How A Bin Numbers Search Can Protect You And Your Customers

There are two main ways in which a BIN numbers search can protect both you and your customers

. Firstly it can help you to stop potential fraudulent transactions. This then stops any potential charge backs, which means that your business won't lose money. The other way that it protects your customers is by ensuring that you don't have to increase your prices to account for charge back fees. If your business suffers charge back fees, it accounts for a loss of profit which means you need to increase your prices. So this way they get to pay low prices, while staying safe as they shop with you.

What BIN Numbers Actually Do

If you haven't heard of BIN numbers then you wouldn't be alone. The main thing that you have to know is that BIN stands for Bank Identification Number. It is the first six digits on the card and they contain all kinds of useful information about the cardholder. Usually cardholders are only focused on the last three digits on the back of their card. They don't realise that the first six digits tell the merchant so much about themselves.

So just what exactly does the first six digits on your bankcard tell a merchant? Well firstly it says which country the card is issued in. It may also tell them the address or at least the post/zip code of the person that owns the card. It also states which the issuing bank is. This information is used to determine whether the consumer using the card is the actual owner.

Verifying the Card Details

The BIN numbers credit card list enables you to verify that the card details are correct. You may not realise it but there are quite a lot of fake cards circulating throughout the world. When you scan the card through the BIN numbers database, you will find out whether it is a genuine card or not. This will help you to protect your business from serious fraudsters.

The right BIN number list will be able to verify various details about the card. It definitely pays to be sure of who you are dealing with. It's worth noting that sometimes you may not find the card's BIN. This is because they aren't always on the list. Each BIN numbers database that's available aims to be as accurate as possible. However, sometimes there are errors on the system. The number might not be on the database at all. Or the details may not have been properly updated. However, this isn't very common. If you come across any problems with verifying the card then it's always safer to just decline the transaction.

Your business can definitely benefit from verifying all card transactions. All you need to do is scan the card through the system and you are automatically informed of any potential errors. It takes just a couple of minutes and it could save your business a lot of money. Why take risks when you don't need to? Start using BIN numbers lists today. You can download software or simply use a BIN numbers website if you'd prefer.

by: Gen Wright

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