Are you looking to better understand your customers? Do you know who is declining your transactions? eCommerce merchants have high decline rates of 15 percent, compared to only 4 percent for instore merchants.1 In a customer centric world, data is paramount to addressing these types of issues in order to provide a best-in-class customer experience.
Traditionally, BIN files have served as a source of information for merchants to learn about their customers and address problem areas. Some merchants obtain BIN files from their processors; others build their own. Either way, BIN files do not provide a single source of customer information and merchants typically struggle with getting BIN level performance. Typically, they won’t have any benchmark against which to compare the data—until now.
Issuer Insights from Worldpay is a powerful new tool for BIN and account range analysis. It allows merchants to go a level deeper to understand their card approvals and declines for each issuer and the corresponding card products. This information can be used to improve the customer experience, drive upsell and cross-sell efforts, enhance fraud protections, and more.