|
As the age of technology continues to take over the world, people have now realized that nothing is impossible. Chargeback for example is something that merchants can now control with the use of BIN look up. Because credit cards is almost what all people use to pay for their purchases, merchants needs to have a reliable system such as BIN look up to check whether the owner of the card is truly the one using the card. Using BIN lookup table, they can easily access their customers' information in which they can check the validity of the card and the person using it. Credit card fraud is something that has been happening every now and then, and even though many people think that no one suffers from it - since, banks usually reverse the charges if the cardholder calls for it, the truth is consumers shoulder these fraud transactions, so everybody must be concerned about this. It is a good thing that BIN look up has been invented, otherwise this is going to be an endless cycle of abuse in the payment system. What is BIN Look Up? BIN, stands for Bank Identification Number, this is also the same with IIN or Issuer Identification Number. These terms are interchangeable, so if you hear BIN or IIN it means the same thing. Anyway, BIN is the number embedded on your credit card, debit card, store credit card and what not. The first six digits on your credit card number is the BIN. Now this set of numbers identifies what institution issued the card. The rest of the numbers except for the last digit identifies your personal identification. The last digit on the other hand is the check digit. A complex digit that involves a mathematical formula, called the Luhn algorithm. This algorithm identifies if the card is valid or not. Now, BIN look up is a method used by smart merchants who wants to know if the person using the card is indeed the credit card holder. As mentioned earlier, credit card fraud is just too common nowadays that merchant are forced to increase their prices just to pay for all those "charge backs" charged to them by the banks. BIN Look up online allows merchants access to their customers' personal information like their name, address etc. So all you have to do is to verify some pieces of information from the purchaser and you will immediately know if they own the card or not. You may also simply ask for an ID and base your judgment from that. The use of a BIN look up can truly make a change in both online purchasing and brick mortar purchases. This is not a just a good way to avoid fraudulent credit card transactions, but it is also a good publicity for your business because it means that you are taking a further step to look after your customers' safety and security. In this matter, technology has truly made a wonderful advancement for the betterment of the all card transactions.
You are welcome to visit BIN lookup website, or try our online BIN lookup.
|
