How it Works

What is Vouchmark?

Vouchmark is a comprehensive platform designed to help both consumers and businesses establish trust and transparency in commercial relationships. The primary objective of Vouchmark is to create a safe environment where customers can verify the legitimacy of businesses, ensuring that they are dealing with trustworthy entities that have been thoroughly vetted and authenticated.

The platform caters to a wide variety of businesses, including small to large-scale enterprises, and spans across multiple industries in Africa. From retail stores to service providers, any business that wants to improve its reputation and instill confidence in its customers can benefit from Vouchmark’s services. The verification process is designed to be rigorous, focusing on the legal standing of the business, its operational history, and customer feedback.

One of the standout features of Vouchmark is its ability to validate official business documentation, ensuring that all listed businesses are operating within the legal framework of their respective countries. Whether you are a customer seeking to verify the legitimacy of a business or a business owner looking to enhance your credibility, Vouchmark provides an essential service that fosters trust and safety in the marketplace.

By joining Vouchmark, businesses not only get an opportunity to prove their legitimacy but also gain access to a network of other verified businesses, creating opportunities for partnerships and collaboration. For customers, the assurance that a business is verified can prevent fraud and protect their investments, making Vouchmark a critical tool for informed decision-making.

What is Vouchscore?

Vouchscore is a proprietary rating system developed by Vouchmark to quantify the trustworthiness and credibility of a business. The Vouchscore is designed to provide a quick, easy-to-understand metric that customers can rely on when deciding whether to engage with a particular business. The score ranges from 0 to 1000, with higher scores indicating a higher level of credibility and trustworthiness.

Several factors are taken into account when calculating the Vouchscore, making it a multifaceted evaluation tool. These factors include the business’s compliance with legal requirements, customer feedback, longevity in the market, financial stability, and adherence to industry standards. Each of these factors is weighted differently to ensure a balanced and accurate representation of the business's overall standing.

Customer reviews play a pivotal role in determining the Vouchscore. Vouchmark encourages verified customers to leave detailed feedback about their experiences with businesses. This not only helps potential customers make informed decisions but also encourages businesses to maintain high standards of service and integrity. Additionally, businesses are required to update their profiles regularly with any changes in their operational status, which ensures that the Vouchscore reflects the most current information.

Vouchscore is an essential tool for businesses that want to establish credibility in competitive markets. It gives businesses the opportunity to showcase their dedication to transparency and accountability, which can significantly influence customer trust. For customers, the Vouchscore is a quick reference point that simplifies the process of evaluating a business, saving time and effort in research.

How We Calculate Vouchscore

The calculation of Vouchscore is based on a proprietary algorithm that takes into account various critical factors, each of which contributes to the final score in a weighted manner. Here’s a breakdown of the main components that influence the Vouchscore:

1. Business Registration and Legal Compliance

One of the fundamental criteria for calculating Vouchscore is whether the business is legally registered and compliant with government regulations. This includes providing official registration documents, licenses, and certificates. Businesses that have maintained compliance with legal requirements are awarded higher scores. Conversely, businesses that fail to provide these documents or are found to be non-compliant may receive lower scores.

2. Customer Feedback and Reviews

Customer feedback is one of the most heavily weighted factors in the Vouchscore calculation. Verified customers can leave reviews detailing their experience with the business, and these reviews directly affect the score. A higher number of positive reviews will improve the Vouchscore, while negative reviews or unresolved customer complaints may lower the score. Businesses are encouraged to respond to reviews and resolve issues to maintain a high score.

3. Operational History and Financial Stability

The longevity of the business also plays a role in the Vouchscore. Businesses that have been in operation for a significant amount of time are considered more stable and trustworthy, contributing to a higher score. Additionally, financial stability is considered through indicators such as tax compliance, audited financial reports, and other relevant documents that show the business is financially sound.

4. Industry Certifications and Standards

Industry-specific certifications, awards, and adherence to professional standards are also factored into the Vouchscore. For instance, businesses in industries like healthcare, education, or manufacturing that meet rigorous industry standards or possess certifications from recognized authorities will see a boost in their Vouchscore. This ensures that businesses meeting high professional standards are appropriately recognized.

These factors are combined and weighted to produce a Vouchscore that accurately reflects the credibility and trustworthiness of a business. The calculation is automated and regularly updated to ensure that the score is reflective of the most recent business activities and feedback.

CAC Requirements

To further verify your business and enhance its Vouchscore, Vouchmark requires businesses to upload their Corporate Affairs Commission (CAC) certificate along with a CAC status report. These documents help verify the legal standing of the business, offering additional credibility and transparency. Providing these documents will boost your company’s Vouchscore, reflecting greater legitimacy and compliance with local business regulations.

TIN Requirements

In addition to meeting CAC requirements, businesses must also provide their Taxpayer Identification Number (TIN) during the verification process. The TIN is a unique identifier assigned by the tax authorities and is used to track tax compliance. Providing a valid TIN is crucial for the following reasons:

1. Tax Compliance Verification

Vouchmark uses the TIN to verify that the business is registered with the tax authorities and is in good standing with its tax obligations. Tax compliance is an important factor in determining a business’s credibility, and businesses that are found to be delinquent in their taxes may receive a lower Vouchscore.

2. Avoiding Fraud and Tax Evasion

By requiring businesses to provide their TIN, Vouchmark helps prevent tax evasion and fraudulent activities. This ensures that only legitimate businesses that comply with local tax laws are allowed to register on the platform.

3. Contribution to National Development

Businesses that are compliant with tax regulations contribute to national development by paying their fair share of taxes. By verifying TIN information, Vouchmark encourages businesses to support the economy and ensures that customers are engaging with responsible businesses.

Providing a valid TIN not only enhances a business’s credibility but also boosts its Vouchscore, making it a key requirement for businesses looking to succeed on the platform.

Bank Verification

Vouchmark leverages the Mono platform to verify business bank accounts. Business claimants must connect their company’s bank account through Mono, which allows Vouchmark to assess the legitimacy and operational status of the business. This seamless connection ensures a secure and efficient verification process.

Office Address Verification

Vouchmark collects preliminary information about your company, but we require a recent utility bill to confirm the legitimacy of your office address. This additional verification helps ensure that the business operates from a valid and traceable location.

Owners/Shareholder Verification

For shareholder verification, Vouchmark only requires basic information about the business owner or at least one shareholder. At this stage, no documentation is necessary, simplifying the verification process while still maintaining transparency and accountability.