Bin Lookup Provides Security To The Merchants And Protects Them From Credit Card Fraud

The number, which makes your credit card or your bank card unique

, is the BIN. The BIN stands for Bank Identification Number, which provides all the various details associated with the card. The BIN lookup provides details specific to the card that explains the type of card and various other details associated with it. Identifying the card funding type is quite important because if you are a merchant, then you might be offering special offers based on the card funding type.

The card funding type identifies if a card is a credit card, a debit card or a kind of prepaid card.

There are various types of bin lookup online facilities available to help merchants identify if the card provided by the buyer is a legitimate one or not. In case the transaction that takes place is illegal and later on, you have to provide a chargeback, which can eventually create problems for you. This is because as a merchant, you are allowed a limited 2.5% of chargeback on the financial transactions, which you have. If you exceed this limit, then your merchant account will be facing suspension.

The bin lookup service also allows you to get additional details about the user. For example, you can cross verify the personal details provided to you by your customer against the card he or she has used to make the payment. This process of identifying fraudulent activities in the very beginning is extremely helpful.

You will be able to find various bin lookup service providers online and you can subscribe to any of these with some of them providing special or at times even free services, to check out the validity of the card details provided to you by a customer. This is an excellent way to stay safe from all types of fraudulent transactions related to different types of bank cards.

Moreover, you also need to verify the card level issued by the bank. The credit card bin software, available in the market, allows you to identify the card level. The reason why you need to verify the card level as well, as depending on the various card levels, you might have some special offers at hand. This level is going to determine if the owner of the card is eligible for the offer or special promotion associated with the product.

The bin lookup facility is highly essential for business owners, be it small or large. Any business, which deals with credit card or any other kind of bank card financial transactions, requires this facility to authenticate the user and the card.

Chargeback or fraudulent transactions are the biggest worries for business owners. It is very important for them that they do understand the importance of this facility and integrate it with their regular payment systems.

Such a move will ensure that they do not face any kind on inconvenience, when it comes to financial transactions with their customers through the electronic medium or through card payment directly at merchant site.

by: Gen Wright

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