Before iDenfy, The Everset needed to find a more robust way to verify new order customer IDs, as well as having this information on file to use as a deterrent for bad actors who attempted to bypass the credit reporting/collections system in the US.
The lack of data prevented the business from deterring serious delinquency and theft due to NPNR – Non-Payment/Non-Return – of the furniture.
Explore the customer success story in greater detail below.
The Challenges
The Everset aims to change what the moving process entails for everyone fundamentally. That means, instead of being knee-deep in moving and deciding which pieces of furniture to sell next, the company helps customers eliminate furniture waste.
This concept has gained recognition, helping the business swiftly grow its customer base while building a new security standard in furniture rental services.
With the increasing customer volumes, The Everset wanted to enhance its security and offer the best possible services, including a smooth and secure furniture transaction process. The newly set goals required some changes in the identity verification process.
The main challenge with the consumer rental service offering was verifying that the name on the order and billing information was the person placing the order.
Past practices showed that some of the customers didn’t have a verified ID document for billing purposes. The Everset noticed these challenges:
- In the case of bad actors, The Everset didn’t have records of government IDs on file.
- The lack of collected data on file resulted in a high NPNR rate (Non-Payment/Non-Return) of the furniture, resulting in the loss of inventory and thousands in damage.
“NPNR was a huge liability for our bottom line,” said Ben Stewart, Head of Customer Experience at The Everset.
“Besides the loss of expected recurring revenue, the non-return of our furniture was an inventory and outlay cost loss.”
Traditional in-person meetings and customer data storage using paper documents weren’t an option for The Everset. Instead of a manual approach to verifying customer information, the company overcame security challenges with a digital, automated, cost-effective solution and turned to iDenfy.
The Solution
The Everset hoped that having to verify identity to receive the delivery and knowing the company has personal information on file would eliminate previous challenges and drastically reduce the fraudulent transaction occurrence.
Relying on manual authentication methods without properly storing identity data caused fraud detection and user experience issues.
According to the company, these issues simply affected the business when The Everset entered the furniture service market as a startup in 2019:
- Between its launch in Fall 2019 and March 2021, The Everset had a running rate of 13% of active accounts falling into the NPNR classification.
- The average loss to the company for these accounts was several thousand dollars each.
The Everset started to search for a new way to onboard customers. The goal was to have identity information on file to use as a deterrent for bad actors who attempt to game the credit reporting/collections system in the US.
The Results
After evaluating various fraud prevention methods, The Everset partnered with iDenfy due to its solution’s accuracy, easy integration, and, more importantly, ability to prevent fraudulent attempts to purchase The Everset’s furniture rental services.
Since integrating iDenfy, The Everset has seen an improvement in reducing the number of bad actors they detect, giving its team the confidence that they’re onboarding genuine users.
Compared to previous security measures, The Everset is now catching 83% more fraud with iDenfy’s full-stack identity verification service.
By implementing iDenfy’s solution, The Everset hit three main targets:
- Minimized fraud rates.
- Built a fully automated customer onboarding process.
- Added an extra layer of security.
In the spring of 2021, soon after using iDenfy’s AI-powered ID verification solution, the rate of NPNR for new orders was reduced to 2%, which was a major improvement compared to the previous 13%.
The switch to iDenfy also resulted in an increase in recurring revenue and a successful rate of return with furniture at the end of a customer’s rental term with the furniture service platform.
🟣 More About The Everset
- The Everset is a furniture service company that offers furniture rentals directly to consumers while helping create a more sustainable industry model.
- The platform also provides professional staging services to real estate and property partners and fully furnished services to new tenants in different luxury buildings.
In the near future, The Everset plans to implement additional services from iDenfy, such as Business Verification, for a more streamlined approach to Know Your Business (KYB) compliance.
“iDenfy’s global document coverage and developer-friendly approach helped us to improve the user experience while maximizing the number of new customers completing the identity verification.”
Ben Stewart, Head of Customer Experience at The Everset
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