If your business is plagued by credit card, fraud and charge backs you should be investigating incorporating information from a site into your payment process. Retailers who use credit card BIN database software can flag and investigate suspicious credit card use by matching the information provided by the customer with the card issuers’ data. Inconsistency in the data could signal fraud.
BIN stands for Bank Identification Number and it is the first six numbers of a credit, debit or prepaid card. These numbers help identifying the issuing bank and other key information. Any business or organization that accepts credit, debit or prepaid cards for products or services can benefit from using a card BIN database program to verify customer information and avoid card transaction fraud.
Primarily, a BIN database for credit card aids in fraud prevention. By matching, the information provided by the purchaser with the available information from a BIN database lookup, mismatched information alerts the merchant that card fraud could be occurring. In these cases the merchant has the option of further scrutinizing the transaction or cancelling the order.
Fraudulent transactions can also lead to excessive chargebacks which can damage business in any number of ways. If a credit, debit or prepaid card is used without the consent or proper authorization of the card holder a chargeback can result. A merchant is often responsible for fraudulent charges. In addition to this potential loss, an excessive chargeback ratio (the chargeback ratio is the total number of card processing
One of the main issues impacting compliance officers today is the difficulty of monitoring the personal trading activities of employees in accordance with best practice and industry regulations. Adherence to rules such as SEC Rule 17j-1 and Rule 204A-1 and adoption of the best practices recommended by the SEC can be very time consuming and distracting for any compliance department.
The main requirements of an Investment Adviser under rule 204A-1 and Rule 17j-1 are:
Adoption of Code of Ethics.
Process to monitor employee personal trading
Reporting by all access persons of all holdings within ten days of becoming an access person and at least once within each twelve month period thereafter.
Submission of transaction reports by access persons no later than 30 days after the end of each calendar quarter. The report must cover, at a minimum, all personal trading transactions during the quarter.
Trade Pre-Clearance approval of certain investments. Access persons must obtain approval before they directly or indirectly acquire beneficial ownership in any security in an initial public offering or in a limited offering.
The SEC when amending rule 17j-1 in 2004 also recommended that Investment Advisers adopt the following in their code of ethics.
Prior written approval before access persons can place a personal securities transaction (“pre-clearance”).
Maintenance of Restricted lists e.g. Lists of issuers of securities that the Registered Investment Adviser firm is analyzing or recommending for client transactions, and prohibitions on personal trading in securities of those
Hopefully these tips and strategies for consolidating credit card debt will help you to save good amount of money. Instead of paying too much cash to your creditors, simply put all those savings straight to your packet. So here are some tips and strategies for consolidating credit card debt that could help you save some money.
Firstly you have to sacrifice by cutting off some of your regular budget. You have to be committed and be concentrating on paying off the debt. The quicker you can possibly pay back your debt the lesser the interest rate you’ll be paying to your lender. Always do not forget that the more time you take in paying off your debt, the more in which it will cost you so the more you will remain in more hardship in paying off the debt. When consolidating credit card debt by switching multiple credit cards within one credit card.
When you choose to move to another credit card, this strategy would really help you if the new credit card offers a lesser interest rates compared to the existing credit cards interest rates. I know you get the idea on how you would save money with this tip. Another advantage youll get is there are offers by credit card companies that once you switch your existing balance into their credit card, they normally grant a very low introductory rate and even at times a 0.00% introductory rate which often runs for 6 months and upwards will be
Nowadays when people are offered a wide assortment of credit cards, it can be really difficult to decide what plastic will meet your needs and expectations. It goes without saying that people are searching for the best credit card deals. However, can you say what type of credit cards is the best? The fact is that for some people the best plastics are instant credit cards, for others – plastics with best credit card rates. So, everyone decides for himself/herself what type of credit cards will suit his/her lifestyle in the best way. Very often, people have several credit cards that can be useful in certain situations.
Many credit card users are afraid of having multiple plastics. Some people are sure that having too many cards can negatively affect their credit history. For others, it is rather difficult to manage many plastics, to track all the bills and be on time with their credit card payments.
As a rule, it is recommended to have from one to three plastics, depending on your financial habits. And there are cases when customers benefit from having multiple credit cards. According to the research 51% of American credit card users have two or more plastics.
The fact is that holding multiple credit cards can be rather profitable. There are several reasons for holding multiple plastics. And one of them is safety. Having only one credit card you can face certain problems. We can’t deny the fact that credit cards can be stolen
The American Express Blue Credit Card is a cut above many of the other varieties of credit cards out on the market today. Absolutely loaded with advance features, it truly is a card for the tech savvy consumer. It truly is like no other credit card you will find in your wallet, and for many carrying the American Express Blue Credit Card allows them a certain piece of mind that they can’t find in any other card offering any low competitive interest rate. The American Express credit card comes with a low APR rate and no annual fee, but that is just the tip of the iceberg when it comes to reasons one should carry the American Express Blue Credit Card.
It has never been so simple and easy to manage your American Express Blue Credit Card account online. It is simple to view up-to-date billing information including payments made online and transaction charges 24/7. You can also receive automatic e-mail account alerts with your American Express Blue Credit Card. These alerts are offered to help you keep track of your account activity. The automatic e-mail updates help you avoid late payments, keep tabs of your credit line, and more.
Your Year-End Summary is also available online. The Year-End Summary of charges provides one with 24-hour access to an entire year’s worth of account information on your American Express Blue Credit Card. The useful and flexible features make organizing your personal expenses a breeze. You can even download a summary to print
I’ve just realised how useful this credit card is especially to someone like me! The MBNA platinum credit card offers 0 per cent on three main areas of use;
0 per cent on balance transfers until December 2008 – 3 per cent fee applies 0 per cent on purchases until your statement date in March 2008 0 per cent on transferring cash into your current account until your statement date in December 2008
Personally I wanted to take advantage of the 0 per cent on balance transfers as I had a fairly hefty balance to transfer from another credit card. My other credit card was actually provided by MBNA for Sainsbury’s bank so unfortunately when I phoned to transfer my balance to the 0 per cent MBNA credit card I was told this wasn’t possible because in essence the balance was with MBNA anyway.
Luckily I was able to transfer cash into my current account using the MBNA credit card, still at the 0 per cent rate, until December 2008, and then I was able to simply write a cheque to Sainsbury’s bank to pay off the balance on the card. The idea of transferring cash into a current account is a very flexible way to get round the balance transfer issue I had but would also be useful for customers wanting to get make their credit cards worl to their advantage.
Most credit cards available today will offer 0 per cent on purchases for only
Most business owners are benefiting from a credit card payment processing service as they do transactions with their customers. Customers like the versatility of being able to pay for their items in any format without delay. It’s not always convenient for an individual to have cash on hand at all times, which makes having a credit card processing service an asset for business. Businesses who have invested in credit card payment processing services have found that they are able to increase sales in their business.
With a credit card processing service businesses can now accept any form of payment including all the credit, debit and echeck companies. It will also enable businesses to accept payments globally when it is coupled with a good merchant account service online and at a physical store location. Most transactions that are conducted online or at a physical location such as a brick and mortar retailer or even a trade show or convention center sales booth. Since most consumers are concerned with entering their credit card information, there is security and fraud prevention for each credit card processing service. The customer’s credit card information is automatically encrypted and verified with reputable credit card processing companies. This leaves the customer comfortable with the thought of knowing that they are dealing with a trusted service.
It’s difficult to determine what credit card payment processing works the most efficiently with a business with the multitude of options available with each given situation. Credit card processing rates
BIN act as one of the preventive measures developed to prohibit the credit card frauds. BIN stands for Bank Identification Number, which is now termed as Issuer Identification Number. BIN refers to the first 6 digits of a credit card.
Credit cards comprises of 16 digit number, where the first 6 digits plays an important role irrespective of the type of card held and the issuing authority and bank. The six digit number stands for the issuer’s identification in which the first digit represents and described as the Major Industry Identifier. The remaining digits of the credit card number which generally range up to 12 digits act as an identity for individual i.e. the card holders. Even though the credit cards are offered from the banking and non-banking institutions, they are generally issued through the exclusive network.
Bin also represents the institutions that issue the cards. Bin ranges list and regulates the credit cards issuance, starting with the same number for each card and every card issued by the respective institutions. For instance, Visa cards starts with 4. Majority of the issuing institutions print the first 4 digits of the card, i.e. the first 4 digits of the Bank identification number just below the embossed credit card number. It is extended for additional security.
For instance, if a Visa Credit Card, issued by Royal Bank of Scotland starts with 4147 as embossed on the card just below the embossment, the same digits are printed at the bottom left
Ever wondered what the numbers on your cards indicate? Well you might have written them down at several points, either as reference or as a security measure in case of theft, but did you ever sit down to think what they might mean? Heres the answer.
The first number on your credit card denotes the system of the card. Is it a visa, master, or entertainment card? If the number is 3, it means it could be an American Express or Diners Club card or any other entertainment or travel card. Whereas a card with 4 as the first digit denotes that the card is a Visa card and a 5 means it is a MasterCard. A card that starts with the number 6 means it is a Discover card.
The number on the card also denotes the system of the card. For instance, a Diners Club card starts with 38 while, an American Express card number starts with 37. The third and fourth numbers denote the currency used on the card while the rest of the numbers till the 11th give you the information on account number. The digits from 12 to 14 is the credit card number and the last digit, the 15th is a check digit. This is the configuration in an American Express card.
A Visa and a MasterCard are similar in concept with some variations. They basically provide the same details, though the numbers and rules vary slightly. These numbers offer complete information
Credit card companies had to start complying with new regulatory rules designed to help and protect consumers as of February 22, 2010. You’ve probably received a bevy of notices and agreement changes from them leading up to this date. Since most of these are in legalese, let’s take a look at what the real changes are now that they are implemented.
The basic idea behind the new regulations is really two fold. The first is to make things much clearer for you, the debtor. The second is to protect you from predatory practices or at least those that were perceived as being outrageous.
The first big change is the payoff date. You are going to see notices on the front of your credit card that will tell you how long it will take to pay off the debt if you make the monthly payment. This can be a shocking number for many people. I can tell you that I was certain shocked to see it would take 11 years to pay off one of my cards!
The statement will also contain what is known as the three year provision. This simply shows you what you must pay each month to get rid of the debt in three years. It is actually rather amazing how paying just a bit more will do the trick, so pay close attention to this number.
What if a company is going to increase your interest rate or fees? Well, now it