information, small business funding marketplaces can maintain communication channels and CRMs. This is essential for updates, reminders, and any further interactions between the investors and the funded business.
In conclusion, Identity Data APIs, such as the Find Person API, Reverse Phone API, and Phone Validation API, play a pivotal role in protecting small business funding marketplaces and investors. The ability to authenticate the identities of applicants is a critical step in ensuring the legitimacy of those seeking financial support. Through a range of functions including identity verification, data enrichment, and more, these reverse lookup APIs empower marketplaces with the tools needed to make informed decisions. By harnessing the power of Trestle’s lookup APIs, marketplace investors can not only safeguard themselves against potential risks but also foster a more secure and trustworthy environment for the businesses they serve.