Bin checker credit card tools contribute a great deal towards securing the finances of any business
. With the latest technological tools and e-commerce advances, the bin checker credit card system has become inevitable in every business whether online or direct. The need for instant and live updates and checking features has been growing ever since the introduction of bin checkers in the financial world.
Though the bin checker credit card system has a lot of applications there are a few drawbacks too.
Need updates
The bin system needs to be updated regularly and licensed versions of some bin databases charge for each updates. This can result in higher cost for the user. There are some bin checker credit card systems which charge for each transaction. These bin systems can be of better use especially if the merchant has very few or less cashless transactions.
High cost
As said, there are a few licensed bin checker credit card versions which require updates to be bought by the customer. A few others are free and have one time investment. Some are conditional. For example, if the merchant purchases a bin checker credit card with a license which is valid for one year, the updates and technical patches are freely downloadable within the license period. Once the license gets expired, the merchant needs to pay for updates if he needs them.
Limited number of searches
Free bin checker credit card tools are efficient in searching the database. However the number of searches may be limited usually to ten per computer or per network. This can be problematic when the number of transactions is huge.
Incompatibility with other software
The bin checker credit card systems should be compatible with other software which the firm frequently use. Csv or comma supported value files are the most common ones for data storage and most bin systems employ csv files. The bin checker credit card systems should be checked for their compatibility with other system requirements such as Operating system, antivirus software etc before purchase.
Not able to set automatic filtering
Some bin checker credit card systems are limited and does not allow to be configured with e-commerce platforms for automatic filtering of suspicious transactions. Manual filtering can take a longer time especially if the firm is entirely dependent on online financial transactions for its operation.
Non uniformity of the records
Bin checker credit card tools should have databases with uniform records. For example, you cannot have the country name as US in one record, USA in another record and United States in still another record especially within the same database. Such non uniform records can pose problems to automatic filtering and can create compatibility issues.
Non decision making
The bin checker credit card tool is only a way to find the financial frauds and does not offer any solutions. It can only predict the risk factor. The decisions are left to the merchant or authorized personnel so as to continue or reject the financial transaction. Hence the liability for suspicious transactions still falls on the merchant and there should be sound decision making from the merchant to curb financial threats.