Advantages of Using a Bank BIN Database
A bank bin database is an indispensable asset if you are an online business or one that accepts payments through credit cards and debit cards. A bank bin database will help you to prevent fraud, which is increasing day by day.
Where plastic money is a source of great convenience for us, it can also cause a lot of problem if it gets into the wrong hand. Even if they don’t get stolen, there is always the threat of fraud that can cause problems for both the business owners and the owners of the cards. It is therefore essential to have the adequate security measures in place to prevent such frauds, especially if you are an online business. All transactions of online businesses involve plastic money and the threat of fraud is high. Such businesses lose millions of dollars each year due to this menace.
You can save yourself and your customers from this threat with the use of bank bin software, which can use its bank bin finder to go through its bank bin database and find the related information regarding the bank bin. Bank bin identification is important when evaluating the worthiness of a certain transaction.
There are certain bank bin ranges on which every credit card number is established. A bank bin search will give you the appropriate information that will enable you to find out whether the credit card or debit card is faulty or not. What a bank bin database does is that it uses bank bin lookup to quickly search and provide you with supplementary information regarding the card like what is the bank of origin, the country of origin, whether it is a debit or credit card, etc. Such information can help you in a variety of ways, like if a credit card number that you are provided has a country of origin different from the location from where it is provided, this will make the transaction suspicious. You can use this to customize the bank bin database according to your requirement, which means that you can either place restriction on certain countries with a reputation for online frauds or banks that have a poor performance. This can add value to your unique requirement of the business and will also help you to reduce online fraud.
You may be well aware of the fact that different cards have different levels of risk. Therefore, why should you charge the same rate for taking an extra level of risk? A bank bin number list will help you charge different rates for the different types of cards, especially those that have their origins outside the country that you are in. Exchange rate risk is an additional risk that should be taken into account when dealing with such cards. This will lead to the most important benefit of bank bin identification, which is that it contributes to the bottom line of your business by increasing your profits. Not only will you be able to charge a higher rate for the higher amount of risk that you are taking upon yourselves, you will also be saving on the money that you were previously losing out to illegal transactions. A bank bin will also enable you to protect your reputation by keeping the charge back ratios low.
A bank bin finder is manufactured specifically to find whether the credit card details provided by the customers are real or not. The software can be downloaded on your computer after you’ve purchased it and all you need to do is to enter the bank bin in the bank bin numbers lookup so it can go through the bank bin number list and give you the appropriate information. You can then easily compare the bank bin number search result with the information provided by the customer and if they don’t match, you can stop the transaction there and then.
Taking the proper security measures will protect you and your customers from being exploited. You should consider the bin checker as an investment into you business that will payoff its cost from the saving it will create for you and enhancement of your reputation.