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BIN Lookup

In very recent times, transactions which are carried out via the internet have become a major way for fraudsters to gain access to the hard-earned money of other people. As a result of the frequent fraudulent activities which are credit card related, lots of online businesses have had to part with lots of money. Well, in as much as these many fraudulent activities that credit card related have come to stay, there are lots of ways in which they can be avoided. One of those ways is through BIN lookups.

What is a BIN Lookup

A BIN lookup is a process in which the bank identification number of a plastic card which is used to make any transaction online is checked through the use of a tool known as a BIN checker. It is a very rapid and accurate process which makes use of a trusted BIN database in analyzing bank identification numbers before any transaction is approved.

So, if you have to get a card verified rapidly, one way to do so is through the use of BIN lookup.

Importance of BIN Lookup

BIN lookup is of utmost importance to every online merchant. Whilst there are a lot of reasons why every online retailer should take advantage of BIN lookup, one of the most important reasons why online business people have to make use of BIN lookup is the fact that one out of every ten online transactions has criminals behind them.

Although these criminal transactions might not stop anytime soon, one easy way to stay secure is through the use of BIN lookups. With regular BIN lookups, your business can be protected from the activities of con men. This is in addition to the fact that you can carry out your business with peace of mind.

What are the benefits of BIN Lookup

When a credit card fraud occurs, everyone is affected. The online retailer, as well as the customer, are not free from the adverse effects of credit card related fraudulent activities. Well, in as much as both customers and merchants are affected, the impact of a credit card fraud on merchant is more pronounced than on a customer. While customers can benefit from chargebacks, the same cannot be said for online merchants. Well, because of BIN lookups, online merchants can be relaxed because of the knowledge that they will not be victims of credit card fraud.

Who Needs a BIN Lookup

A BIN lookup is a perfect antidote for online retailers, internet firms and every individual that has to make use of online transactions but is scared of the activities of credit card fraudsters.

It is impossible to tell when a fraudulent transaction will occur. As a result of this, when credit card related fraud takes place, a lot of internet businesses are left with no form of defense. More often than not, after a series of credit card related fraudulent activities, a lot of internet-based enterprises find themselves in a financial mess. As an online retailer, you can prevent unnecessary financial troubles by taking advantage of the availability of BINlookups.

Feel free to peruse our unmatched online BIN lookup!

Virtual BINs Detection

Do you sometimes feel unsafe while handing over your debit or credit card number when shopping online? Well, feeling apprehensive about electronic payment methods is not uncommon. Considering the risks that online payment methods entail, such as clone credit card and online frauds, credit card users want permanent solutions. The good news is that now there is a proper security option credit card users can choose to protect their money from online theft.

Many people still don’t know about the option of Virtual Credit Cards. These little chip credit cards’ play a critical role in making financial information more secure. Not only do they help you decrease the risk of online theft via cloning credit cards but also improve the online shopping experience.

However, there is a flip side that is necessary to consider before opting for this solution. Switching to virtual credit cards doesn’t eliminate the risk of fraud completely. If there is no appropriate payment or time limit on the virtual credit card, your vendor can put fraudulent charges.

That is to say, considering the possible challenges and problems that may arise when accepting virtual credit cards is of paramount importance for merchants and their account receivable (A/R) departments.

If you want to move from paper-based process to an advanced electronic card system, read on to learn more about this concept:

What is a Virtual Credit Card?

A virtual credit card or a controlled payment number is a disposable version of a static credit or debit card. People use it for online purchases. Plus, it is used to minimize the likelihood of online hacking and credit card fraud. The usefulness and efficacy of virtual credit cards lie in the way it shares your card data. The imprinted data on your card, such as BIN, expiration date, address, and security code are not only the same but also are often subject to misuse by online hackers.
Virtual credit cards (VCC) are a source of dynamic information for online retailers. Every time a customer pays using his/her virtual credit card, retailer receives a different verification. That is one of the reasons why VCC is a safe and secure online payment method. In other words, VCC functions like your disposable representative of original credit card. You can easily delete it in case of an online theft.

Following are some defining features of VCC:

o VCC protects card information, improving card security
o You can use it only for online purchases
o Each VCC has a different security code, expiration date, and security code
o VCC’s features may vary and depend on card issuer
o VCC can have multiple or single transactions
o VCC may have spending limits
o All purchases via VCC show on your account

Does VCC Protect Credit Card Users?

One reason why an increasing number of people and retailers are switching to virtual payment systems is the security features. Generally, retailers store payment information of their customers to use in the future. But there is no denying that convenience comes at a cost, which means if hackers gain access to retailer storage, the sensitive and confidential information of customer can be misused. So, if you paid for purchases online with your static credit card, technically you are at risk. In short, VCC mitigates that risk and allow customers to experience a unique transaction method.

This reason is why many companies making a shift from labor-intensive, processes to efficient electronic systems. The option of paying with VCC will help retailers simplify the payment process while bringing several benefits. A number of visa payment companies, in this regard, are making their Visa payments via VCC credit cards to help corporations streamline their accounts with smooth payment processing. At the same time, these companies avoid the upfront and current costs associated with the payment process.

Challenges in Accepting VCC

VCC may not have the same impact for everyone. There is no doubt that it offers a plethora of benefits for consumers and buyers but accepting it can be daunting for merchants, A/R department and suppliers. Here are some key factors;

o Suppliers, typically manually retrieve credit card numbers. As VCC provides different virtual BIN code every time, information remittance from emails becomes hectic.
o Suppliers key the payments paid through virtual credit cards, which usually takes time
o The next step is to look up the invoices in ERP to apply different payments
o Suppliers store the credentials of all virtual cards of different buyers in the system, which often raises PCI concerns
o Suppliers repeat the same process for each VCC payment made in stores, even if the same buyer made the payment
o A virtual credit card carries a high acceptance rate, approximately 3% per transaction

The mentioned issues may sound trivial in the grand day-to-day business challenges but if you are a part of the A/R team, sorting out hundreds of credit card payments everyday and processing them in order to keep the cash flow of your company flowing and green may cause delays.

In addition, VCC has a far way to go to become a perfect solution to the problems like online fraud and theft. This reason is why it is essential for merchants to detect VCC challenges before accepting it for the businesses.

VCC comes with limited availability. The card is offered by only Citibank, Bank of America and Discover. Other major card services including American Express, PayPal and CapitalOne don’t offer VCC services. Plus, if there is no payment or time limit, you may be at the risk of fraudulent charges.

Bottom Line

Overall, virtual credit cards are useful but only in some specific situations, especially if you are a supplier or merchant. That is why exploring the possible challenges in using an electronic card system is important before accepting them.

Our database offers a relible detection mechanism for VCC. Below is the sample from our database:

529172,MASTERCARD,”CAPITAL ONE BANK (USA), N.A.”,DEBIT,VIRTUAL,UNITED STATES

Prepaid and Reloadable/Non-Reloadable Debit BINs

Are you curious about using a prepaid card, but are not sure about its advantages and disadvantages? Whether you are a shopping enthusiast or an entrepreneur, knowing about the structure of prepaid cards will not only help you get the right one for your business but also enable you to make the most of its benefits.
Prepaid cards are the option that allows you to load advance money onto your card for making transactions and purchases. It’s not linked to your bank accounts and this feature of the prepaid card makes it stand out it from credit cards. For most of your purchases, you can use a prepaid card for spending the amount you’ve loaded in your account.

Unlike credit cards, you cannot charge purchases to your card to be paid later as they are not linked to any credit line. In case you try to make purchases worth more than your prepaid card’s limit, your transaction will be declined. Besides this, it is possible that some cards cost you a small fee if your card is declined, so it is important to read the print on your prepaid card before you use it.

In general, the following are the key beneficial features of prepaid cards;

• With prepaid cards, there is no need to have a bank account. That means you have this convenience to deposit money directly onto your card
• It provides you options to deposit money directly or reload cards from the financial institution or any retail stores
• No credit check is required
• You can deposit paychecks onto cards for conveniently spending money
• You can pay your tax refund if you have a prepaid visa card
• Prepaid visa card also offers purchase protection
• There is no chance you can overspend as you can’t spend cash more than the balance in the card

Types of Prepaid Cards

Another interesting feature of a prepaid card is its open and closed loop (with or without network a logo). Plus, prepaid cards are reloadable and non-reloadable and this characteristic distinguishes them from credit or debit card. Both these types of prepaid cards offer different advantages.

Difference between Prepaid Reloadable and Non-Reloadable

Reloadable Prepaid Cards

A reloadable prepaid card is more or less has some combined features of traditional debit and card, but it’s relatively a different form of payment method. As mentioned earlier, you can load money and funds in a reloadable prepaid card to shop, pay bills, transfer money, and withdraw cash from account and ATM. Not only this, you can receive payroll deposits and other government benefits. Plus, you can use the reloadable prepaid card anywhere, including American Express and MasterCard.

How Can You Set Up a Reloadable Prepaid Card?

To set your reloadable card, all you need to browse through available options in different financial institutions.

• Purchase the card and load money, but before that make sure you register it with the bank issuing the card. Once your details are verified, you receive your personalized reloadable card.
• Add funds onto your reloadable card with cash or direct deposit from any convenient location of your bank.
• Use the reloadable prepaid card for multiple purposes anywhere

Non- Reloadable Prepaid Card

Non-reloadable card, on the other hand, is often provided by the merchants as their rebates and promotional offers. Like reloadable prepaid cards, you can purchase these prepaid cards from credit unions, banks, and financial institution. The noticeable difference between reloadable and non-reloadable card is that it comes with a set limit. Once you spent all the balance in your non-reloadable debit card, you cannot reload it.

However, a non-reloadable prepaid card can be used to make a purchase in store, over the phone, or online until your card amount reaches zero. It is always better to use all your balance in the non-reloadable prepaid card as the issuer can deduct services charges if your account is dormant.

Challenges with Accepting Prepaid Card a Merchant Needs to Consider

There is no denying that prepaid cards offer a plethora of benefits in terms of offering convenient payment methods. Plus, merchants don’t need additional software or hardware when it comes to accepting prepaid cards. They are issued by almost all the card brands and have the same issuing process as a debit or credit card.
There are, on the flip side, few challenges merchants need to consider and timely detect while accepting prepaid cards.

Glitches in Automatic Installment Payment

This is one of the important challenges many merchant faces while working with prepaid reloadable and non-reloadable cards. Once you accept automatic installment payment, you need to be cautious. If your customer uses all his/her balance and they don’t reload prepaid cards or their card is non-reloadable, you might not be able to charge the prepaid card due to technical glitches.

To avoid this, a number of merchants do not accept the prepaid card for purchases, specifically made on installments. It is better to have a backup payment method to tackle these circumstances.

Disruption in the Payment Process

It is important that you work with an efficient payment processor that can segment reloadable prepaid cards from non-reloadable prepaid cards. It will allow you to take appropriate measures to avoid payment disruption, particularly on non-reloadable prepaid cards.

Declined Transactions

Another common issue that often merchants have to go through is declined transactions. As mentioned earlier, when a customer makes a purchase using a prepaid card and it may be declined due to insufficient funds in the card. The situation can be embarrassing for the customer and full of hassle for the merchant if there’s no alternative payment method.

With partial authorization, you can prevent this problem from happening. It charges a partial amount of the total purchase. You can pay the remaining balance via another payment method. This way, you can complete the transaction that might otherwise be declined.

High Transaction Fees

The high transaction fee is another worthy aspect/ challenge you need to consider before accepting the prepaid card. Although fees may vary from issuer to issuer, it may lead to high transaction charges and affect profit margins even for smaller purchases.

Bottom Line

Overall, accepting prepaid cards is a way to help customers use a preferred payment method but it is important to consider the possible challenges that might come after accepting them. A merchant should detect these problems to avoid disruption in the payment process. We offer complete coverage of prepaid reloadable and non-reloadable card BINs.

Here’s an example of prepaid reloadable BIN from our database:

452172,VISA,PACIFIC WESTERN BANK,DEBIT,PREPAID RELOADABLE,UNITED STATES

You can utilize the PREPAID RELOADABLE parameter to filter such cards.

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