subject: How A Bin List Can Help You Run A Successful Business [print this page] What's the most frustrating time consuming part of maintaining your online business? A ridiculous amount of credit card fraud, and uncontrollable administrative fees or charge-backs for one...but here's some good news for you.
Obtaining access to an authentic, precise BIN list can save your business from damaging credit card fraud.
Finally there's a vital, trailblazing, new tool that takes cares of the business at hand. Before you process your next payment, consider using the BIN list database.
All it takes is a few minutes of your time to check your BIN list online and see if there are any problems with a particular credit card, the card holder, or the issuing bank.
A BIN list can wind up being the foundation of the way you company manages and assesses risk.
Checking a BIN list bank identification number is not only an ingenious tool for you and your business, but for consumers as well. As you probably already know, consumers are covered when it comes to paying for fraudulent credit card charges.
When a consumer figures out that their card has been lost or stolen, a simple call to the issuing bank will let them off the hook. Most credit card issuers have in place a zero-liability policy for consumers who are victims of identity theft.
The problem is that you may have already processed a card and shipped out merchandise before finding out that the card was stolen. This is where a bank identification number BIN list can come in handy.
Verify cards through a BIN list will help to prevent excessive charge-backs and administrative fees. These fees can vary, but in time, those amounts can prove to be damaging to your bottom line as well put your merchant account at risk.
In other words, you can avoid those outrageous fees with a simple BIN list download and a plan in place to closely monitor transactions. You can easily check all transactions before processing them with an updated list of bank BIN numbers.
For example, you can use your BIN list to verify that the billing address matches the shipping address before processing the order. Easily scare off crooks by requesting further verification before completely the sale.
Another example of great use for your BIN list is to flag any credit card who shows a history of frequent charge-backs or significant problems in the past. It is definitely a win-win situation for you because when the dust settles, you have complete and total control over which credit cards you will accept and which issuing banks you will work with.
It is getting easier and easier to manage your business and keep your finances in the black using the BIN list. Plus stopping credit card fraud is one of the best ways to serve your customers. Just image the amount of money you'll save on fees and stolen merchandise.
