Checking Bank Identification Numbers Can Save You Money

By Author: Adioney Antunes
Total Articles: 159
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If you frequently take credit and debit cards as a part of your business, you are probably already aware of the danger of fraudulent transactions and unwarranted charge-backs It can be difficult to recognize the difference between a genuine credit or debit card from a trusted bank and a similar looking card from an institution that deserves far less trust. Luckily, the first six numbers on every credit and debit card issued contain a bank identification number, or BIN, that can help you know exactly what you are dealing with before you accept a suspicious transaction. An online credit card BIN checker database can alert you to problematic cards before you lose money.

A Bank Identification Number Says A Lot

The bank identification number at the beginning of all credit and debit card numbers can tell you quite a bit about a credit card before you process an order. By checking this number against a BIN database, you can find out the name and country of origin of the issuing bank. The BIN can also tell you whether a specific card is a debit card, a credit card, or one of the increasingly popular pre-paid cards that ...
... are purchased in advance. A good BIN database will keep track of charge-back histories and red flags associated with specific banks that could indicate a potential problem before you accept the card.

Use A BIN Database To Save Money

When you run a BIN through an online credit card validation service, you have the opportunity to hold suspicious transactions for manual review before they complete. You can choose to review or refuse transactions from certain types of cards you may not otherwise recognize, countries that don\'t match the purchaser\'s current location, and cards issued by banks with suspiciously high charge back ratios. With a little bit of care and access to a good BIN database, you can use a bank identification number to catch a large variety of fraudulent transaction types before they start. Because you decide how database information is used, you can choose to follow up or ignore warnings in the way that suits your specific business pattern.

Online Credit Card Validation Works

With the right service, a credit card BIN checker can be integrated seamlessly into your current online business. Without any extra slowdown for your normal customer base, you can weed out purchase attempts made with banks that accept shady business practices and help clients commit fraud. A good online BIN checking service uses a BIN database that can give you access to any information you need on all cards that you accept. Having the ability to review transactions that come from suspicious institutions and suspicious locations can help you reduce costly charge-backs and potential problems before they have a chance to impact your bottom line. A bank identification number is included on credit and debit cards in order to help protect businesses from credit card payment issues, but you need access to the right BIN database in order to use it effectively.

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