Bin Database Protects Businesses

If you want your business to be safe from all issues of frauds and schemes being

conducted with the use of credit cards, debit cards, or even prepaid gift cards, then getting a bin database should be one of your priorities. This is because a bin database can help you verify a card whether it is genuine, stolen, or a created fake, which can be utilized to your business' demise. Even prepaid cards that are easy to manipulate can be filtered with the help of a bin database to even preempt attempts of fraud using this convenient banking or financial feature.

What is a bin database?

A bin database is a collection of BINs or Bank Identification Numbers which can be located on the first six digits of the bank card that you are using. This information is used to identify as to which bank the card belongs, which shortens the search for finding the account of the client, and checks whether the card is held by its rightful owner. A bin database is valuable because it can help you avoid issues of fraud that can involve your profitability and reputation. This is how a bin database protects your business.

Is using bin database legal?

You may have the notion that because a bin database accesses data that is not viewable to the public that it is illegal or against the law. A bin database is actually allowable by law as it provides ways and means for companies, financial groups, and even small or medium businesses to protect themselves from schemes that use cards to gain money or steal someone's identity. Nevertheless, despite that a bin database can be used to lookup various card information, it can never be utilized for frauds or theft as it can be grounds for contempt of the law.

What are the other benefits of using a bin database?

As you utilize a bin database for your business transactions, you can also be warned ahead if the customer owns a card that has little or no cash. This feature can help you avoid chargeback fees and other costs due to the negligence of a buyer, which could also be your liability as you have never anticipated events that could happen ahead. With a bin database, you save yourself from guessing if a customer carries an ample amount of cash in the card, which could cost you damages if not checked.

Overall, a bin database will give you all the protection you need from thieves and crooks when they are planning to steal in your business with the use of a card that is not theirs in the first place. Although a bin database may cost a bit of money, not having this as your tools for better and quality selling may even lose you more profits when frauds come your way. So if you are planning to pursue eCommerce, or even standard business, you should get a bin database to work in your favor as it provides you safety, security, and convenience.

by: Gen Wright

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