Onboarding reliable micro, small, and medium enterprises (MSMs) always keeps you on the right side of the law. The companies who have completed their MSME registration process are issued an Udyam certificate. This helps in verifying the identity of any business as a micro, small, or medium enterprise.
Classification of MSMs
With the new process, a company is now classified based on various factors into three types, which are:
- Micro enterprises: The companies whose total investment does not go above 1 crore rupees and total turnover is not more than 5 crore rupees.
- Small enterprises: The companies whose total investment is not more than 10 crores and the turnover is not more than 50 crore.
- Medium enterprises: The companies whose total investment is not more than 50 crores and the turnover is not more than 250 crores.
What is Udyam Verification?
Make your onboarding process safer, faster, and smarter by verifying the legitimacy of the MSME merchants operating in the manufacturing or service sectors, on your platform.
With AuthBridge’s Udyam Verification API, you can now seamlessly onboard merchants knowing that the merchant exists, is genuine and is authorized to partake in the manufacture or service sector by the Ministry of MSME.
Some of the top benefits are discussed below:
Our Udyam Aadhaar Verification API helps identify, extract, and validate the information available on the Udhyam certificate/Udyog Aadhaar of enterprises for reliable verification and the fastest onboarding of merchants and enterprises.
- Combat Risks and Frauds: Mitigate financial and reputational risks by eliminating fraudulent merchants or enterprises at the start of the onboarding process. Verify information with Government databases and confidently onboard MSME merchants or entities on your platform.
- Fastest Onboarding TAT: Our tech-driven solutions minimize time spent in manual reviews or filing onboarding forms. Our solution will help you reduce TAT by up to 80% making your onboarding process faster than ever before. This means accelerating your organization’s go-to-market speed and scaling up faster with reduced operational costs.
- Easily Integrable: Our industry-leading APIs ensure seamless integration with your existing workflows and processes.
- Real-time verification: The turnaround time of the API is very low, assuring real-time and instant verification.
- Robust Data Privacy: Ensures data privacy of Aadhaar holders in order to prevent any misuse of sensitive information and fraud.
How does our Udyam Verification API work?
As soon as you provide a Udyam Aadhaar number as input, you will receive multiple data points that help you identify and mitigate the risk of the merchant.
- Name of the merchant
- Registered business address
- Activity the merchant is involved in
- Period of validity of the Udyam Aadhaar number
- Type of merchant (micro/ small/ medium)
- The social category of the merchant
Where can it be used?
- Lending: To make profitable lending deals and prevent unreliable borrowers from damaging their financial standing, it is important to filter out fraudsters. Verifying businesses/entities with a high risk of fraud becomes paramount – especially in banking, finance, and retail. The Udyam certificate verification API helps lending institutions validate the authenticity of the enterprises and reduce the risks associated with financial and reputational damage.
- Merchant/Business Partner Onboarding: For any e-commerce or aggregator companies to onboard MSME merchants or entities on their platform, the Udyam Aadhaar verification assures the businesses that they are dealing with a genuine business partner that would not cause unforeseen risks or threats in the future.
AuthBridge is India’s largest authentication and background verification company. If you are interested in Udyam verification or any other verification solutions for your business, share your contact details below.
