Over the last decade, credit card fraud has been a hot topic amongst consumers, credit card companies, and merchants. When something fraudulent takes place, it can have a major impact on any of us. In order to reduce the risks and alleviate this problem, everyone is turning to a bin checker.
Bin is nothing more than a Bank Identification Number. It is the first four to six numbers on a credit, debit, or prepaid card. Companies will use a bin checker to cross-reference the information in the bin database and make sure the card is authentic.
If you don't take the proper precautions, it could create additional problems. For instance, let's say you have a credit card with fraudulent purchases on the statement. You call the credit card company to dispute the transactions and they end up informing the merchant.
Many people believe credit card companies will write-off the unauthorized purchases. However, they do look to the merchant for chargeback's and penalties. This creates an increase in prices for the merchant, so they end up raising their prices. In turn, the credit card companies will raise their prices. In the end, you pay more money for rates and fees because of it.
While it was a growing trend in the past, bin checker sites have helped reduce the problems. Merchants are able to look over the bin databases and see that the credit card is current. They can also see information about the issuing company, as well as your personal mailing address. When all this information is in front of them, they can figure out whether or not it's going to be a valid purchase.
A bin checker was only available to brick and mortar companies in the past, but now they can be used online. This has created a huge help for smaller businesses with a substantial amount of competition. There have been cases where lackluster competitors will use consumer credit cards to make false purchases in order to create problems for you.
We understand a technology that is new can be difficult to learn. A bin number checker must be user-friendly, accurate, cost-effective, and provide the highest quality possible. It also needs to eliminate the potential risks of fraudulent activity.
So, what's your next step? It has to start with finding reputable bin checker software. If you have the time to research all the different options out there, it will have a major impact on your future business. Then again; we can eliminate all the hard work and point you in the right direction.
The best thing to do is consider a bin checker as insurance against unauthorized purchases. None of us ever believe it will happen to us, but when it does there are serious repercussions. Studies have shown that Internet fraud is on the rise and without the proper tools to remove it; your online business could succumb to heavy financial losses and an eventual closing.