Have you had a recent chargeback and are searching ways to get rid of such circumstances in future? Do you want to ensure the business growth to be in steady ascending graph without any financial hazards? A bin list search is the answer for both. But before investing in a bin database, let us consider a few advantages with which you can reason your decision to invest in a bin list search.
Benefits of bin list search
Whatever is the nature and scale of a business, a bin list search does much to boost the economy of the business.
Protecting business from financial breakdown
When you consider the threats to the business the greatest risk is the financial breakdown resulting from unprecedented and unscrupulous financial misfortunes. A bin list search can confirm the accuracy of the card details beyond doubt and thus protect the merchant from meeting with such unforeseen incidents.
Authenticity, integrity and genuine nature need to be preserved during the whole process and this cannot be achieved with a regular phone call to the concerned financial institution issuing the card. This is especially true in transactions from overseas since the phone call or e mail contacts may not yield the same and accurate results regarding a bin number.
Finance security
Finance security is not about keeping the money locked up especially in a business. Rather it is about how you effectively keep your money to multiply by investing in a profitable manner. Bin list search can recognize potential frauds in transactions and warn ahead of a financial fraud. Merchants can thus be prepared for further verification. They can either choose to reject or accept the transaction.
Asset management
Bin list search tools indirectly helps in management of business assets since they give warning signals of any troubles which will affect the business assets. The merchant might feel more confident since he can manage his assets perfectly. Such a control offers the business unhindered support for growth.
Decreasing chargeback ratio
A bin list search prevents charge backs and hence can inform the merchant well ahead. The international limit for charge backs is 2.5. Bin list search tools assist the merchant in detecting the potential pitfalls of finance and sent notices of warning. In this way, the bin list search is more advantageous than phone calls and e mails. Additionally it offers the privacy and data integrity that no other search methods can guarantee.
Customer data integrity
Identity theft, financial frauds, fictitious payments all have become more common and so does the need for a safer and authoritative tool to verify the Bank identification numbers. Bin list search protects the integrity of data since the information is compliant to the policies of data integrity. Since the bin databases are legally approved in all nations there are no data theft problems and malpractices associated with the bin list search. Online shopping malls can sue the bin list search tools to enhance their business transactions without compromising for the fraudulent transactions.
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