Issuer Identification Number- Saving You Money In More Ways Than One

Have you put off investing in an issuer identification number list

? If so then you just might want to reconsider. Many businesses have no idea just how much an issuer identification number database can save them. By paying a little money in the short term, it could save you thousands of pounds in the long term. That's how important BIN numbers actually are.

Why Issuer Identification Numbers Are so Important

Issuer Identification numbers are the six starting digits on your credit or debit card. When typed into an issuer identification number checker, they tell a merchant the card issuer, what country the card is registered to, who it belongs to and it may also include their address.

This information helps a merchant to tell whether the purchase being made is potentially fraudulent. Conflicting information about where the card is registered and where it is currently being used is often the main giveaway of a fraudulent transaction. A good example of this is when the credit card is being used in Africa, but it is actually registered to the UK. If a merchant sees this they can stop the transaction and potentially save a consumer a lot of money.

Another giveaway is if the purchase is quite large. Most fraudsters will attempt to make really big one off purchases before the card is stopped. So if a customer is trying to buy something really expensive, a quick check of their issuer identification number will show you whether you have reason to be concerned.

The Ways in Which Issuer Identification Numbers Save you Money

The main way in which an issuer identification number can potentially save you money is by stopping charge backs. What many merchants don't know is that when a fraudulent transaction is made, the credit card company or bank will usually give the customer their money back. This comes from the business that the money was spent at. It doesn't matter whether or not the fraudster managed to get the goods, the money that as used to pay for them will be put back into the customer account.

Now if the fraudster didn't manage to get the goods you won't have missed out and you won't be out of pocket. If on the other hand they managed to pay for the items and then leave with the items, your business will pay the price. Not only will you have to give the money back, but you will also have lost the goods too. This means that it is just your business paying the price for the fraudulent transaction. Depending upon how much money was spent, this could leave your business out of pocket. An issuer identification number checker will help you to prevent fraudulent transactions in the first place.

Finally the other way in which they can save you money is they allow you to pass on extra costs to foreign customers. You can see where the card is issued and then you can charge more for delivery. These are just two ways in which issuer identification numbers can help you to save money.

by: Gen Wright

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