Typically, a bin range database is a database used to verify credit cards. When credit cards are used a bin database checker is used to check the credit card numbers as a way of security and reducing fraud. A bin database table can and should be used by any business or company that allows the use of credit cards in its transactions. When a transaction is made and payment made through a credit card an electronic payment system or simply a bin database lookup will be used to verify the credit card in real time in a easy and faster way.
A BIN database listing is very important to every businessperson who allows credit card transactions regardless of whether his owns a small online business or a flourishing local company. Using such a list is one of the simplest ways to prevent losing money to frauds. More than often, many business owners while trying to save money tend to avoid the use of such products. This enhances cases of chargebacks and frauds, which in turn means loss. Unfortunately, many business owners in one way or the other make the consumers pay for the losses. In the end, the business might be able to recover lost funds to frauds and chargebacks but eventually this lowers the business' productivity, as many consumers will tend to shy away from doing business with such business owners.
A bin database program can be easily installed and used to verify credit cards thus reducing the chances of business owners incurring additional costs of running their business. This in turn enhances competition on the market. It takes a very short time for a bin database search to be complete and a few minutes can be the difference between closing a business due to incredibility and making your business flourish thanks to building confidence with your clientele. To ensure that your business is always protected against fraud and reduce chances of chargebacks, consider getting a bin database download. In as much as you will not be able to own your own in house database, a download will enhance your competition in the market while at the same time protecting your business from unnecessary losses to fraudsters.
Many people tend to think that a bin database table will only be beneficial to online business owners. However, have you ever though of what would happen if you allowed the sale of your merchandise from your local business, without verifying the validity of the credit cards used in the transaction? Chances are, you will incur some losses to chargebacks as today many people use stolen credit cards to buy merchandise. It can be time consuming and very costly trying to track your merchandise say 3 days after the shipping. In most cases, you will have yourself to pay for such losses. Instead of incurring such big losses, you not get a bin range database, protect your business, and enhance its chances of flourishing. Remember a simple bin database can be the difference between you closing your business or having it flourishing.