Bin Ranges For Credit Cards- Your Fight Against Fraud
BIN ranges for credit cards can tell you whether or not you should approve a transaction in your business
. Why might you want to do that you may be asking yourself? The answer is because in today's society there are fraudsters who make it their mission to steal people's credit card details. They then go on a shopping spree which the business very often pays for.
Did you know that if your business is a victim of fraud there isn't much that you can do about it? If a consumer has had their details stolen and they have been used to make a purchase at your store, money will be taken from you to cover the cost. This is thanks to the strict rules credit cards have in place. If a customer's money is used to make a fraudulent transaction, the credit card issuer makes sure that they get the money back by taking the money from the business and putting it back into the customer account.
If the fraudster has managed to get any goods into their possession through the transaction then you have lost out on money. When this happens various times throughout the year, it can mean big losses for your business. That is when prices often have to be increased to make up for lost profits.
Fighting Fraud and Your Competition with BIN Credit Cards
One thing that all businesses want to achieve is to stay ahead of the competition. One way to do this is to offer your customers great value for money and a safe shopping experience. If you were to suffer various fraudulent transactions, it shows that you aren't taking customer security seriously. It will also affect your pricing as you will need to make up for lost profits. This means that your customers will more than likely start turning to the competition for better deals and a more secure experience. One way to stay ahead of the competition is to use a BIN range checker.
Basically a BIN range checker will ensure that you catch a potential fraudulent transaction before it goes through. If you set up the software so that it automatically detects potential problems, it will make your life so much easier. To do this you will need to run a script in your system that picks up on information that doesn't match. A good example of this is if the card being used by the consumer is registered to the UK but it is currently being used in Uganda. The system would flag this transaction and either automatically reject it or you could check it over and then reject it yourself.
Overall if you make a mistake when you reject a payment, the consumer can ring you and ask why it was declined. They are more likely to thank you for taking the precautions in the first place rather than be annoyed at the fact that the transaction was turned down. Fraud is a serious problem and BIN ranges for credit cards is just one way to ensure that you prevent fraudulent transactions in your business.