subject: Understanding The Importance Of Credit Card Bin In Online Business Scenarios [print this page] For any online business, that sells its products and services to its customers directly over the internet, the provision of online payment through credit card is now mandatory. However, with the increase in online fraudulent activities, it has become important to opt for a credit card BIN check prior to approving any transaction to ensure that the credit card details provided for the transaction is genuine and not fake. There are numerous advantages to opting for the BIN lookup. For online businesses, it saves both time and money and ensures that unwanted chargebacks do not pile up, which can take a toll on the business.
Why You Need Credit Card BIN Lookup
Numerous business scenarios require the assistance of a credit card BIN search in order to ensure that the transaction that has taken place or the order that you might have received is genuine and the credit card is not fake or stolen. In case you receive a payment for an order from a stolen credit card and you have already shipped the item there is a chance that the original cardholder may dispute the transaction. This may not only result in a loss in business but can also affect the credibility of your business. Therefore, it is always better to opt for a BIN search in order to verify the details of the credit card details that you have received for a particular transaction.
You might receive scores of orders but if you do not confirm the identity and the authenticity of your clients then you are heading towards a disaster. Organized online fraudulent activities are quite common nowadays and some group of people with stolen credit cards can make numerous purchases from your online store. If the original owners of the credit cards dispute the charges, which they are surely going to, then eventually it is your business, which is going to be in the line of fire.
Advantages Provided by the Credit Card BIN
In case you are not aware of what credit card BIN, is then you must know that BIN stands for Bank Identification Number and the first six numbers that are present on every credit card comprises of this BIN. There are numerous BIN databases available online where you can search the details of any credit card if you provide these first six numbers or BIN of the credit card. The BIN database is going to inform you of various details about the credit card including the name of the owner, the financial institution or bank that issued the credit card, the type of credit card it is and the level of the credit card. Based on this information and the information provided by the user, you will be able to check the authenticity of the card and the user.
You will be able to use the credit card BIN database to your advantage in various ways. In case you find that credit cards provided by a certain bank or financial institution is having issues and has been reported by many, then you can block the acceptance of credit card issued by that bank by customizing your BIN lookup. The BIN search is going to ensure the safety and security of your online business.
