What is a verified business buyer?
You've seen it before. That little blue check mark next to a user's name on social media sites like Twitter and Instagram. It's the mark of a verified user and something that businesses, celebrities, and influencers covet. But, chances are you are not all celebrities or influencers, so what does it mean to be a verified business buyer on Village Wellth? How can you get that little blue check mark next to your profile?
To put it simply, on Village Wellth, a verified buyer has been confirmed by our platform as being who they say they are. They are vetted for their search criteria and coached on the accuracy of the information they have provided.
And that's all well and good, BUT we go another step further and verify the buyer's available cash for a downpayment.
Why is this type of verification important?
Approximately 50% of acquisitions fall apart during the due diligence phase. This is because due diligence goes BOTH ways, and buyers must prove they are as credible as the seller for a successful transaction.
For this reason, in the eyes of sellers, verified buyers have significant advantages over non-verified users. For one, there's the motivation factor; that little blue check mark next to your name lets business sellers know that you mean business. Secondly, because sellers often search only for verified buyers, this little blue checkmark yields, on average, 10x the connection requests than non-verified users.
So how do you get verified on Village Wellth?
On Village Wellth, verified buyers are part of a membership tier that maintains their verification status.
We verify buyers in two ways.
The manual process: This process is great if you have funds distributed across multiple banks & multiple investment accounts.
- How it works? Gather account statements to be verified & schedule a verification & coaching call with our team.
Flinks Verification: This process is excellent if your funds that need to be verified are located in a single bank (TD, BMO, RBC, etc).
- What is Flinks? Flinks is a 3rd-party financial data API that connects financial applications to customers (Wealthsimple, or Village Wellth, for example) Learn more here: https://flinks.com/security/
It is important to note that not everyone who applies for a verification badge will be approved; our standards for verification are put in place to ensure the accuracy of the information on Village Wellth.
The bottom line is that being a verified buyer comes with its fair share of benefits if you are a motivated buyer. Upgrade to a membership tier today if you want to up your game and add a little blue check mark on your profile.
Good luck and happy acquiring!
Head of Product