Ten Reasons For Doing Credit Card Bin Lookup
Prevention is better than cure both in disease as well as in finance
. Bank identification numbers are now commonly used to verify the accuracy of credit card numbers by both small and large firms.
There are a lot of valid reasons for a credit card bin lookup to be done before finalising the payments.
Verifying credit card transactions.
Credit card bin databases allow the merchants to verify the credentials of the cardholder with a credit card bin lookup which can be conducted with respect to the policies of data integrity and protection.
Identify suspicious transactions
Any doubtful transactions which can be a potential fraud can be restricted and verified further using the credit card bin lookup facility. Credit card bin lookup tools are configured to identify the mismatches between the details of the bin base to the details the customer has given while ordering for goods or services. Such warnings issued by the credit card bin lookup tool are checked further to confirm the warning.
Deny online payments when suspected
When the business encounters such warnings of fraudulent transactions, the next best alternative is to stop the online transaction. When this feature is initiated, the bin base threats can be configured to cancel the transaction in case of doubt.
Set up automatic filtering features to identify potential threats
Linking the results of credit card bin lookup to accounting software can initiate automatic filtering features to prevent fraudulent transactions. Configuring the filtering features is easier when the data is stored in a compatible format and uniformly in the database. The feature can enhance the credibility of merchants and can save considerable amount of time needed for manually verifying each transaction.
Linking to antivirus software for enhanced security
Sometimes a card entry may be used as a tool for identity theft. A suspicious entry can also be spyware or malware. When the bin database is linked with antivirus software, the firewalls can issue a warning in similar situations.
Find out details with which to contact the service provider in cases of emergency
A credit card bin lookup is the best way to get the details of the bank to which the merchant can contact in case of need. When the banks have similar names, the mere Google search will not be appropriate to find the service provider. A bin base offers authenticated results which are more accurate.
Preventing credit card frauds
This is of course, the primary function of credit card bin lookup. The warnings issued by bin database on a credit card bin lookup are not to be looked down to curb the threat of credit card frauds.
Preventing identity thefts
Credit card frauds and identity theft are more cross linked. One can aggravate the other and vice versa. Credit card bin lookup tools offer the best and reliable way to prevent identity thefts since each and every card number entered into the database pass through genuine quality check of identification.
Securing the finance future
Preventing credit card frauds offer a great way to reduce charge backs and lead to a secure finance future for the business.
Customer satisfaction
A bin database does the credit card lookup live and really fast without wasting the time of customers. This can increase the level of customer satisfaction.
by: Gen Wright
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