subject: What Bin Lookup Can Do For You [print this page] In your company's books, there is always a place for expected revenue; probably a cheque that you are waiting to clear in the bank. Such kind of revenue cannot be included as cash in the bank until it clears. Such is the exposure that the internet has placed on retail companies. Purchases are sometimes done online with the means of payment being by debit, credit or prepaid card. The problem with these cards is that they have been targeted by fraudsters, so you can never know when a card is genuine or not.
One way to know this is by use of BIN lookup, this is done by use of Bank Identification Number (BIN). This are the first six digits that appear on a debit or credit card. They are usually used to identify where the card has been issued from, that is why this number can also be called Issuers Identification Number (IIN).These numbers are country specific, so they will help you identify where the card is from and also identify the institution that gave it.
Your company will enjoy many benefits from using BIN lookup software. The most important being that you will be able to screen a card before you can accept it for payment. Fraud changes each day such that, yesterday's tactics are old today. And as a company, you always need to be on top of things. Our BIN look up database is updated on a day to day basis, so we will always give you the right information. We currently have a database of 220,000 which is big by industry standards, this will help you narrow down a card.
By using BIN lookup, you will be able to avoid any charge backs from customers. Each time that a customer complains they were wrongly charged for something, the credit card company will reverse the charge and also charge you. There is only a certain percentage (2.5%) allowed for each trader, charge any more than this and you could be investigated. Why ruin your reputation? Invest in a BIN lookup service so you can efficiently match the customer to the card. With BIN lookup, you will also ensure that you stay within this range, by being extra cautious.
As a company, you should always take the necessary steps to reduce any potential risk or loss. One way is by use of our BIN lookup database that is in Csv format making it easy to use. You do not have to be a programmer to decipher it. It is also in a format that will easily integrate with your company systems.
You would need a lot of accuracy to operate a BIN lookup service; which is why our service is so reliable. We source the information for our BIN lookup database from banks, financial institutions and online traders.
These are the people who issue and use the credit or debit cards, who else can give more accurate data than them? As a company, you will also have access to this information and as such ensure that you are also protected.
