subject: Using A Bin Numbers Database [print this page] Using a BIN numbers database is simple, easy and effective. The main benefits that come from checking BIN numbers include:
It can prevent fraud
You find out what type of card is being used
It verifies the card details
These are the three main advantages to using a BIN numbers database. All businesses should ideally invest in a BIN numbers list. You can download software or use a BIN numbers website. Whichever method you choose, you should always ensure that you choose the best one.
The Importance of BIN Numbers Lookup
Did you know that charge back fees can literally break your business? What many business owners don't take into account is the fact that charge back fees often have to be made up for by increased prices. These increased prices can put off potential customers, as well as regular ones, from using your business. Therefore your profits would fall and your business would end up in trouble. It really can be that serious. Yet despite its risks, many people still won't invest in a BIN numbers database.
Depending upon the size of your business, you could even benefit from a free BIN numbers database. There are many websites which allow you to search for a maximum of 10 BIN numbers. If you run a small online business then this could be perfect. You don't have to spend any money on BIN numbers software and you could potentially save yourself a lot of money in the process!
Another benefit is the fact that your reputation will improve as you use a BIN numbers list. You are guaranteeing the safety of your customers as well as your business. Your customers will love this and they will be more likely to shop with you again in the future. It also means that you won't need to put your prices up unnecessarily. Many businesses find that they make too much of a loss on fraudulent transactions so they have to increase their prices. This puts their business at risk as customers start to look elsewhere. Having a BIN numbers database can literally make the difference between having a successful business or one which goes bankrupt!
Will a BIN Database Stop All Potential Fraudulent Transactions?
While BIN numbers lists can help to stop a lot of fraudulent transactions, it cannot be guaranteed 100%. This is because some numbers aren't actually listed on the database. The details on some of the cards may also be incorrect on the database. The person could have moved or they could have received a new card a few days ago and it hasn't been updated on the system.
The good news is, by refusing the transaction when the information cannot be found, you could be preventing a fraudulent transaction. It's always better to be safe rather than sorry. So why not take a look at the different BIN numbers databases online now? You may even be able to try out a free demo to see how they work and how effective they can be.
