Learn Effective Use Of A Bin Look Up Now

Every day, businesses are attacked by a variety of different fraud methods

. One of the most prevalent which can cause problems right away is the attempt at online fraught through electronic funds cards. These are simple charges that are made on such cards to purchase products or services, the only problem is that the card number may not exist or if it does exist, can belong to someone other than the buyer. A bin look up is an effective tool that any business can use now to initially screen out the riskier transactions.

Use of a Bin Look Up Service

Any one that has needed to verify a credit card to know if it will process will need to use the bin number. The bin number is designed to identify the bank, brand and other miscellaneous information about a credit card. The bin look up can be performed on a computer or other internet enabled device. The bin look up may be performed through a software or system offline or through a simple website form online. The bin number is located on the card as the first six numbers of the card.

When entering a search into the bin look up services, it is important to understand the quality of the search. The first and most straightforward query response that should be noted as a red flag is a return with no results or an error. This is indicative of a fake credit card and may pose a problem to merchants if they attempt to run the charges through to their processors.

Whenever there are search results displayed, the bin look up will provide several bits of information. Knowing that there is information attached to the bin number will mean that the card may exist in the system. Cards can be declined if they do not exist but a lucky guessing individual could easily enter a number which correlates to an existing account within the system.

Sometimes merchant transaction and processing services will be careless in how they run their charges. The bin look up can help to prevent things such as charging invalid accounts and incurring a fee for attempting to do so from happening. The bin look up can essentially create a simpler process when accepting cards.

What about Numbers that Pass the Bin Look Up but are Fraudulent?

Generally, a charge which has made it past the security measure will do one of two things: The charge will go through to an existing account and debit or remove credit balance from the account. Otherwise, the card processor will simply decline the card and provide a maintenance fee to you for wasting their resources. A bin look up can greatly reduce the incidence of these types of charges making it through to the processing services. A high quality bin look up can be used right away from any reputable service. Usually a bin look up will be free as a demonstration but the true power of a bin look up is in the service. A bin look up service is essential for any business that expects high volume online sales or simply wants to protect themselves and their consumers.

by: Gen Wright

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