subject: How To Deflect From Credit Card Fraud With A Bank Bin Checker [print this page] In case you are just hearing bank bin checker for the first time, then here is the quick definition. Bank bin is known as the bank identification numbers which is used as a code to recognize the issuer of a particular credit card. These bank bin numbers are collected and stored in a database. This database is usually referred to as bank bin database. Bank bin database is used for both offline and online shops and this helps to confirm the card transactions. This card could be credit cards, debit cards or better still; gift cards. Bank bin database is full of information concerning the cards and this information includes the issuer, the card type as well as the number of on the card. Besides, this information, some other necessary information could be found in the database that is connected to each card. Therefore, anytime there is transaction that involves credit, debit or gift card, the shop retailer can easily confirm the authenticity of the card from bank bin database. This will be able to confirm to you whether it is valid or not. If it is authentic, the transaction will be approved but if otherwise, it will be rejected immediately without causing any damage.
WHY IS IT IMPORTANT FOR A RETAILER TO VERIFY BANK BIN NUMBERS FROM DATABASE
For instance, if a customer wants to make a payment with a stolen credit card and bought about hundred dollars worth of goods. If there is no bank bin verification and the transaction is approved and sale completed. After the transaction, the real owner of the card discovered that his or her card is lost and went ahead to make police report and issued a charge back with the bank. What do you think will happen? I am very sure that the bank will definitely process the charge back to be an unauthorized transaction and the money will surely be returned back to the owner of the card. Remember that the business has already been completed and the person that stole the card has gone away with the goods. This means that your business will suffer from hundreds of dollars worth of goods which will be a great loss to your own part of business. Can you now see the reason why bank bin database is very essential? If you have this in your business, you can verify the ownership and the authenticity of the card immediately and if detected, you will be able to get your goods back and handed the thief over tot eh police.
Does that sound good? Can you now see the importance and the effectiveness of bank bin database? Bank bin database is such a great tool that enhances the transaction verification before any harm is done to your business. If there is card rejection, there will be no charge back fees deducted and the business will never be at risk of losing any valuable goods to the thieves.
In conclusion, it is very important to integrate your bank bin database in order to carry out instant check whenever a card is used and make sure that the format in your bank bin database is connected to your current system.
