What Happens When You Do Not Perform A Credit Card Bin Check?

Many businesses are in the mode of practice of increasing security for their financial dealings

. Although this is growing around the world, the instance of actual security measures being made over the fluid medium of the internet and electronic transactions has been lax. The common option would be to let the card processing merchant account service do that all for you while charging fees and having higher instances of chargebacks simply because they are not thorough enough. A proper security measure that helps prevent problems before they start is a credit card bin check.

The Consequences of Not Performing a Credit Card Bin Check

Accessibility of the internet is high around the world. Children are even able to access the internet on their phones and game consoles. Crafty individuals learn how to hack and steal phone numbers, passwords and even credit card information. Worst yet, these same people are capable of generating credit card numbers from scratch that are fully capable of running through the charge system but eventually being reversed by the card processor. All the while not being able to pull the package out of delivery or turn off the services provided in time before the person has taken advantage of them.

Not performing a credit card bin check leaves businesses open to simple attacks which can turn into big problems later on. A credit card bin check uses the bin number located on a credit card to verify the bank that issued the card. Another thing that happens is the fact that the verification process ensures that the card actually exists. Avoiding the credit card bin check simply provides the crook with the tools they need to successfully steal from your business. Additionally, credit card processing services will reverse fees and charge you not only for what the crook stole from you but an additional fee that can vary based on how much you were scammed out of. These types of losses usually cause unwelcomed price increases that customers will simply have to deal with as you recoup your losses.

Benefits of Running a Credit Card Bin Check Often

The credit card bin check is not only to protect yourself but an equal attempt to protect your consumers. If you were to allow unverified, fraudulent charges go through either with a fake number or even someone else's number. This process can be very dangerous for a business and would require a great deal of PR to fix. The simple solution is to prevent the whole thing from happening by using a credit card bin check. The credit card bin check just takes minutes to perform and provides accurate results each and every time. If the credit card bin check is unable to verify a specific bin number, then the card should be rejected.

Using a credit card bin check can easily increase the security of your transactions. Controlling the flow of damaging fraudulent activity is a practice that all businesses should perform with a simple credit card bin check.

by: Gen Wright

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