The Advantages Of Bank Identification Number Database

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As the number of people transacting online increases, it is becoming more important for merchants that accept payment with credit and debit cards to make use of bank identification number checker which is normally abbreviated as BIN checker. It is a database or software that contains the list of bank identification numbers of various cards. With the card numbers, you will be able to tell a lot of things about the card. You will be able to tell the bank that issues the card, the country where the card is issued from and other important details about the card. The use of BIN checker database gives a number of benefits. Here are some of the advantages that you will get if you make use of this database.

Avoiding chargeback

The use of BIN checker is a veritable means through which businesses can avoid chargeback. Chargeback refers to a demand by a provider of a credit card for a retailer to repair or pay back loss resulting from fraudulent transactions which are on the increase today. With BIN checker, online businesses as well as offline businesses that accepts payment via credit card are able to spot suspicious transactions and avoid them. If the information of the credit or debit card as obtained from the BIN checker does not match with the information provided by the buyer, it is a sign of fraud, the merchant can stop or cancelled the transaction completely. In this way, the merchant is not at the danger of any criminal investigations and charges.

Improving customer trust and brand image

The use of BIN checker can help a business to improve its brand image before the customers and also to enhance the trust customers have on them. Most consumers and internet shoppers like shopping or transacting with businesses that have little or no cases of chargeback or that can protect their card and personal details. If you are using, you will be able to control credit card fraud and this will help to increase your reliability and the image of your brand before your consumers.