If you are starting or already own your own business, utilizing a bin checker should be considered a necessity. It's a tool that helps you in the fight against identity theft and fraudulent purchases. It's an issue online business owners have been trying to combat for years, and now they can with bin checker software.
A bin or Bank Identification Number allows merchants to match important information (e.g. card issuer, expiration, personal address information) to the bin database. This way you know whether or not the purchase is a valid transaction or someone is unauthorized to use the credit, debit, or prepaid card.
Just by searching the Internet you can find a bin checker website that will help you through the process. All it takes is inputting the first six digits of a card and a bin database will present you with all the appropriate information. Here are some of the benefits you can enjoy by utilizing this type of software for your business:
* Cross-check suspicious activity
* Customized options to tailor your business
* Discover cards from countries with export restrictions
* Prevents fraudulent transactions
* Receive name of issuer bank and country origin
* Weed out shady banks with a history of bad transactions
* What type of card it is
* and much more...
Another benefit associated with a bin checker is your ability to charge applicable fees. If you have a lot of business from individuals and companies outside the country, it will be important to make additional charges. Plus, a bin data lookup can even help you setup an automated arrangement.
It's important to remember that a person's credit card doesn't have to be stolen from their wallet. There are plenty of phishing sites out there that look legitimate, but they want your personal information. This is so they can make purchases, have the items shipped to different addresses, and either keeping them, or resell them.
Unfortunately, business owners have no idea until there is a dispute on the purchase. It's a huge letdown, especially when you lose money in the long run. The only "real" way to fight it is by using a bin checker system.
We highly recommend viewing a bin checker demo and see how it works. Understanding the benefits associated with bin software will be helpful when it's time to decide whether or not its for you. Eventually you will realize that this type of technology is a necessity, especially if you plan to have a successful Internet business.
Then there is one benefit that is often overlooked by business owners. A bin checker is more than a fraud prevention tool. It can also give your clients the opportunity to have access to their finances quickly.
Plus, the bin database is updated regularly, which means you never have to worry about outdated information. In the end, bin checkers are the best way to stay on top of your business whenever purchases are made.