Equipment rental or plant hire, a relatively new industry, has a great future! As per some estimates, the Equipment Rental Industry is expected to become a market of $60 billion by 2021 with steady growth. It is basically a service industry providing its customers with different equipment, like heavy machinery/plants, and tools of various types for a limited period of time and at a relatively lower cost. The equipment rental business enables people to execute their work with much ease and comfort by renting the equipment which they probably are not willing to buy or cannot afford. The idea of renting out heavy equipment will never go extinct as it will never be practical on the part of individuals and companies to buy such high priced machinery for a one time task. 

The rental industry has seen much growth only because it has proved to be helpful for the owners as well as its customers. It has the potential of generating high revenue for the owners while it solves the general public’s stress of executing heavy-end works that occasionally require the need for equipment. Even though it’s a great business idea, certainly the risk of theft is a deep concern for the owners. The risk of losing something extremely valuable in monetary terms keeps haunting the organizations. Moreover, the bad guys often steal certain parts of the heavy equipment that go unnoticed. 

To mitigate and combat the risk of equipment theft, it is imperative on the part of owners to first know the customers before renting out their assets to them. The need for KYC (know your customer) is not just restricted to the banking and financial sectors, it’s available to every other business in today’s world. KYC has become the topmost priority of every business and service out there as it helps in preventing different sorts of illegal activities like thefts, identity fraud, unauthorized payments, and likewise.

AZYO’s outstanding solution helps all kinds of businesses to identify their customers with the most seamless approach possible. It is in fact the market leader of automated ID verification. Performing a thorough ID verification process before renting out high-priced equipment and tools is extremely important. It will also instill fear amongst the bad entities and they’ll think 10 times before executing any illegal act, as they are supposed to provide their real names and ids during on-boarding. Secondly, if any bad actors try to cross the line and decide to steal the machinery, it will just be a matter of time to track them down with the help of the information captured during the ID verification process. 

With the power of Convolutional Deep Neural Networks, Powerful Graphical Processing Units, Advanced Machine Learning Algorithms, AI-Driven Automation, Optical Character Recognition, Blockchain, Facial Recognition & Liveness Detection, AZYO is consistently evolving to verify identities and prevent fraudsters.