Do You Understand The Importance Of Bin Numbers?

Have you heard of BIN numbers? If not then you wouldn't be alone! As important as

they are for businesses, many people have no idea how a BIN number can help them to prevent fraudulent transactions.

If you've been affected by charge backs due to fraudulent transactions, you'll know just how fair it can be. You have no idea when a fraudster is making purchases in your store. For all you know it's just a regular transaction and you are earning money. The next thing that you know your business is being given a charge back fee and you are now out of pocket. It's unfair, it's frustrating and luckily it's preventable.

The Benefits of Using a BIN Numbers List

BIN numbers lists scan the credit card before you accept the transaction. You use the first six numbers on the front of the card and it tells you a lot of information about the owner of that card. You will find out the country of origin, who the card is issued to and you may even find some of their contact details. From looking at the details you will have a much better idea of whether the person making the transaction is who they say they are. Of course this is much easier when you are serving them in person. If you are relying upon online transactions then it's harder. The country of residence will be your biggest clue!

Don't be afraid to reject a transaction if you think that it is fraudulent. After all, it is much better to be wrong and lose nothing than it is to ignore your instincts, be right and lose a lot of money.

The question is how do you know when to scan the BIN numbers? If you run quite a small business then it isn't essential that you scan every single card. You can therefore get away with using one of the many free BIN numbers lists. They typically allow you to check up to 10-15 BIN numbers each day. If that's all that you need then the good news is you won't have to pay anything for the privilege. However, if you run a successful, large business it would be a much better idea to invest in BIN numbers software. You can then scan all of the transactions that are made and check for any abnormalities.

Finding Good BIN Numbers Software

It can be a nightmare trying to find good BIN numbers software. The trouble is there are so many available. The good news is that there are not many bad ones out there. They all do the same thing, you just have to find one which has an up to date list of cards.

It's worth keeping in mind that you need to think about what type of cards you will be accepting. If you don't accept American Express for example, it would be pointless investing in BIN numbers American Express software! Look at the options available and choose the software which best suits your business.

by: Gen Wright

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