In today's modern world, accepting credit card payments
can open many doors for your business. Unfortunately,
it can also increase your liability. Ensuring that your
customers are satisfied is only a small part of the
formula for success, but it is also an important part
that requires your constant attention.
Using a BIN
lookup service or BIN
database can help to prevent charge backs and fraudulent
transactions and thus, freeing up more of your time
to focus on fantastic customer service.
Fraud is one of the leading causes of charge backs.
These days, criminals are getting more and more sophisticated
and are creating tactics to bypass many of the traditional
transaction management checkpoints. These checkpoints
only confirm if a credit card is legitimate and if user
reported account information matches that which is already
There are other ways to look at fraud screening and
charge back prevention. There are a myriad of tools
out there that have the ability to identify whether
or not the purchaser is the legitimate cardholder as
well as determine a customer's potential for causing
a charge back.
Through sophisticated analysis, it is possible to identify
patterns and traits that are associated with fraudulent
or high-risk orders and rank customers accordingly.
From this point, it can be possible to determine the
risk associated with each transaction and the potential
of it being fraudulent or of it causing a charge back.
With the severe amount of credit card fraud which happens
all around the world, it would be wise for any online
business, whether it be large or small, to secure itself
that little bit more by using BIN number checks. When
you reduce your risk, you increase your profitability.
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Whether you like it or not, credit card fraud is something
that can hurt you when running a business. Therefore
it would be considered wise to protect yourself from
this unseen enemy, discover where you may be vulnerable
and identify strategies to help lower risk with your
day to day transactions.
Thousands of online stores are benefiting from BIN database
systems. It is a great way to find out if a card that
you are accepting has a high risk of fraudulent activity.
DID you know that web based businesses lose millions
of dollars each year because of credit card fraud?
A BIN database is one the few things out there that
can actually hep to prevent such losses and ensure that
your business doesn't get caught by dozens of thieves.
A BIN number look-up service should be used by anyone
who accepts credit card payments online in order to
further secure their business and protect against transaction
fraud and charge backs.