Save money on every credit card transaction with BIN Seeker technology
BIN Seeker technology has been around for a while and traditionally available only to large retail merchants such as Safeway, Wal-Mart, Home Depot, etc. Maxx Merchants is proud to announce the availability of BIN Seeker technology on every model of credit card terminal we offer. The BEFIFIT – Bin Seeker technology is available to everyone.
What is BIN Seeker technology?
BIN Seeker technology is logic built into the credit card terminal that recognizes the type of credit card being swiped and automatically routs the transaction to the lowest possible interchange level.
For example: if a customer uses a debit card the terminal will automatically prompt the customer to enter their PIN number. At that point the customer can enter their PIN or they can elect to run the transaction as a credit card. We have case study statistics that show prompting customers for their PIN reduces interchange fees by up to 40%.
Another example revolves around the use of rewards cards. A rewards card is a credit card carried by consumers that offer a reward associated with the purchases made on that specific credit card. Common rewards are cash back, frequent flyer miles and reward points that can be exchanged for products and/or services. When a customer uses a rewards card, BIN Seeker technology recognizes the credit card as a rewards card and will prompt the customer to enter the zip code associated with their account at the issuing bank. The simple process of asking for the zip code associated with their account has been shown to reduce the businesses interchange fees up to 30%.
Interchange fees represent the largest single cost associated with accepting credit cards at your business. By introducing technology aimed at reducing interchange costs, Maxx Merchants helps your business reduce expenses and increase revenue.
BIN Seeker technology is available on every credit card terminal we offer.
For more information please contact our friendly staff at (800)917-8026.