Importance,Bin,Database,Paymen DIY Importance Of Bin Database In Payment Processing And Fraud P
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With more and more transactions occurring as the result of "plastic," there is a greater need for authenticity than ever before. Many feel that as long as the transaction is performed via card, there is nothing to worry about. This line of thinking could not be any further away from the truth. If you are hoping to stop fraud prevention in your business, there is much more to it than checking for counterfeit bills. You need to be vigilant to the actions of crooks in the digital age. Just how can a BIN database help you with payment processing and fraud prevention? It does so in the following ways: Red flagging questionable cardsA card can lose its legitimacy in any number of ways. Perhaps it is a counterfeit card made to look like it comes from a real bank. Maybe it's a real card, but has been stolen by the carrier, and so an alert has been set up in the system by the original owner's bank. The red flagging of questionable cards is a great way for one to stay on top of the digital fraud that exists in the 21st Century. While you will still need to act on the situation when it occurs, an up to date BIN database helps you to do so with legitimacy, and it prevents you from ever getting taken by a faulty transaction again. Identifying card type and bank of origination Not only is this feature important for fraud prevention, but it also helps to quickly and accurately pass through legitimate transactions. In the stone ages of credit card technology, one had to hand their card to a cashier, who then made an imprint of the card on carbon paper. These slips were then sent off to the credit card processing company's payment center, and from there, the transaction was finally verified. There was a lot to lose and a lot of room for error in this way of doing things. BIN databases that are kept current are able to use the lookup codes to instantly and accurately tell which bank issued the card and whether it is credit, debit, or gift. It takes the guesswork and uncertainty out of things for the store owner, and it is an altogether more convenient way for the customers to pay. If you run a business that takes credit and debit cards - and if you don't, you really need to get with the program - then you cannot afford to take the life of your business for granted. Sign with a BIN number search database and give each and every transaction that is processed in the checkout lines of your store instant legitimacy. Article Tags: Payment Processing, Fraud Prevention
Importance,Bin,Database,Paymen