Building a website can be a challenging enough presence in itself without considering all of the associated legalities and formalities that come with operating a legitimate online business. Many internet entrepreneurs who are working on their first endeavor aren’t aware of the various compliance requirements there are within each industry and on the internet as a whole. Certain practices could have you paying hefty fees, fines, or penalties. Depending on the nature of the compliance violation, your site could be de-indexed from search engines, reported to business directories like the BBB, and face a general degradation of its reputation due to issues that stem from compliance lapses. With that said, here are several tulips you can use to make sure your site stays compliant from every angle:
Always Use Identity Verification
You can’t guarantee complete compliance with your local and federal laws in regard to foreign transactions and dealings if you haven’t verified the identity of the site visitors that you’re doing business with. While general visitors might require nothing more than a simple CAPTCHA test to confirm that they’re not automated bots, it’s best to verify the identity of anyone who you’re conducting financial transactions with. Identity verification services can help you streamline this process and include an integrated verification AP within your company’s apps to ensure that all of your sign-ups and users are real people. You can get started with this by visiting the site cognitohq.com who will walk you through the set-up. They also have some useful case studies on their website which will enable you to see the service in action.
Take a Relevant Course on Industry Compliance
Anyone who owns a business should take a quick crash course on compliance within their industry. There may be laws and regulations that you would have otherwise had no clue about, which might wind up being the saving grace of your business. Many of these courses can be completed in just a couple of weeks online and you’ll not only have the knowledge needed to avoid compliance issues, you’ll also get a certificate that proves you’re highly trained in the art of compliance within your sector.
Consult with an Expert to Double Check Your Work
Now that you’ve taken the steps necessary to ensure you’re dealing with verified individuals and you have a well-rounded understanding of your compliance obligations, one more step you can take to make sure you covered all your bases is consulting with an expert on an hourly basis to have a thorough review of your site and app conducted.
Compliance Sounds Boring But is a Central Concept for Entrepreneurs to Understand
In closing, it’s important to realize that, as un-interesting and tedious as the whole process of ensuring compliances sounds, this is an absolutely mandatory step for every business owner to take. Failure to comply with industry and legal guidelines and regulations will not only put you at risk of facing financial woes, it could completely destroy the reputation of your business and expose you to the possibility of facing corporate lawsuits due to lack of due diligence, which is considered a form of negligence. Ultimately, there’s really no reason to let negligence and non-compliance be the downfall of an otherwise successful company, so be sure to heed the advice given above and do your own research on this too as needed.