Understanding Bin Bank Identification Number Systems

Credit card fraud is at an all-time high

Credit card fraud is at an all-time high. Business owners of large businesses, small businesses, online businesses and brick and mortar businesses need to learn the methods and techniques to reduce the instance of credit card fraud that can cost the owner of the business thousands of dollars in charge-back fees.

One of the most effective ways that business owners are able to protect themselves, and their customers, from credit card fraud is to make use of BIN Bank identification number databases that are designed to verify the credit card information that is being provided to the merchant, verifying that legitimate information is being provided to reduce the instance of credit card fraud.

How does the Bin Bank Identification Number system work?

The bank identification number is a six digit number that is found on the first six digits of credit cards, prepaid credit cards, debit cards and gift credit cards. Using the information that is found in the BIN Bank Identification Number database, the merchant or business owner is able to confirm the account details.

Every credit card, debit card and prepaid card includes the six digit number, which varies from the financial institution or type of card that is being used. If the card has a chip in the front of the card or has a magnetic strip on the back of the card than the card will include a bank identification number that can be used to identify the financial institution and be used to verify the account details of the person completing the transaction with the credit card.

What's the value in the Bin Bank Identification Number system?

More and more companies are accepting credit card payments. It's unlikely to find a retailer or vendor that does not accept the popular payment method - and this being the case, it's important for these vendors to find a way to reduce the instance of credit card fraud.

Taking the extra safeguard and making the decision to subscribe to gain access to the Bin Bank identification number database that is available online, the business owner can increase their depth while accepting credit card payments, increasing the security of the payment processing method. At the time the credit card transaction is being completed, the merchant is able to enter the information or have the information automatically confirmed with the database, to confirm the validity of the credit card as well as verifying the account information of the card holder.

Vendors can take advantage of the system to increase the security of the credit card payments that are accepted, gain access to quicker transactions that are approved faster once the transaction has been completed and even a higher reputation through the online credit card and traditional transactions that are completed. Using this information available through the bin bank identification number database systems can be an effective way for the business owner to protect the customer, their assets and the reputation of the business in their everyday dealings.

by: Gen Wright

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