Credit Card Bin Lookup For Small Businesses

Businesses that accept credit cards accept a certain level of liability when it comes to the transactions that are going to be completed

. This liability can be reduced with a simple technique used by business owners of looking up the bank identification number using credit card bin lookup for small businesses. These types of services allow the merchant to look up the credit card bank identification number and confirm the information of the account holder to reduce instances of fraudulent transactions.

How can small businesses use credit card bin lookup services?

Small business owners can use the credit card bin lookup services to confirm and crosscheck the information on the credit card, debit card or prepaid Mastercard with the account holder. Using this confirmation, business owners can ensure that the credit card accounts being used to complete purchases through the online store or brick and mortar business.

There are two types of credit card bin lookup services that are available; paid bin database access and free online bin database access. Free databases offer the small business owner the option to enter and verify the information of the account holder before the credit card transaction has been completed, but the paid services offer more intensive services - allowing the small business owner to cross check, verify and even confirm account information for the credit card transactions that are taking place.

For customers that are using prepaid or gift credit cards and completing transactions online, many of the paid services verify the information of the registered account holder - ensuring that the person using the credit card to complete the transaction is the same person that the card is registered to, reducing the instance of fraud that comes with stolen gift credit cards and prepaid cards.

Using the service, small business owners can ensure that the credit cards being accepted throughout the transaction are valid, and are indeed being used by the card holders. This can reduce the instance of fraud of the credit cards and the small business, protecting the assets of the business and the income coming from sales. Charge backs and fraudulent charges to the merchant account can be expensive - and should be avoided at all costs in order to protect the small business.

Responsible small business owners should ensure that the credit card bin lookup services are being used to ensure that the business is protected in the instance of credit card fraud. Inventory and assets of small business are lower in comparison with larger businesses and can therefore require the small business owner to be more diligent when it comes to protecting these assets and inventory.

Comparing the credit card bin lookup services that are available between companies can be an effective way for small business owners to make the decision of which type of database, extent of the database a and cost of the database is going to best suit the needs of their business. Comparing the services before the decision is made.

by: Gen Wright

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