Bank Identification Numbers – What This is All About?
Credit and debit cards have become a necessity in the world of today. It is a cornerstone of E-commerce and online businesses largely rely on them for the transactions. However, frauds have become a predominant problem in the use of credit cards over the internet. The owners of the card are unknowingly charged for the transactions when their credit card numbers are compromised and they had to request their issuing banks for a charge back. However, the bank tries on their half to recover the amount and there is no surety that they will get the amount back. As for the online businesses, their credibility takes a tumble when their chargeback ratios increase and the fraudulent transactions erode their profit. It is, therefore, of the utmost importance to have adequate security measures to prevent such threats.
Bank Identification Number is a six digit number on a credit card or debit card which is used to identify the issuer of the card. It is also referred to as the Issuer Identification Number as it provides accurate information about the credit and debits cards which is used to find out things like the brand of the card, the type of the card, the standard of the card, and all the other crucial details that you will need to get the appropriate information about the card and its user.
Benefits of Using Bank Identification Number
The bank identification number, or issuer identification number as it is also known, helps you to analyze the transactions and to identify the suspicious transactions from fake cards or unauthorized users. These numbers add a screening layer to your transactions which is the best possible security measure.
A bank identification number will help you to protect your reputation by keeping your charge back ratios low. Customer will have faith that you have taken the adequate security measure to protect them and will place their full confidence in doing business with you. It is more or less of an industry standard to have a low charge back ratio and it can also prove to be a major competitive advantage if your competitors have not taken the adequate security measures and don’t exactly have a good reputation to the customers.
The bank identification number will provide you with a whole variety of information about the card which will help you to point out any suspicious aspect of the transaction and you can use the information that you can get from the issuer identification number to verify from the financial institutions as well as the real owners who will appreciate your prudence and in case of any misuse of the card, will become wary of the fact and will take adequate measures to put a stop to it. Not only will you be helping yourself, you will also be helping the customers and contributing to curb this menace of online frauds.
The most important benefit of using bin checker will be that it will help you to increase your profits. The money that you were previously losing out to such illegal transactions will no longer be flowing out of your pocket. As you’ve taken the adequate security measures, you’re protecting yourself and the customers from being exploited. Spending money to employ the services of a bin checker is not expenditure but a long term investment that will pay itself out in a short amount of time.
One of the best services out there is of ExactBins which have the most updated BIN list and an excellent level of service to accompany it. You can be confident that all Bank Identification Numbers are supplied with complete and accurate information. They give their consumer a chance to try out their service online and check for themselves how effective and easy to use it. The online demo binchecker gives you a sufficient preview of the quality of the service. It is a fully functional software and the limitation there is that you can you can make up to 10 BIN lookups in a day per IP. This is more than sufficient for you to get an idea of the quality of this service.