subject: Credit Card Bin Search To Prevent Online Fraudulent Transactions [print this page] With online transactions becoming more and more popular not only because they are convenient but also because they are highly secure, it has become important to understand the importance of credit card BIN search. The BIN or Bank Identification Number, which is present in every credit card, provides the user and as well as the merchants to check the validity of the card and the user. This BIN search can help in many scenarios including prevention of fraudulent transactions and reducing chargebacks to business owners. It is important to understand the credit card BIN search facility and what it provides and use it accordingly to ensure proper growth of business and prevention of credit card fraud.
Importance of Credit Card BIN Search in the Growing Online Markets
The online market is growing at an exponential rate with business opportunities and customer base increasing since the internet has turned the world into a global village. It has become easier to attract customers across borders and continents quite easily. However, the big issue, which is related to the online business, is to identify the legitimate customers from the fraudulent ones. For online payment, the preferred mode is always credit card but it if the credit card is not a legitimate one or if it is stolen then the business suffers due to chargebacks. Credit card BIN search can help prevent such transactions. Credit card BIN search can reduce the chances of chargebacks.
The first six digits on any credit card comprises of the BIN number, which provides you with the necessary information regarding the credit card. For a credit card BIN search, all you need is these first six numbers present on the credit card. Once you do that, credit card BIN search is going to inform you about the type of credit card, the name of the card holder and the financial institution that provided the credit card. The Bank Identification Databases are nearly 99 percent accurate, which means that you will be able to know all the details of the buyer and the credit card promptly and accurately to ensure that the transactions are not fraudulent.
Credit Card BIN Search: Minimal Cost, Maximum Benefits
If you are wondering about the cost associated to credit card BIN search, then you need not worry. If you are opting for bulk usage for your business, then you will be getting a special rate and discounted offers. The credit card BIN search can save your business from a lot of chargebacks and fraudulent transaction, which eventually can ruin your business. The small price, which you have to pay for the credit card BIN search, is nothing compared to the benefits that you are going to receive from this lookup.
The credit card BIN search enables you to keep your online business safe and secure. The BIN checkup facility must be used by all online businesses in order to safeguard their business from fraudulent transactions. The credit card BIN search not only authenticates customers and credit card data, but also provides you information regarding the bank or the financial institution that has provided the credit card. If you feel that a certain financial institution or bank has a history of shady transactions, then you can block transactions from credit cards provided by these banks using credit card BIN search.
by: Gen Wright
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