The long numbers that appear on debit or credit cards are very useful. They first of all identify the institution and then the account holder. Until of course an all knowing thief enters a company database and steals your customers' personal information.
Most of the time customers will present cards to you for payment of transactions. You will most likely swipe the card through your card reading machine to see whether it is valid. This is usually done by checking whether the card's transactions are acceptable.
There are a number of companies who have tried to set up a database of Bank Identification Numbers to help suppliers. By providing this database, companies can be able to verify cards that are presented to them. You should consider installing one for your company to reduce any losses that might occur. One of these companies is Bin Checkers with a huge database therefore making things easy for you.
With Bin checkers database, you will have access to over 130,000 verified numbers and thus reduce the need to check card by card. Bin Checkers updates this database daily so it is reliable every day. Cash transactions are more or less extinct nowadays and cards are used everywhere from the pharmacy to the supermarket. These are all companies vulnerable to fraud, this is why they require a database like the Bin Checker database to protect them. When you visit Bin Checker Online, you will be able to see other added benefits of having Bin Checkers on your system.
Most customers use American express cards to pay for their purchases and it would be a good idea to choose Bin Checker for American Express for this purpose. Credit card companies limit the percentage of charge backs a company can have, failure to which you will be blacklisted. By use of credit card Bin checker or Bank Bin Checker, you can reduce this. Identification numbers on cards can be used to view the transaction history of a card. With a Bin Checker database you will be able to access which cards have been flagged for fraudulent activity.
If you are a store and offer your customers incentives like gift cards so they can shop at your store, you should also be on alert. Cards are usually paid for way in advance and if the numbers have been stolen, the intended user will not use it. With a Bin Checker program, you will be able to have this information on time. So when the stolen number is presented, you will be able to decline it based on information.
We have also improved our database to offer details of specific cards. We have Bin Checkers for American express and Bin Checkers MasterCard. If most of your customers are covered by either company, it will make the process faster. American express have different subtypes for its cards, and with a Bin Checkers database, you can be able to realize fraud. You can do this by detecting if a benefit for one card is being used on another.