Bank Bins - Selection And Updates

Bin numbers form the breath of credit cards and provide them with a proper verifiable identity

. Bank bins or the collection of bin numbers therefore are essential tools of any merchant not considering the nature of business.

Seldom does the numbers acquire in depth meaning and importance as does the first six digits on your financial card. With these digits, one can acquire enough information on type, nature, issuing bank, address of the bank and details etc. Free bank bins are not charged and the information is retrievable usually from an online database. But you need to have an internet connection since the data is stored in the web. The data is easily retrievable and can be verified within a short span.

Large scale transactions need more number of searches and hence licensed bank bins are preferred by large firms. Freely available bank bins might not offer the flexibility and accuracy of professional licensed bank bins.

For example, if you are running a small departmental store catering to the needs of the residents, bank bins with lesser number of records or data of cards issued in the same country will be enough to start up. However, if you have set up an online firm where you ship your goods and you get enough orders from overseas countries, then your selection of bank bins should be more geared towards one with huge number of records and varied card types.

Bank bins tend to be in different formats. csv or comma separated values are more compatible with decision systems, accounting systems, and antivirus software. Bank bins often form the way to financial security. The licensing of bank bins can be either one time which means you may have to pay for the license once and the updates are freely added. Any modifications to the bin database also should be freely downloadable to the customers. Latest bank bins allow limited license. The license to get updates and security services are limited for a certain period of time usually one year. After the specified period, the customer may be required to pay certain sum to get the license extended. Though the practice is not monetarily benefitting this means that the updates are regular and more accurate. You can expect more reliable technical support too in such cases.

There are certain bank bins which are having limited records but contain complete information on all the fields. Most bank bins which claim to have a huge number of bin numbers derive the numbers from either computer generated data or from general wiki sources. The authenticity is less since the numbers alone does not provide sufficient information to check the credit card. The best bank bins are those with all the records filled up with honest information derived from original sources of issue of card.

In some cases the card service providers fail to provide the updates. Again this is a drawback and could not be helped in most cases. The country wide policies and standards may also differ resulting in some service providers being more apt in providing updates while some others completely neglect to provide the latest information. Bank bins are therefore to be chosen wisely considering your need, extent of the marketing and possible customer base.

by: Gen Wright

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