A Bin List Checker can be vital in protecting your business if it involves transaction based on credit and debit cards. A bin list will enable you to find out whether the card that is being used for the transaction is authentic or not. In order to understand how a bin list checker protects you, it is essential to understand what a bin list is. It is essentially a bin list database which consists of the bin numbers of the cards. The term bin stands for Bank Identification Number and these are the first 6 numbers of the card number. These first 6 numbers contain a huge variety of supplementary information which enables you to know, amongst other things, the card company that has issued the card. The bank identification number is also known as the issuer identification number.
A bin list database is a system that is responsible for tracking and recording all the purchases that related to credit and debit cards through a networking system. A bin list checker is becoming a necessity of every business and all businesses are adopting it as their first line of defense against fraud related to credit and debit cards. It is specially an absolute requirement for the businesses engaged in E-commerce as they are the biggest victims and lose out a considerable amount of money each year. The reason for this is that it becomes easier to commit fraud online as the card information of a person can be stolen over the internet and then be misused. Furthermore, internet also complicates it for the business owner to track the card that they are dealing with. If I am a business that is operating in a certain region, the cards that I will be using for transactions will more or less belong to the same region. However, internet opens up the whole global village and I may be handed out a card whose real owner is at the other corner of the world and this would make is extremely difficult for me if I allow the certain transaction and then the issue of chargeback rises up later on.
A bin list credit card will make it easier for me to deal with the situation above as the bin list will enable me to know the country of origin of the card and if say, I’m being asked to deliver the product to another country, I have every reason to be suspicious. I will put the transaction on hold there and then and will do further verification. If I’m still not satisfied, I’ll cancel the order. As they so very rightly say, it is better to be safe than sorry. Therefore, if you are authorizing a transaction without verifying the user, you’re taking the chance of dealing with a fraudulent transaction and it is nothing less than a gamble.
It is your job as a business owner to protect yourself and evaluate the risks before taking a step. A bin list checker will put you in a position to evaluate the risk associated with the transactions and once you know this, you will be in a position to take on a level of risk that you are comfortable with rather than jumping in blind.
This will help you to minimize your loss from the money that you were previously being robbed off. Furthermore, you will also be saving a lot of time as the bin list credit card numbers will enable you to access the information regarding the cardholder and the issuer. You can use this information to instill screening measures in your organization like you can choose to accept a certain cards only like you can have a bin list for visa, and restrict your transactions to visa cards only.
You may be wondering whether keeping a list of bank bin numbers is legal or not. This is a good question and to answer it, one must understand the fact that the reason bin list was created to curb the fraud related to credit and debit cards. It protects both the business owners and the card holders and this is the only way to deal with it – everyone has to play their respective parts. The bin list database is perfectly legal software which has also been adopted by the insurance companies to evaluate the credit worthiness of their clients.
If you want to protect your business from fraud related to plastic money, a bin list is the ultimate tool.