subject: Downloading Bank Bin Numbers- Protecting Your Company [print this page] Protecting your business against fraudulent transactions is easier than you think. Have you suffered charge backs from fraudulent transactions? If so you'll know just how frustrating and damaging the problem can be. Without adequate protection your company could lose thousands of pounds/dollars every year. Bank BIN number software is designed to help you to protect your business and your profits.
How Fraudulent Transactions Can Damage Your Business
Fraudulent transactions can damage your business in a number of ways. Firstly you are losing the goods that you sold to the fraudster, as well as the money that was paid to you for these goods. Thanks to strict fraud protection offered by credit card issuers, customers are now guaranteed to get their money back. The money doesn't come from the card issuer however. Instead it comes directly from the business where the fraudster used the card. This is known as a chargeback.
The thing with chargebacks is that they leave a business out of pocket. There is no guarantee that the company will get the money back. The fraudster may never be caught. If this happens once then it may not have a serious effect on the business. However, if it happens several times then it could start to cause serious problems for the company. Many businesses have had to put their prices up to cover the loss in profits thanks to fraudulent transactions. This can potentially lose you a lot of business as customers head to your competitors for cheaper prices.
It isn't just the money that you lose that can damage your company. Your reputation could also go down the drain too. Your customers need to know that they can shop safely with you. If you don't have adequate protection installed then that sends out a negative signal to customers.
Downloading and Using Bank BIN Number Software
Once you've paid for the Bank BIN numbers check list, you then install it onto your computer. Some types of software don't actually need to be downloaded; you can simply use them online. This mainly applies to the demo versions.
All bank BIN number lists are connected to a unique database. This database contains thousands of BIN numbers. However, it won't contain them all. This is something that you need to be aware of. There is no database, apart from the official one that isn't open to the public, which contains every single credit or debit card. Therefore it's possible that you may come across a card that doesn't show up any results. When this happens you can choose to trust the transaction or ask for additional identification.
When you're using an offline Bank BIN number software, you may want to ask the customer for additional identification if there does appear to be a problem. Obviously you can't do this online. Instead you will need to set the database so that it declines any potential fraud, based upon several determined factors. Using BIN number software is simple, easy and effective. Look after your customers and your business now by installing good BIN number software.
