Why And How To Safely Use A Binlookup?

Even though you might have not been aware of it

, you are using BINs each and every day. In these times in which most of the pays are done by credit or debit card, it is very important to know what information you give away with each transaction. This Bank Identification Number consists of the first six digits printed on your card. It contains information about the bank that released it. The other numbers on your card represent your account number or some other various things, depending on the company's policy.

What is a binlookup?

A binlookup represents a search in a certain database, using a Bank Identification Number, in order to find out information about the cardholder. With the help of a binlookup, you can find out more information about the owner of the card, as well as special card features. This binlookup is really easy to perform. All you need is a specialized software.

Why should I use a binlookup?

Whether you own a physical company, such as a hotel or a deluxe store, or an online one, you should know that the binlookup is very important for you. With a binlookup, you can easily find out if your customers are trustworthy and how risky it would be to do business with them. Also, a binlookup will reveal if the credit/debit card that is being used is stolen or if the customer is attempting any kind of fraud.

How does a binlookup software work?

A binlookup software is based on an online database that provides you with information for different types of cards. You should be very careful when choosing one, for a binlookup can be very different from customer to customer. Usually, a good binlookup is conducted if the database that you are using is up to date and contains accurate information. A binlookup can be failed because not all the information on the database is usually accurate; however, they have reached a 98% rate of positive responses on a normal binlookup.

Where could I buy a binlookup software and how much does it cost?

In order to be able to perform a binlookup, you should first buy a software. A simple Google query should give you enough information about the binlookup as well as where you can find the best one for you. Some of them have more correct and complete databases than others. That is why for a good binlookup you should first get very well informed. Try to find those that first offer you a free trial, to see if the software fits your needs.

A binlookup software usually costs somewhere around 500 dollars, more or less. Make a risk assessment of your company and then decide if you would benefit from buying such a software. But you should know that the cost of it will quickly be covered when you won't lose any more money because of scams.

All in all, before starting any type of business based on a credit/ debit card payment type, you should read all about the risks and consequences that you expose yourself to.

by: Gen Wright

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