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!