If you are going into business, especially if you are doing business over the Internet, then one of the first things you need to put into place as a security measure is a BIN checker online or on your computer. BIN stands for Bank Identification Number and refers to the first four to nine digits of a credit card number. Using systems put in place by the ISO, or International Organization for Standards, those digits identify the kind of credit card, the bank who issued it, country of issuance and a few other bits of information. Although not exactly public information, it is legally obtained and quite ethical. BIN checker free tools are widely available online, as well as more comprehensive ones for purchase by those who need them.
Credit cards are terribly convenient, but their use also poses a significant risk, especially for merchants. Most credit card companies provide some measure of fraud protection for their customers and will cancel unfair or fraudulent charges; they do this in the form of a chargeback, wherein the merchant does not receive the promised payment and usually does not receive back the item purchased either. As a merchant, chargebacks can cost you dearly. One basic way to reduce chargebacks is to employ a BIN checker. You can do this either through a BIN checker website, or BIN checker software. You may also chose to purchase and download a BIN checker database.
The benefit to you in using a BIN checker is that you can more easily identify and flag suspicious purchases. Not only will a BIN checker tell you if the credit card itself is legitimate and active, but if you receive orders from around the world you can correlate the origins of the credit card with the user. For instance, a credit card issued in Norway with a shipping address in Nigeria might give you pause. It doesn't mean it's not legitimate, but it does mean that you should verify its legitimacy with the credit card company before putting the order through.
Nothing you can do will entirely eliminate credit card fraud, and you will learn to budget in chargebacks as just part of the cost of doing business, like physical stores have to budget for shop lifters. You can, however, substantially reduce your losses, especially on large scale orders. For best results, find a BIN number checker that can give you the most detailed information available on the specific bank and its location and contact information, and that includes gift cards and prepaid cards in its BIN checker database.
Prepaid cards are widely used by criminals and con artists because of their anonymity and many businesses chose to refuse them altogether. That decision is up to you, but you certainly have the right to know when someone is trying to buy from you using a prepaid or gift card.Make sure you get regular updates too, as BIN checker list information is constantly changing and most databases work daily to increase their listings.
Credit cards are terribly convenient, but their use also poses a significant risk, especially for merchants. Most credit card companies provide some measure of fraud protection for their customers and will cancel unfair or fraudulent charges; they do this in the form of a chargeback, wherein the merchant does not receive the promised payment and usually does not receive back the item purchased either. As a merchant, chargebacks can cost you dearly. One basic way to reduce chargebacks is to employ a BIN checker. You can do this either through a BIN checker website, or BIN checker software. You may also chose to purchase and download a BIN checker database.
The benefit to you in using a BIN checker is that you can more easily identify and flag suspicious purchases. Not only will a BIN checker tell you if the credit card itself is legitimate and active, but if you receive orders from around the world you can correlate the origins of the credit card with the user. For instance, a credit card issued in Norway with a shipping address in Nigeria might give you pause. It doesn't mean it's not legitimate, but it does mean that you should verify its legitimacy with the credit card company before putting the order through.
Nothing you can do will entirely eliminate credit card fraud, and you will learn to budget in chargebacks as just part of the cost of doing business, like physical stores have to budget for shop lifters. You can, however, substantially reduce your losses, especially on large scale orders. For best results, find a BIN number checker that can give you the most detailed information available on the specific bank and its location and contact information, and that includes gift cards and prepaid cards in its BIN checker database.
Prepaid cards are widely used by criminals and con artists because of their anonymity and many businesses chose to refuse them altogether. That decision is up to you, but you certainly have the right to know when someone is trying to buy from you using a prepaid or gift card.Make sure you get regular updates too, as BIN checker list information is constantly changing and most databases work daily to increase their listings.
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