Get BINbase Data That Helps You Survive and Thrive During Rough Economic Times

BINbase data is quickly becoming the nerve center of many risk management assessments among both large and small businesses. Truth be told, every business will face some type of credit card fraud. And in the past, there was not much merchant account holders could do about it. Until now. BINbase software is taking the financial world by storm and giving business owners the tools to lessen the chances of being victimized by credit card fraud.

Merchant account holders end up paying charge back fees when a fraudulent transaction occurs. So having access to reliable BINbase data can cut down on these costs dramatically and here’s why – a credit card’s BIN number can be run through a BINbase checker and verified before the transaction is processed. This puts the power back in the hands of the business owner and out of the hands of the scammers.

With the BINbase database you can learn all kinds of pertinent details about a card before you approve a transaction. You can find out whether or not the shipping address matches the billing address. You can determine whether or not the card has had any issues in the past, such as frequent charge-backs. In other words you can you better protect yourself from fraud with a simple BINbase search.

For those who are unsure of what credit card fraud, simply put, it’s the act of buying items using another person’s credit card information. Merchant account holder’s are highly susceptible to charge-back fraud.

This kind of fraud happens when a legitimate cardholder uses the card to buy goods or services but when the statement arrives, they contact the credit card company and tell the representative they never received the item or service or never authorized the transaction in the first place. A BINbase data system can help you better track these types of charges.

The next type of credit card fraud that affects merchant account holders is online credit card fraud. It’s the most common type of credit card fraud with transactions that people do on a day to day basis. Now this type of fraud can be a little complicated, where hackers steal credit card information without the real card holder knowing what has happened. To help avoid this problem, merchant’s can use the BINbase number system to verify the billing and shipping addresses to ensure they match.

With all this in mind, it’s fairly easy to get access to BINbase data and integrate the program into your system. The BINbase database is not open to the public but you can purchase either a single user license or universal license. The features you will have with your BINbase download will vary based on the license and the provider you choose to use.

Retrain Tardy Paying Clients to Improve Cash Flow

If you have historically allowed your clients to pay you after thirty or sixty days, you may find it hard to change their habit. Ensure you agree credit terms with your client when you initially set up an account for them to help avoid this issue. Ensure you consider any terms related to late payment fees, interest or even prompt payment discounts.

Communicating your terms and conditions to your clients

When you have agreed terms, re-iterate them to your client in writing so they are aware of when you expect them to pay you. It also makes sense to advise them how non or late payments will be addressed. For example, a three-step process may include: sending them a statement immediately their account falls due; then calling them after seven days overdue, and then referring them to a debt collection specialist after twenty-eight days.

Be firm – it’s your money!

Many small business owners are afraid to ask for payment when its due. They allow their clients to delay paying rather than risking losing clients by appearing “pushy” or too demanding. Be more assertive as your client has already received your service or goods. You’re effectively working for nothing until your paid – a sale is only a sale when you’re paid. The “squeaky wheel gets oiled first” – make sure you’re the important squeaky wheel.

Speeding up slow payers

Have you allowed your clients to pay after thirty days and now you want them to start paying after seven days? Changing their habit make require “baby steps” to improve cash flow.

Contact them much sooner and more frequently than you did previously. Call or email them after fourteen days if they’re used to paying after thirty days. Let them know your invoice is due and politely ask when they will settle your account. Or start putting pressure on a little earlier. A few days before your invoice is due send them a statement and highlight the due date. You could even call them to ensure they have received your invoice. If your client can’t (or won’t) pay your invoice in full consider taking a part-payment and giving them the option to pay in one or two instalments.

So give it a go – retrain your slow paying clients to improve your cash flow. By making a few small changes to your invoicing processes, you will be able to improve cash flow.