Raise Profits Using a Credit Card BIN Database
Credit-Card-BIN-database.com provides access to one of the largest and most comprehensive credit card BIN database lookup services. For merchants looking to insulate their business from damaging card fraud, credit card BIN databases can help identify and flag suspicious transactions.
BIN Numbers:
BIN stands for Bank Identification Number, and is also known as an Issuer Identification Number or IIN. The BIN is the first six numbers of a credit, debit or prepaid card and identifies data such as the issuing bank, type of card, and country of origin. A card BIN database search is used to help retailers validate customer transactions and/or put restriction on origin of purchase due to export or shipping regulations. When an online or phone transaction is being conducted, the information supplied by the customer can be matched, with the data available in the card BIN database list. If there is inconsistency in the data, it could be an indication of fraud.
Combatting Fraud with Credit Card BIN Database Information:
With the information available from the credit card BIN database search, retailers have a number of options on combatting fraud. Data collected on credit card fraud has exposed a number of key data markers that correlate with fraudulent transactions. One of these data markers is country of origin. Countries such as China, Russia, Indonesia and Nigeria are known originators of fraudulent credit, debit and prepaid cards. Knowing the country of origin from a card BIN number database allows the merchant to pre-identified suspect countries and if they show up, the transaction can be flagged, or rejected outright. Country of origin can also alert retailers when the contact information supplied by the customer does not match that in the for credit card, identifying a potentially fraudulent transaction.
Another use of card BIN database list is determining the type of card – credit, debit or prepaid. Global law enforcement data also shows that prepaid cards are more likely to result in a fraudulent transaction. A prepaid card is a type of bank issued card that is pre-supplied with a specific amount by the customer. By using a credit card BIN database service, you can set up alerts for those customers attempting to use prepaid cards to pay for merchandise or services. These alerts allow you to more closely review orders using prepaid cards before they are shipped or fulfilled.
Adding to the Bottom Line using a Credit Card BIN Database
More and more sellers are applying different prices to their products and services depending on the type of card used. Getting this information in real-time from a credit card BIN database issuer allows these charges to be applied seamlessly, into the transaction process, cutting down on shopping cart abandonment due to customer dissatisfaction from last minute fees. Customers require a choice of card payment types. Savvy retailers know that varying charge amounts to appropriately cover bank fees associated with credit, debit or prepaid card use go right to the bottom line and make the difference between a successful business and one that is held back by excessive fees and chargebacks.
To incorporate BIN information into your business most effectively, it is important to go with a provider with a large and comprehensive credit card BIN number database. Credit card BIN database website has the latest data in a variety of formats to best suit your business needs.