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bankIdentification Numbers can help you avoid credit card fraud and costly chargebacks. If you are a business that processes a lot of credit card transactions, then a BIN lookup service can be most helpful in making sure that you get payment in return for the product or service that you are offering. The benefits of a BIN database are too great to avoid, and purchasing one is quite simple. However, finding one that actually has your best interests at heart is another story. While there are many to choose from online, few make it their passion to give you up to date information that is actually beneficial to the heart of your business. Binbase is one company that believes the usefulness of a BIN lookup service is only as good as the amount of work that goes in to creating and upkeeping one.
When you set out to find the right BIN lookup service for your needs, you must watch out for a number of factors before committing your hard earned dollars. At the top of the list, you should watch for frequency of updates. The business of BIN is a dynamic one that is always changing, and those services that are content to rest on their laurels are the ones that put you in the most danger. You should always see additions and updates to the database whether you have paid for the service or not. A company that prides itself on quality will be upfront about what it is doing to verify its BIN database.
Another thing you should look for in a quality BIN database is the ability to try before you buy. Good businesses understand a customer’s apprehension. There are a lot of scams on the Internet, and before you fork out your money to a total stranger, it’s only fair that you get a sense of whether or not the lookup service will actually deliver on its promises. Binbase is one such company that allows users the opportunity to test the service ahead of time and get a sense of familiarity and confidence with it before completing a transaction.
Another thing to watch for is a fair and secure licensing plan. When something sounds too good to be true, it usually is. If another company is selling you in part the right to resell their entire database, then you should be leery about the confidence they place in their product. Binbase is a company that protects its intellectual property while also giving you the right to use it and create products such as hosted fraud prevention from the database itself. They even offer company licensing plans so that multiple users may operate from the same account.
BIN lookup services can ensure the safety of your business’s credit card transactions, but only if you know what to watch for in obtaining a quality and reliable service.
A BIN Database can help you more easily manage BIN Lookup and credit card transactions. For more on how this critical service can enhance your business, visit our site!
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BinBase website announces release of latest BIN database on the Internet (version 4.0).
A BIN (Bank Identification Numbers) database is a very useful solution for business owners and individuals processing payments on the Internet. It can help prevent credit card fraud and unauthorized payments.
For example, a developer may wish to develop a hosted fraud prevention service and offer the solution to Ecommerce business owners. The service will depend on the BIN database for records of credit and/or debit card owners. Ecommerce sites may then use the solution to verify online transactions.
The key benefit of using a BIN database is that there is no waiting time needed for approval. Based on the data in the BIN database, services are able to approve transactions almost instantly. Without such a database, it is almost impossible to verify credit card transactions over the Internet instantly.
The concept of using a BIN database is not new. Many banks are using systems that are dependent on similar databases. For instance, when consumers make a purchase at a store and pay by credit card, the payment system checks with the database for the information of the consumer. Through this process, stores are able to process and approve credit card transactions immediately.
Without a BIN system in place, merchants are at risk of losing money due to fraud transactions. Criminals may use stolen or lost credit cards to perform unauthorized transactions. Without a reliable way of identifying these cards, merchants have no way to protect themselves.
With a BIN lookup solution, this risk is removed. If a credit card has been reported to be lost or stolen, then the transaction will not be approved.
There are two types of cards that can be checked against the BIN database – credit cards and debit cards. Both types of cards may be abused by criminals.
However, debit cards (also known as prepaid cards) tend to be at higher risk. Thieves have become very cunning when it comes to abusing debit cards. For instance, since debit cards can be used with the use of a PIN (Personal Identification Number), these criminals may outright steal these numbers and start charging the cards. When the merchant realizes that the card has been stolen, it is already too late to do anything. The bank does not absorb the loss. The merchant will be forced to accept the loss. This eventually leads to a higher cost of conducting business and eventually, such costs may even be passed on to the consumers.
As a result, many merchants choose to reject prepaid card transactions as they do not wish to undertake the risks. With a BIN solution, merchants feel safer in processing both credit and prepaid card transactions.
Many major card issuers use a BIN system to verify their cards, and merchants are learning how to use a similar system to fight credit card fraud.
BinBase has been a reputable BIN database provider on the Internet for many years. The Company is proud to release the latest version of their BIN database (version 4.0) to merchants. The database has exceeded over 80k records for the first time, and all data has been updated.
Need a bin lookup solution? Here is the largest bin database on the Internet.