BIN lists can be important for any business, yet there are many business owners who have never actually heard of them
. If you have no idea what a BIN list is then here you will find out everything that you could possibly need to know.
BIN Lists: What They Are and How They Help
A BIN list is a compilation of information about credit and debit cards. There are different types of BIN lists available. Some deal solely with credit cards, while others have a list of both credit and debit cards. There is one official BIN list, yet it isn't available to members of the public. As it stands only card issuers and the government can see the official list. This means that the BIN lists that you come across on your search are not the official one that is held by the government.
The reason why you can't view the official list is because of data protection. You are searching credit card numbers to find out personal information about the cardholder. The official list contains a lot of personal information that the unofficial BIN lists don't. So what information can you get from a standard BIN list?
When you use a BIN list lookup, you'll see that they contain the card type, the issuer, the country where that card is registered to and the person it is registered to. Some lists even have address or contact telephone number details. This information is there to help you to spot potential fraudulent transactions.
Why Businesses Need to Care about Fraudulent Transactions
Fraudulent transactions could cost your business a lot of money. It is typically only the consumer who is protected by fraudulent transactions. Thanks to very strict fraud protection promises by credit and debit card issuers, they are usually guaranteed to get their money back. Businesses on the other hand do not have the same luxury. They actually lose money through charge backs if they fall a victim to fraud.
A one off fraudulent transaction that isn't too expensive might not cause a huge problem. However, over time fraud can really start to cause a business to gradually lose customers. It is not only the initial loss that businesses have to deal with; it's also a hit on their reputation too.
If you have no protection in place then your customers can't trust you. This could cause them to turn to the competition instead.
BIN lists can help you to avoid fraud and keep your customers happy. They are inexpensive and you can even find some free ones too. If you take a look online you'll find BIN list downloads. Always make sure that you take your time to find the best BIN list to suit your needs. They are all slightly different with the features that they offer. You are protecting your business and your livelihood at the end of the day so why take a chance? You can always try out a free trial too. This will help you to see exactly how they work and how easy they are to use.