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BIN look up is one of the most popular and effective ways of preventing fraud transactions. With BIN look up software, merchants can easily access their customers' credit card information including their name, billing addresses with zip code. That way if they feel like something is wrong with the transaction or the validity of the card, they can easily cross-reference it to their BIN look up database. From the information they have gathered from their databases, you can choose to move forward with the transaction only if the presenter can verify their personal information, otherwise you can refuse to transact with that person. BIN look up table generates information fast. The system was primarily invented to quicken the process of identifying what bank issued the card and all other information that will help merchants identify from where to get the payment. Then because of fraudulent transaction happening left and right, BIN look up software was developed to generate more security features that protects both merchants and the cardholder. What is a Charge Back? Charge back is something that merchants hate to think about. This is something that they try to avoid altogether, because it affects their business in an uncontrollable amount especially with today's popularity of credit card fraud. When a merchant got into a fraudulent transaction, banks or any financial institution will then reverse the charges from the user's account. Charge back is the amount of money charged to merchants. Charge back is also the amount of money that merchants offset by increasing the prices of their goods. This affects both the merchants and the consumer. BIN look up system provides security against fraudulent transactions hence charge back will be eliminated saving businesses from potential financial ruin and credit card holders a lot of troubles. What Makes BIN Look up System a Reliable System? First, it is important that you understand what BIN is and how it works. BIN or Bank Identification Number is a set of numbers usually found on the front of your credit cards. This is a 16 digit numerical representation of the industry issuing the card. It also represents individual information about the credit card holder. All cards have this, even the gift cards, store credit cards, gas card, airlines cards, debit cards and what not. Each of these numbers has representation so to speed up the process of getting the cardholder's information. The first number is the Major industry identification number. This indicates what industry issued the card. It could be a bank, an airline company, petroleum company etc. The second digit identifies the company that issued it AMEX usually starts with 32 or 37, while Discover card starts with 6011, 64 or 65. With these numbers, the merchant would already identify the validity of the card. However, with around 100,000 BINs available today, it would really be hard for the cashier to identify the validity of the card manually. This is where BIN look up software becomes a very big help. Because it can easily identify even the personal information about the credit card holder in no more than two seconds. All you need to do is to verify the information and then decide whether to move on with the transaction or deny the card. BIN look up can put a stop to credit card fraud, if all merchants use this as part of their system.
You are welcome to visit BIN lookup website, or try our online BIN lookup.
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