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The internet has given online retailers visibility to a global marketplace. However, chargebacks due to fraud can kill business profits and lead to loss of productivity. Using a site helps combat this issue by matching the information provided by the purchaser with the card issuer's data. If the data does not match, the merchant is alerted, and the transaction can be flagged, suspended, or cancelled. Credit card BIN number lookup, works by matching the first six digits of a credit, debit or prepaid card (called the BIN, or Bank Identification Number) with information in the issuing bank's database. Inconsistency in the data alerts the merchant that fraud might be occurring. Given the rise in internet and phone payment, card fraud has risen dramatically. This fraud has resulted in a corresponding rise in merchant chargebacks, as well as financial loss due to shipping of un-paid products. Not only do retailers lose money directly due to fraud, but also if a businesses' chargeback ratio becomes too high, the account can be suspended leading to more lost revenue. Credit card BIN lookup services, are easy to access by a number of methods. The simplest method is to use a credit card BIN lookup website. Here the BIN number is manually entered which returns the relevant data. Merchants can also incorporate credit card BIN lookup into a shopping cart or check out process. In this application, the customer's information is automatically matched to the database. If for example the credit card's BIN shows the card is from a bank in one country, but the billing address is in another, the transaction should be more closely examined for signs of fraud. The BIN number also identifies if the card being used is a credit, debit or prepaid card. This has a number of benefits. Some merchants may want to charge different fees based on the type of card used. The system can be set up so charges are applied automatically and seamlessly into the process yielding stronger profit margins. To combat potential fraud, online retailers can set up a system where alerts are triggered when transactions come from the use of certain cards or come from particular countries. This is important because card fraud data shows that prepaid cards are three times more likely to be used in a fraudulent transaction. The data also shows that countries like Nigeria, China, Russia and Indonesia are the source for a greater amount of credit card fraud. Using a prepaid or country of origin alert allows the merchant to more closely examine the transaction or set up the system to reject the transaction outright. Making products and service available to a global marketplace can quickly build revenue and profits But if this also leads to a rise in credit card fraud, the loss in income and productivity can significantly damage the business overall. Credit card BIN number lookup combats fraud by offering a layer of protection to merchants who accept credit, debit and prepaid cards.
Now you are aware of the importance of credit card bin lookup. To assess the quality of data, try credit card bin look up.
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