subject: Good Reasons To Do Business Online [print this page] If you run an online business and you want to improve its profitability, then you will do well to find out how a bank bin can help you achieve your goals. The modern business runs on the purchase and sales of goods and services via the internet. It is almost the only way that most businesses operate and so there is need to do everything possible to make this profitable and safe. A bank bin is a solution that is worth trying out.
Good reasons to do business online
There are many good reasons why one should do business online. Online sales are easy to complete and also much more convenient than when you buy something in the offline world. The community of buyers is also much larger and spans the entire world. At the same time, there are many people - both official and unofficial - who feel that credit card fraud is easy. To protect yourself from such people, you need to use a bank bin.
High risk of credit card fraud
Since businesses accept credit card transactions, there is a higher risk that people who are able to bypass regular working channels can perpetrate a fraud. A bank bin provides a means of preventing such people. Since businesses are so dependent on doing business online they need protection which a bank bin can provide.
Verifies cards
A bank bin will do the job of verifying the cards that are being presented to a merchant. This means that as soon as a merchant is given a card they should immediately perform a bank bin database lookup. There are few other ways of doing the verification of cards but with a bank bin database lookup things become much easier and effective.
To know how true and genuine a credit card is, a bank bin can help perform the required validation to ensure that everything is in order. The BIN or Bank Identification Number is the best means of finding out information related to any credit card that is stored in a bank bin database. When a credit card has the right information then the bank bin lookup will not flag it as an error.
At the same time, it is important to understand that a BIN database is only effective if it is complete in every way. If you use the bank bin database lookup on a BIN database that is incomplete, then there is high probability that the fraudulent credit card will pass through the lookup. This is why before using a bank bin it makes sense to check the BIN database thoroughly to ensure that its accuracy is almost complete and it must also be updated on a daily basis.
The BIN database is constructed around the first six digits that form the entire credit card number. These digits will always be unique and so when you use the bank bin database lookup you can be sure that no two credit cards are going to have the same set of first six digits. This is how a bank bin helps in locating fraudulent credit cards.
