For any company performing online transactions, Bank Identification Number (BIN) is mandatory for secure credit card transactions. Nevertheless, your BIN List database should be updated regularly. Regular updating of the database protects your e-commerce from online scams and potential frauds.
An online BIN directory database is made up of BIN entries of merchants, banks, and financial institutions. BIN can be termed as the numeric code, mainly composed of the last six digits of credit cards, debit and gift cards. The BIN acts a security system for easier identification of the institution that issued the card. However, when choosing a BIN database, you should get one that provides you with BIN entries, detailed information of the card issuer, as well as the county of card issuing. Below are some important things that a list caters for while having online transactions.
BIN List helps in verification of Credit Card Details
A BIN database acts are vital tool in empowering your company. Apart from protecting your e-commerce from any fraud or scam, database ensure all online transactions carried out with credit cards are verified. The verification is vital for any e-commerce company and its clients.
If your business has the right risk management techniques, you can quickly detect online transactions that are suspicious using download. BIN list enables you to flag potential frauds and scams basing on the country where the credit card was issued and the country of delivery. For any online transaction involving the use of credit card, the database enables you to flag any transaction quickly for verification and validation. As a result, potential Frauds and Scams become hard to go through in e-commerce businesses using the list for secure online transactions. Before any online credit card transaction is confirmed, the process should be carried out.
The greatest advantage of using BIN list database is that any online transaction can be authorized or not, using simple information such as from the issuer of the issuer of the gift, credit or debit card. Additionally, the identity of the person issued with the credit card is enough to ensure a secure online transaction without fraud or scam. Besides, when using database, detecting the card brand, if it is a MasterCard, Visa or American Express is much easier.
BIN list prevents any fraud caused using Credit Card
Your business can incur high costs if it incurs high incidences of customer chargeback. Therefore, it is recommendable for any e-commerce business to include a credit card list as their top priority. BIN list acts as a measure to reduce chargebacks, hence preventing your margins to be affected. Besides, it ensures the account you use in carrying out online transactions with a credit card is not suspended.
For any e-commerce business, having a solid BIN list provides suspicious, and fraudulent credit card transactions are detected easily, and as a result pre-defined chargeback ratio for merchants are not exceeded. In general, a solid list ensures your business is not affected by credit card frauds and chargebacks.