BIN checker also known as IIN checker is useful software which every online business that accepts payment or make payment with credit cards, debit cards, gift cards and prepaid cards should use to verify transaction authenticity before approving orders. This software is now growing in popularity among online businesses as a lot of businesses are today using it to verify transactions and payments. If you are yet to start using this software, it is advisable that you begin now to use it because it will give you a lot of benefits and an edge over another business that is not using it. Below are some of the various ways the use of the card will benefit you.
Reducing charge back
The doing of business on the internet is quite competitive and also very much lucrative. Many consumers now prefer to make purchases through the internet. So, businesses that operate online are likely going to make more sales and profits. However, despite the numerous benefits of online business, it has some disadvantages which include increase in credit card fraud. Credit card fraud indirectly affects online business. A good number of them run losses because they are slammed with chargeback for unauthorized transactions. By using BIN checker, they will be able to reduce the possibility of credit card fraud and possible chargeback that follows it.
BIN checker helps online merchants to obtain useful information about the card and the cardholder. The BIN is the first 6 letters of every plastic card. They are like the DNA of the card. With the card, you will be able to know the type of card being used, the brand, the country where it is issued in, the issuer of the card, the address of the card owner and others relevant information about the card. If you obtain these pieces of information, you can match them with the information provided by customer that is paying with the card. Any discrepancies between the two should put you at alert. It calls for thorough investigation and more carefulness before transactions are approved. It may be a good ground to decline order.
Some transactions outside your business location may require additional charges to cover up for the shipping cost. Using binlist checker will help you to find out customers from locations that attract shipping fees or added charges. Once you run the card details through your software, you will be able to determine where the order is going exactly. Smart shoppers will not deceive you. In this way, your business will not be running any risk unnecessarily. In other words, it is good software that will help businesses to ensure export compliance. You can also set up an automated arrangement with it.
Reduction of consumer data entry error
Some consumers sometimes unintentionally give wrong account or credit card details. With BIN checker, online businesses will be able to discover such errors and call the attention of the customers in question to correct them. Put differently, it is an effective tool for inline validation.