When looking into whether or not you should make use of a BIN lookup service
, you should mainly consider how important your business is to you. Think about the time, effort and money that you have put into the business. Are you prepared to let it all slip away? If the answer is no then you might want to think about making use of a BIN lookup.
What is BIN Number Lookup?
BIN number lookup helps you to find out details of each card that is used to make a transaction through your business. When a card number is used, the BIN lookup takes the first six digits that are found on the front of the debit or credit card. Each of those numbers says something unique about the issuer and the card owner.
You will be presented with information about the card issuer, the country it is registered to and contact details for the card owner. This helps you to see whether the transaction pending is genuine or whether you should worry.
It's worth keeping in mind that there is more than one BIN lookup available. You will find a number of different BIN lookup software programs online, each with its own unique features. It's up to you to take a look at the options available and decide which one best suit you. Are you happy with a simple, free list which lets you search up to 10 numbers each day? Or would you prefer a more extensive automatic BIN lookup that can be incorporated into your computer system? Think about what you are actually looking for and then you should be able to find the best BIN lookup to suit your needs.
Using BIN Lookup to Fight Fraud Chargeback's
One growing worry for businesses these days is fraudulent chargebacks. When a fraudulent transaction takes place, a credit card company will take the money back from the business to put back into their customer's account. This is legal and it is one way in which credit and debit card issuers can protect their customers. However, sometimes fraudulent chargeback's can take place.
A fraudulent chargeback would be where the consumer has bought the goods and then tried to get the money back for them by reporting it as fraud. Many businesses don't bother to look into the transaction as they don't want the hassle. A BIN lookup can help you to seriously cut back on fraud and save you your business reputation as well as money. You have worked really hard to build up a good, successful business so why let somebody come along and ruin that?
Have a look online now to see the different BIN lookup services available. Make sure that you pay attention to your needs and the functions of each lookup service. It makes sense to invest in proper fraud protection. Fraudulent chargebacks are becoming particularly common so protect yourself by buying BIN number software today. Or make use of a free trial online to see exactly how it all works.