Why You Should Utilise a Bank BIN Database

If you are running an online business and you are accepting payment via plastic cards, you should invest in a bank BIN database as it will help you to protect your business against chargebacks and other loses resulting from credit card frauds.

Indeed, credit cards and other kinds of cards have come to stay as they make for easy payment. With them, you don’t have to be carrying your money around. It is today possible for you to travel abroad only with your plastic card. With it, you will be able to pay for your purchases. However, it has its disadvantages. Apart from the fact that it can be stolen, it is vulnerable to fraudsters’ attack which can constitute a very big challenge to both the merchants, credit card issuers and users. This is particularly true of when it is utilized for online transactions. Credit card fraud is on the increase and millions of dollars have been lost through it.

One of the means of reducing or protecting one’s business from being a victim of credit card fraud is by using bank bin software. The BIN lookup software goes through the bank bin database using its bank bin finder to obtain useful and related information about the bin of a card. Knowing and analyzing the credit card BIN pin will help to furnish you with the information you require to ascertain to a considerable element whether the credit card owner is the right person making the payment.

Every card number contains a set of number known as bank identification number commonly abbreviated as BIN. This set of numbers is also called issuer identification number. Through a bank bin lookup, you will be able to obtain and analyze important information about a card. Bank BIN Database is a type of database that contains the BIN of various cards. The BIN of a card will tell you the type of plastic card being used for transaction, that is, whether it is credit card, debit or gift card. It can also show you the brand of the plastic card being used. You will be able to find out who the issuer of the card is and the country from which the card is issued.

You can take advantage of such information when you are trying to verify the authenticity of a transaction. For example, if you perform a BIN lookup search and discover that information provided by the customer does not tally with what is contained in the BIN database, it calls for caution because it is a sign that the transaction may be fraudulent.

If you discover that certain countries have high tendency of credit card fraud and that the number of cases such as criminal act is on the increase in certain country, you can restrict or ban consumers from such countries from using or buying your service or product as the case may be.

Each card type has its unique price. With a BIN lookup service, you will be able to know the right amount to charge for each of the types of credit cards used to make payment.