More and more business are going online nowadays augment their core business. Some of them have gone as far as to abandon the brick and mortar setup to exist solely online. The importance of doing business online can not be stressed enough and it is becoming the primary choice of the people who have little or no time to spare in their already jam packed routines and prefer to do their transactions online from the comfort of their home.
However, as E-Commerce is growing, the threat of online frauds is rising as well. Online fraud is a menace which hurts the revenue of the business operating online. When transactions are made through fraudulent credit cards, debit cards or prepaid gift cards, this result in you losing money over sales whose money you can not recover. A vital solution for such frauds is to use the bank identification number to assist you in ensuring that the orders coming in are genuine which help you to screen out the suspicious orders and minimize your loss of online frauds. Bin checker sites are a great help in this aspect.
What is a Bank Identification Number?
In case if you’re wondering what a Bank Identification Number is, well, it is essentially a six digit number on a credit card or debit card which is used to identify the issuer of the card. It is for the same reason that it is also referred to as the Issuer Identification Number as it provides accurate information about the credit and debits cards which is used to find out things like the brand of the card, the type of the card, the standard of the card, and all the other crucial details that you will need to get the appropriate information about the card and its user. You can use this additional information through bin checker software to assist you in analyzing the credibility of the order that is placed.
Do you need it?
Whether you are a small business or a big business, you can not afford the fraudulent transactions to hurt your profits. After all, this is why you are doing business online in the first place, to make profit. If you want to protect your earnings to get eroded by such scams, you should employ the services of a Bin Database to be able to check the Bank Identification Number of every transaction in order to ensure the credibility of the transaction. Furthermore, it saves you from a financial loss that may occur from card charge backs.
If you are a big business, it will be especially very different difficult to keep track of the many transactions that are happening every day and an Issuer Identification Number will help you to screen out the fraudulent transactions from the genuine ones. A bin checker db is usually accessed for verification. Business online lose a lot of money each year because of online frauds and credit charge backs that happens as a result of it.
Try our free online BIN checker.