TRUSTDOCK Speeds Along SofMap

Sofmap, a subsidiary of Japan electronics retail giant Bic Camera Group, is a Tokyo-based online retailer of second-hand products with around 300,000 registered users in Japan. Different from traditional P2P/C2C platforms, Sotmap acquires used items from sellers for their own inventory, rather than simply connecting buyers and sellers to facilitate a sale.

Online Retailers Have Unique KYC Demands Sofmap’s unique offering comes with regulatory requirements different from traditional online retailers. They must comply with strict customer identity verification laws before purchasing items from sellers. They need a way to authenticate a seller’s identity quickly and reliably so that the second-hand items can be listed for sale. Sofmap Risked Losing Customers and Sales Initially, Sofmap would request a copy of the selling customer’s ID card. Then the company would verify the address by sending a package kit for them to box up and send the item(s) for sale back to Sofmap. Unfortunately, there were many flaws in this system. Customers forgot to send copies of their IDs. Others wouldn’t send the goods they wanted to sell back in the package kits. This meant time in processing and money in packaging and postage was wasted. Not to mention potential customers and sales lost because they couldn’t complete the verification. TRUSTDOCK Clears Sofmap’s KYC Process After three years of trying to solve this cumbersome operation, Sofmap adopted TRUSTDOCK’s eKYC solution. By outsourcing this business process to our proven platform, Sofmap could apply that wasted time and money to more profitable operations. Plus, selling customers could be onboarded much more quickly, meaning transaction flow became more streamlined and more sellers actually completed their sale to Sofmap. Ensure Your Sales Don’t Slide with TRUSTDOCK Doing business online? Need to verify your customers quickly as you register them to ensure continuous, successful transactions? TRUSTDOCK has customized solutions for a range of online businesses. Find out how we can help your business run more effortlessly — contact TRUSTDOCK today.

Contact Us

Contact Us