Bank Identification Number Search For A Better Future Of Business
The bank identification numbers serves as identification tools for credit card verification
and the business firms are relying on these revolutionary anti fraud techniques for the betterment of business. The bank identification number which is a six digit numeric adoring the first part of your credit or debit card serves to identify the potential threats of charge backs and secure your business.
When to conduct bank identification number search?
Ideally bank identification number search should be done for every financial card transaction before the claim is settled. Debit, credit as well as charged cards carry a BIN number and hence all are acceptable to bank identification number search.
For cases of identity thefts, the bank identification number search is done even after the transaction is finalised. This is done usually as part of investigation when the identity theft is reported.
Tools for the bank identification number search
You will need the bank identification number shortly called as BIN. It is also known as IIN or issuer's identification number. You may also need a bin database for the bank identification number search. The bin database has all the bin numbers and the details of the card such as name, issuing bank and other fine details.
The bin number is the first six digits of the card. The bin numbers for bank identification number search are maintained in a database by the American Bankers Association. However they are available only to the members. According to their policies the database is not made public and is shared with members, sponsoring firms, and network providers alone.
The main purpose with which the database was built was to provide a unique identification for all the financial cards which can be utilized for verification all over the world. However ABA database according to their claims do not have all the information needed for verification as the bin databases do claim.
Business firms can get the necessary information directly from the service providers such as Visa, Master card etc. A bin database is a finer way than purchasing from various sources for conducting bank identification number search
Reading the results of bank identification number search
Licensed bin databases with bin numbers are available for performing the bank identification number search. The first number denotes the card type
For example
4- visa card
5- master card
3- American Express
6- Discover cards
Applications of bank identification number search
To identify credit card frauds
To find out and prevent identity thefts
Charging different rates for resident and non resident cards
Preventing financial threats
Finding out possible insurance frauds
Preventing charge backs
Reducing charge back ratio
There are several other advantages and applications for bank identification number search. However to be effective, it needs a reliable, accurate, up to date, organized, uniform database. With such a bin base, a bank identification number search yield good results which can be of use not only to merchants but also to customers.
by: Gen Wright
Comprehending Interstate Moving Businesses Enrich Your Business With Highly Efficient Voip Solution How To Set Up And Run Your Own Forensic Accounting Business Outsource Network Security Services To Protect Business Reputation Express Your Message And Your Business With Display And Roll Up Stands Help Desk Services Transparent Functionality Of Business Orlando Managed It Services Help Businesses Grow Use Smart Interior Design Mobile Application And Handle Entire Business Efficiently Mobile Reseller Programs For Best Business Advantages Professional Translation Services London- Aids You To Have The Best Business Deals Sri Ram Business School Providing Finest Management Professionals Managing Business Travel Expenses Better Voip Services: Beneficial For Business Organizations