Have you wondered about the benefits that come with credit card BIN numbers
? If you have just found out about BIN numbers then you'll have likely heard that they can help you to deal with fraudulent transactions. When used correctly, BIN numbers can help you to detect fraud, but they won't necessarily stop it from occurring entirely. You just have to know what to look out for and how to use credit card BIN numbers to your advantage. Here you'll find the top benefits of using credit card BIN numbers in business.
Benefit #1: Transactions can be automatically declined
Many BIN number databases give you the chance to run a script where certain types of transactions are automatically turned down. There may be a number of reasons why you might want to automatically decline a payment. These reasons can include:
The country where the card is issued doesn't match the country it is being used in
You might not accept various card types
These are the top two reasons why many businesses turn down transactions. Even when you put signs on your website and in your store stating that you don't accept certain card types, there will still be some people who attempt to use the wrong type of card. There are tools that businesses have to automatically decline these types of payments; however a BIN database can provide additional protection.
Benefit #2: Detecting Fraud
When you know what to look out for, credit card BIN numbers can be a great tool for helping you to detect fraud. You can look at the database to see if there is any possible conflicting information between the person using the card and the person the card is registered to.
It could be that the person using the card is based in Africa, whereas the owner of the card is registered to the UK. This would signal a high probability that the transaction is fraudulent. However, it isn't always that easy to spot a potential fraudulent attempt. Therefore you have to scan the information in the database to see whether there are any possible reasons to decline the transaction.
Benefit #3: Gaining Your Customer's Trust
Any business that takes steps to combat fraud will be looked upon favourably by consumers. They want to feel safe shopping with you. Therefore if they know that you use credit card BIN numbers as protection, they are more likely to continue shopping with you.
Another way in which credit card BIN numbers lookups can help you to keep your customers is by ensuring you keep your costs down. When you are hit by fraud it's possible that you may need to put your prices up to make up for any losses that you have suffered. This isn't good news for your customers or your business. They will soon start to shop elsewhere!
These are the top 3 benefits of investing in a BIN numbers database. Credit card BIN numbers won't help you to stop fraud altogether, but they will give you a fighting chance.