Best 6 Ways To Show Why Bank Bin Numbers Are Effective

Usage of bank bin numbers is becoming popular among the merchants and several business professionals

. The electronic world has made it easy to perform online transactions, but at the same time, it also opened the gate of fraudulent ways of making money. To make the online transactions secure and safe it is important to use the bank bin numbers. Here you will learn about the six best ways to show why bank bin numbers are effective.

What are these bank bin numbers

Bank bin numbers are also known as bank identification number. You have probably seen the 16 digit numbers on the credit cards or the debit cards. The first six digits out of these sixteen digits are called bank identification numbers. When a card is swiped for any transactions, then the merchants can track bank details and the user details of that particular card.

What information bank bin numbers provide

Bank bin numbers are maintained in a database, which is updated on a regular basis. This helps the merchants to get information that are required for combating the possible fraud of using credit or debit card transactions.

Bank bin numbers help in determining the type of card

These days, usage of the credit cards and the debit cards have become vital in diverse business segments. If you are a merchant then it is important to know the type of card being used for the transactions. This is where the database of bank bin numbers helps. Once a card is swiped, you can easily detect whether it is a debit or a credit card by checking the bank bin numbers.

Bank bin numbers help in identifying bank origin

By using the bank bin numbers you can track the bank that have issued a credit card or debit card. When anyone's card is swiped, then the bank identification number is generated. This allows to track the bank that has issued the card. This helps to nab the frauds that make use of cards for fraudulent transactions. Bank bin numbers can also validate the brand of the cards, whether it is a VISA, Master, American Express or anything else. It can also determine the subtypes of the card such as business, classic or electron.

Bank bin numbers can be customized as per your business needs

One of the prime benefits of the bank bin numbers is that you can customize as per the needs of your business. You can integrate the bin checker of any card as per the demand of your business and necessities. You can even block off the banks that are performing poorly. In fact, you can also set restriction preference on the nations and merchants for lowering the possibilities of online fraudulent transactions.

Charge different rates for different card-types with bank bin numbers

You can use bank bin numbers to charge diverse fees for varied types of cards. This is helpful for the transactions with the cards that are not issued within your national boundary. You get make up for the additional fee that you need pay for using non-resident cards.

by: Gen Wright

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