Merchants who accept credit cards in payment of goods are all too familiar with the chargeback. It appears on their monthly accounts as a reversal of charges from a credit card company because the charge itself was made illegally or fraudulently. Chargebacks protect the consumer from being responsible for illegal use of a stolen credit card number, and they protect the credit card company from suffering the loss themselves, but they do nothing to protect the merchant who ends up being the hapless victim of a thief.
Prevent excessive chargebacks to your accounts as a merchant, by use of a BIN checker list. These lists contain information on thousands of Bank Identification Numbers, the first six digits on a bankcard, which reveal what bank issued the card, in what country, and what kind of card it is. By using BIN checker online services, you can obtain confirmation that credit card numbers are real and active, and compare several pieces of crucial information for signs of misuse or fraud.
All large merchants, especially when selling over the Internet use credit card BIN checker software. It acts like a protective net to catch inappropriate charges. Some will inevitably get through, but many may be prevented by avoiding questionable transactions. If the information the customer himself supplies about the card, such as card type, does not line up with the BIN checker database, or if the mailing address is radically different from the card's country of origin, then you may choose to decline the purchase.
Many new security measures are constantly being devised as ways to thwart credit card thieves. Although you will unfortunately not be able to spot stolen numbers with 100 percent accuracy, you can still weed out many and reduce your chargebacks in process. If you want to increase the amount of business you do over the Internet, then you will need a BIN checker program to keep with the wider variety of credit cards you accept.
The best BIN checker sites have extensive lists of BINs from all the major credit card carriers, updated frequently to reflect the new BINs that are being issued daily, and a BIN checker demo that will allow you to run some card numbers free. They should recognize sub-types, such as the level of card (regular, premium, platinum, etc.); and kind (personal, business, commercial). They certainly are able to tell debit, credit and prepaid cards from each other. If you have many customers from other parts of the world, then you will want a BIN checker database that includes plenty of foreign cards.
Make use of every tool available to you in preventing criminals and thieves from robbing you of your goods while leaving you without payment. The information you gain about your customers and their credit institutions can stand you in good stead in many other ways, such as avoiding failing banks or adding charges for more expensive cards.
Don't be a victim - try the best anti fraud tool ever - bin checker list. On the link below, you will find all necessary information.