Bin List Database

A bin list database plays a very important role in the modern business world

. In fact, it has been developed just to provide extra protection to card users and to online merchants. A bin list database stores a lot of information related to credit cards and the people and issuers of the credit card and to those who make use of such cards to make online purchases.

Swiping credit cards

Each time a customer swipes a credit card, the vendor can verify it by making use of a bin list database. A merchant that accepts credit cards will always need to protect themselves against fraudulent credit card usage. It is for this reason that they have to make use of a bin list database. The information pertaining to the credit card is already stored in a bin list database.

Issues that need to be addressed

Of course, not every bin list database will prove to be useful because there are certain issues that need to be addressed that will help ensure that it proves to be effective. One of the most important aspects of an effective bin list database is its ability to store a high volume of information related to the credit card.

Accurate and complete lists are required

It is also important for the bin list database to be accurate and it must also contain the latest information related to the credit card. Any bin list database that does not have such capabilities will not be effective. Whenever a card is swiped, the vendor needs to use a bin list database to find out whether the card is genuine or not.

One of the things that a bin list database can do is validating the credit card. If the bin list database shows that a particular credit card is valid then the vendor does not need to worry about it being fraudulent and so can go ahead and complete the transaction.

A card that is suspicious will generally be flagged by the bin list database. Such cards cannot be accepted and so must be rejected and thrown out. An automated bin list database will do this and in addition, because it throws out suspicious cards automatically it will also help in cutting costs of operations.

This means that correct use of a bin list database will lead to safer transactions and in addition it will also help to make the business more efficient and profitable. This is one of the reasons why most online businesses today rely on bin list database to help them transact in a more efficient and safer manner.

If an online merchant does not use a bin list database, they are allowing fraudsters in all guises and who use all kinds of means to perpetrate a fraud. This can lead to the business failing. Rather than allow this to happen, merchants need to make use of a bin list database so that they can remain profitable and also at the same time not have to worry needlessly about fraudsters. Since credit card fraud is on the rise, it certainly makes sense to make full use of a bin list database.

by: Gen Wright

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