Reasons The Biggest Credit Card Bin Lookup Service May Not Be The Best

Apr 10 13:45 2013 Gen Wright Print This Article

As you seek to build your business and increase revenue, adding a credit card bin lookup service may be the best way to go.

It's pretty much a given that you won't go far without multiple payment options for your customers,Guest Posting but just offering the option to pay with a credit card isn't enough. You need to make sure the form of payment that you are taking is going to go through without fraudulent activity, and that's where a database comes in handy. But when looking for the right one to suit your needs, should you go with the more is better routine or utilize a more refined approach?

Most businesses make the mistake of buying in to a service that offers too much for their purposes. They end up paying more than they should for options that may be good for other businesses, but aren't necessarily right for what they need. With this reality firmly in mind, here are some reasons the biggest credit card bin lookup service may not actually be the best for you.

1. It may go too far in functionality.

Services like FraudAssets are great if you are looking to expand your business and payment processing offerings, but if you are just taking basic credit card information and you are on a tight budget, it may be better to go in another direction. Still, many people choose FA for its largest selection of records at 353,000 and counting and for its extra vigilant security verifications. (It currently uses seven parameters to prove the legitimacy of its database.) Still, there is a $1,200 startup cost for the initial database and a $300 yearly maintenance fee to keep the frequency of updates coming. While all of these things are beneficial, you've got to ask yourself whether you're ready for the extra cost when you could get a more scaled down service that hits all your needs without pushing your budget.

2. You may not know what you need until you need it.

Using a smaller service like Bin2Country or ExactBins may be the better decision for those starting out, or for those who plan to scale down the payment processing options they offer. With B2C, you get to ease your way into the credit card bin lookup service market by paying an initial database cost of around $250. Updates run around $150 per year at the time of this writing. Think of it as a starter kit for determining the exact needs of your business. It could be that you never need another service, or you could find that it doesn't go far enough for your purposes.

Whatever you decide, make sure you put in the research time and consideration about what your business really needs.

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Gen Wright
Gen Wright

A quality credit card bin database provider will provide you with the best information for the long term survival of your business. With a credit card bin ranges list database, you no longer have to worry about getting stuck with fraudulent transactions. Visit our site to learn more.

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