subject: Why Businesses Lose Money If They Do Not Check The Bin Bank Identification Number [print this page] Every day, businesses will be losing money from one of the major problems that plague the online merchant. Chargebacks are essentially one of the most common types of losses that a business will incur due to the fact that a consumer reported unauthorized charges on their credit card. Any reputable credit card company will reverse the charge, no questions asked, even if the buyer was simply cheating the system. Unfortunately, the possibility of unauthorized charges occurring is very high which creates a slope of losses for businesses that must go through the grueling chargebacks.
Checking the Bin Bank Identification Number
The bin bank identification number is simply an identification number given to a specific bank under a specific brand that is routed to a specific account. The bin bank identification number can also be used to pull up additional information about the card that can tip off the merchant to fraudulent activity. Unfortunately there are a greater number of businesses that simply omit taking on the validation of their customer's orders.
Chargebacks Caused By Lack of Checking Bin Bank Identification Number
Any time a bin bank identification number goes unchecked it runs the risk of the credit processor denying the charge for any reason and issuing a consequential charge to the business for running the invalid card. Additionally, people who claim that their card was used without their permission or are victims of credit card fraud will have their transactions reversed by their card company. The reason why this happens more often when a business fails to screen the bin bank identification number of the transaction is simple. They are not able to determine if the card actually exists or whether or not the card is being used in an unusual fashion.
A bin bank identification number can be used to track down the actual owner of the card while understanding where the charge came from through the shipping address and the actual billing address can tip off the merchant that the purchase may not be legitimate. Although online sales are being made all around the world, even when people are away from their billing address there may be cause to cancel the transaction or verify with the buyer. A bin bank identification number can assist with any such needs.
A high end bin bank identification number checking service will allow you to find out general information about the card and the buyer. With this bin bank identification number information, it is not impossible to locate and even contact the buyer to ensure their purchase is correct. High risk sales should always have the bin bank identification number checked. Whenever the bin bank identification number is used, the business is capable of resolving sale issues before they become problems in the future. Any bin bank identification number can be checked within the database to ensure the proper information is available. Any sales that have invalid bin bank identification number responses should never be accepted, especially if the order is very high in value.
