Many businesses today have invested in BIN lookup software. But many are yet to start using it. But the truth is that a BIN checker is a necessary tool which every online and offline business accepting payment via cards should have. Though, there are situations that you can prevail over as far as online crime is concerned but with a IIN checker as it is also known, you will be able to minimize the possibility of the fraud.
The doing of business through the internet is a welcome innovation. Many consumers prefer shopping or transacting through the internet. Thus many businesses have gone online. But as normal in life, everything that has an advantage also has a disadvantages. One of the disadvantages of online business and shopping is that it creates a veritable platform for fraudsters to prey on unsuspecting consumers. There are different kinds of cyber crime and the card fraud is one of the most common ones. With a BIN checker, you will be able to reduce the possibility of card fraud. The use of BIN lookup gives businesses a lot of benefits which make its use of vital importance. Below are some of the benefits you will obtain from the use of the card.
With a BIN checker you will be able to obtain useful information about the card you are using. Some of the pieces of information that you will obtain from IIN checker software are:
- the type of card you have
- the brand and issuer of the card
- the country where the card is issued
- the address of the holder and others
As you match these pieces of information in the database of BIN checker system with the information provided by your consumer, you will be able to discover suspicious transaction and in this way, you prevent fraudulent transaction. Cyber crime nowadays is becoming more complicated. An internet criminal does not need to steal your card before he will be able to use it. Some of them create different kinds of spyware and bogus sites in order to obtain personal and credit details of consumers. With the information obtained, they can clone their card and make purchases with it. This is why you have to use such software to frustrate the effort of these internet fraudsters.
Another reason why it is important for you to make use of a BIN checker like http://binchecker.com/ is that it will help you to charge the applicable fees. If you are transacting with companies and individuals from countries different from yours, there are some added fees that you may charge in order to implement the transaction successfully and gainfully. With a checker, you will be able to charge these added fees. The software will also make it possible for you to establish an automated arrangement.
BIN lookup software is not only useful for prevention of fraudulent transactions. It is also beneficial to the consumers as it helps them to get a quick access to their finance.