Are you running an online business or do you receive payment with credit cards? If the answer to this question is yes, it is essential that you learn about BIN and start using it for order processing as it will give your business a lot of benefits especially helping you to prevent credit card fraud and to protect your business against chargeback. Based on statistics, the rate at which credit card fraud is increasing is quite alarming nowadays. The only reason why businesses and individuals are still using plastic card today is because using it is very comfortable and much easier than other methods for both the person making the payment and the person receiving it. Despites the numerous benefits obtained from the use of credit card, it is also risky. It can be stolen. There is also the possibility of credit card fraudsters getting credit details of your consumers and making purchases with their cards. This can affect your business as you will be slammed with chargeback. But you can save your business as well as your customers from credit card fraud by using BIN base lookup.
BIN list database is a type of software that searches and brings up the information contained by the BIN of a credit card so that merchant can match them with the information provided by their customers when they make payment. Here are the various benefits using such cards gives businesses.
- The first benefit you will get from the use of BIN is that it protects your business from paying chargeback. The law guiding chargeback for most card favors the customers. If unauthorized purchases are made in their name, they can file for a refund or chargeback which means that business will have to pay all the money illegally deducted. Such losses can result in the loss of huge and eventual collapse of company. With a BIN, you will be at alert and guide against such ugly occurrence.
- Using BIN List checker makes you more reliable before customers. Consumers will trust your business and come to you, if they know that you have the right tool to protect them against credit card fraud. On the contrary, no consumer will purchase things from business that offers little or no protection against credit card fraudster
- Using it is a veritable means of protecting your customers against credit card fraud. Nobody will have a peace of mind if their credit card is used without their authorization. If their credit cards details are protected and cannot be used by anybody, they will be comfortable making payment for their purchases with credit cards.
- Given the rate at which credit card fraud is increasing today, there is a need for everybody to join hand in uprooting the evil from the society. One of the ways you can contribute your quota in the fight against plastic card fraud is to make use of BIN list database. Credit card fraudsters will stop their evil if they cannot purchase anything with other people’s card details.