Saturday, June 30, 2012

Using A Bin Lookup Service

Using a BIN Lookup Service

The world of online retail is growing at a rapid pace, and as the global market expands, a BIN lookup service is now needed to ensure that credit card fraud does not take over your business.

Anyone can conduct business online, but only a savvy businessperson can avoid being taken in by credit card thieves. Having a reliable BIN lookup service is the only way to protect yourself and your business.

The Value of a BIN Lookup Service

A BIN lookup service is probably one of the most valuable tools you will use as an online retailer. This is because it allows you to match credit card numbers with other important information as an effort to reduce fraud. It really is amazing what information you can find out about your customers by simply looking at their credit card number.

Uses for a BIN Lookup Service

The idea behind a BIN lookup service is very simple. The BIN is the first six numbers of any credit card number. They tell you not only what kind of credit card it is-Visa, MasterCard, Discover, etc.-but also the name of the bank or entity that actually issued the card. BIN stands for "bank identification number," and those six little digits also indicate other subtle clues about whose credit card this is.

For example, you can find out which country the card came from. Once you have that, you can match the country with the shipping address or billing address and verify that the product will either by going to an address in the country of the card issuer or that the bill will actually be sent to someone in the country where the card is.

Another way a reliable BIN lookup service works is by matching the IP address of the computer that was used to make the order on your website and the BIN of the credit card used to pay for the order. The orders in which the IP address country do not match the address of the credit card will be red flagged so that you can investigate them further or just deny them completely.

How a BIN Lookup Service Works

It may sound like a lot of hard work to do all of this matching, but a BIN lookup service is entirely automated. Most reliable BIN services will run with any programming language that is commonly in use, so your web person can simply program your BIN lookup right into your shopping cart. This gives you a secure way to authorize the purchase without putting yourself or your business at risk.

Many online merchant services do not realize how easy it is to implement a BIN service on their website. They are missing out on the protection that can easily be theirs if they just look into the possibilities.

BIN2Country is a new BIN lookup service that provides services customized for online merchants. The site offers a free online demo version which allows merchants to look up BIN numbers by hand, as well as an online and offline version of its database so that merchants can always be protected.

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