Bank Bin Number Search- Ideal Tool For Merchants

Bank Bin number is the Bank Identification Number which makes use of the BIN database

as an effective tool to curb the threat of internet financial frauds.

What is a bank bin number?

A Bank Bin number is the Bank Identification Number shortly referred to as BIN and constitutes the first six digits of the customer's debit, credit, prepaid or deposit card numbers which can help in the verification of each electronic transaction involving receipt or payment of money. The bank identification number is also called as Issuer identification numbers (IIN). The database of bank bin number is maintained by the American Bankers Association and is updated on a monthly basis. The membership of the association allows access to this database and can be used to verify the transactions.

How the bank bin numbers are used to validate transactions?

When you enter the first six digits of the card onto the search column, the database returns you the name of the country, nature of card, type and issuing bank details. This can be used to authenticate the transaction and also to check whether the card details are genuine or not. In case of discrepancy, the merchants can inform the database and help to update the bank bin number database to be more accurate.

The database of bank bin number is scanned to verify the entry on the card. Any mismatch with the existing record is highlighted and suspicious transactions are given a warning. You can thus foresee the possibilities of fraudulent transactions on your way. The collection of bank bin number can be modified to suit your needs. Such custom made solutions are the present day preferences of many merchants. This allows that you need not change your accounting or antivirus software to suit the needs of bin database.

Those businesses involved in export of goods can take the best advantage of such custom modifications. You can restrict certain country or cards from being cleared for payments if the license for export or your business policies need you to do so. This can be automated with a little modification of bank bin number database and can prove to save your time and cost of shipping. The bin checker can be integrated into your business policy requirements with exclusion of cards with origin from such countries or when the shipping address is of the marked country.

Another remarkable feature of bank bin number is the ability to integrate them with billing software. This means that the billing can be made automatic and charges applicable can be pre programmed. Sometimes cards issued from countries other than the one in which the merchant resides attract a different service charge. This can be programmed into the system so that the bank bin number verifying system can make the necessary changes in an automated fashion. When the system encounters a different card based on the country or type, the bank bin number database can initiate the billing software to charge a different fee.

by: Gen Wright

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