Bank Bin Numbers And Balance Sheets

Bank bin numbers are bank identification numbers which form the identity tool of debit and credit cards issued from all financial institutions

. The database is maintained by the American Bankers Association and is available to the members.

How the bank bin numbers can help your balance sheet?

Internet use is common and so does the credit card fraud through online means. An internet based business inevitably needs the bank bin numbers database for verification and authentication of credit card numbers. It would be really foolish to run the virtual business without the bin checker. Even with the nascent entrepreneurships the bin checker is a must to avoid embarrassing financial hazards in the course of business. The damage can be huge and therefore one needs to select and install a suitable bin database before setting up the online business.

Virtual shopping malls, online banking, and internet based business opportunities are on the rise and world is shrinking into one global village thanks to the deep reaching roots of internet. In such an era of technology, bank bin numbers database is an ideal investment for all business whether it is of small or large scale.

How the bank bin numbers helps you to control finances?

Bank bin numbers when identified can help you to verify the credentials of the cardholder and avoid unnecessary charge backs. The international norm for charge backs is 2.5 and it is possible to maintain the ratio well within this limit with the help of a suitable bin checker.

Different cards attract different rates of service fee and this can be easily calculated by integrating the bank bin numbers database with the existing accounting software. Cards issued outside the country and for goods which need to be exported to overseas needs to be charged differently than others. Recognition of overseas cards is possible with the help of bank bin numbers databases. Exact fee needed for charging can be determined by these bin checkers and automated arrangements for levying the prescribed charge can be set up.

The bank bin numbers database cannot be efficient unless they meet the following criteria

Easy to use and modify

The bin database with bank bin numbers can be either purchased or created. The basic information for setting up bank bin numbers database can be obtained from the general sources available to the public. However, the accuracy and authenticity might be compromised.

Quality

Quality of bank bin numbers database is the next important concern. ISO certified databases offer trouble free searches but cost a little. Licensed versions usually do not compromise on the quality and accuracy. This is doubtful with the free bank bin numbers databases.

A simple search on bin database can therefore yield more results which can change the digits of your balance sheet to make the business profitable.

Cost

Though not a big issue, the cost should be of concern especially for business firms setting up their activities for the first time. Consider the business nature, extent of reach, and expected volume of transactions before choosing a suitable bank bin numbers database.

by: Gen Wright

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