How can I verify a small business in real time?

Stop compromising on the accuracy and speed of verification and decisions needed to run your download flow at scale. Markaaz Product Manager Brett Adams explains why Markaaz helps speed up your workflow

Historically, small business auditing has meant you have to choose between traditional business data providers that focus on larger businesses or web miners that can take hours to return duplicate results. Now your business can verify small businesses quickly and easily with Markaz’s enterprise services without compromise.

Markaz’s Business Decisioning API Suite and Business Verification API Suite can match your business’s customer data with any small business in any of our marketplaces, 24/7/365, giving you results in milliseconds. We outperform market alternatives in match rate success, significantly reducing false positives and false negatives globally.

Combining the agility of our cloud/API native technology with the Markaz Directory, our proprietary global database of over 300 million small business records, Markaz is confident in its ability to provide the customer data your business needs to find when you need it. is

“Research shows bad data can cost companies trillions of dollars a year. How often is your team unsure if they’re looking at the right data and that your data sources match the applicant’s during your onboarding flow? That’s where our API Suites save you money and time,” explained Brett Adams, Head of Product at Markaz.

At a macro level, IBM estimates that bad data costs the US more than $3 trillion annually, while an Experian report based on global data states that 95% of companies report that bad data undermines company performance.

Markaz enterprise services

The Markaz Business Verification API Suite and Business Decisioning API Suite use our unique matching approach to search the Markaz directory and return the business result with the best match score when your business queries a company. The higher the match score, the more likely it is that the result returned is the right business you are trying to invest in.

“Our proprietary ability to match and verify multiple versions of each firmographic field means our business’ compliance success rate is on a scale the industry has never seen before,” said Adams.

Your team no longer has to manually determine which business is the right one from among a bunch of companies with similar names that have slight variations in firmographic data. This saves your business the high cost and time of manual verification, adding more database subscriptions to your download workflows, or adding a second-stage process to re-verify. Markaz’s Verification and Decision API Suites also significantly reduce false positives and false negatives, which can cost your business time and lost potential revenue.

“Most companies we talk to are used to spending hours, if not days, just trying to verify customer data. This download ban can mean you lose over 35% of your customers before you can even offer them services. Our verification and decisioning API Suites enhance and automate your download workflow,” noted Adams.

However, while the costs are high for outsourcing businesses, they can be even higher for small businesses trying to use enterprise services. With inaccurate data, small businesses are often unable to access the growth services they need, such as a credit card or loan.

Our technology

Markaz’s Inspection and Decision API Suites and the data platform they access are built in the cloud and can scale with you as your business grows. With the ability to process records in real-time, Markaz handles download workflows better than existing solutions because we have our own data always available in the Markaz directory.

“Many of the newer decision making and verification software solutions available today are web miners. These solutions don’t have the data in hand because the cost, expense and expertise needed to handle that data is significant. Rather, their software “scrapes” the web when a request comes in, or the team creates a company if it’s not found. This is why it can take hours to verify a single business, making it difficult to scale,” Adams said. “One of our advantages is that our API Suites only need to connect to our Markaz directory. You don’t need to create a new company, we already have the company in the Directory and we will return its MarkazId, the company’s unique ID code, to you.”

Markaz’s small business verification model is unique in the market today. It offers relevant features and data breadth and accuracy that surpasses current market alternatives. Many of these alternatives offer firmographic data and possibly, in some cases, light business health data, often on medium and large businesses. This is more in line with exploration data than the deep dive needed for verification and decision needs.

The Business Verification API Suite enables businesses to access the Markaz directory in real-time to verify small business applicants. With just a few variables, the Business Verification API Suite searches the Markaz directory of over 300 million global businesses. It provides firmographic data, compliance/AML data, and business health data needed to screen new customers and prospects. This API package includes multiple API endpoints. These endpoints can return a customized selection of dozens of data points about the business you’re trying to verify, based on the unique needs of your business.

Enterprises can also leverage Markaz’s Business Decisioning API Suite. This package applies pre-configured rules to several criteria to decide whether a business is a strong candidate or not. It also provides the details behind that decision. Decision-making results based on the metrics your business is defining in real time. A standardized set of metrics can be configured for each API request.

Any decision returned from the Business Decisioning API Suite can be audited by requesting decision details so your team can determine which rules were met and which were not. Decision results can be customized by editing the Enterprise Dashboard parameter thresholds if you have changing business needs or want to be stricter or less strict about your approval criteria.

“Both of our low-code business verification and decision API Suits are uniquely built with GET and POST request capabilities, so we can help you code and integrate with your systems in a way that’s right for you,” Adams explained.

Markaz’s Business Verification and Decision API Suites are the solutions your company needs to leverage your qualified target businesses faster and more efficiently, improving access time, access accuracy, and reducing wasted hours for your team.

Brett Adams, Product Manager
In Markaz

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