Card Bin Numbers And How They Work

The widespread use of credit cards today in every corner of the world has made online transactions a very common occurrence

. Businesses almost entirely depend on credit card sales which is why it is important to learn how use of card bin numbers can make things better for these businesses. Card bin numbers are used to help locate and identify a credit card.

Find out which bank issued the credit card

In fact, card bin numbers are very useful in helping a merchant learn about the bank that issued the credit card and in addition, with the correct use of card bin numbers, the merchant can also learn about information related to the card.

Rising instances of credit card fraud

With rising instances of credit card fraud, the modern online business owner cannot afford to ignore the benefits of using card bin numbers to help determine just how safe a particular transaction is. Credit card frauds and charge backs are common issues that the modern online business has to deal with and which are best dealt by using card bin numbers.

Modern technology

Modern technology has to keep pace with the rise in credit card frauds. This is why the BIN or Bank Identification Number is used to help track a credit card. The BIN (which was once called the IIN or Issuer Identification Number) makes use of a prefix which is made up of the first six digits of the credit card number. These BINS are stored as records in a BIN database and which can be tapped into with the help of card bin numbers.

When the merchant feeds card bin numbers into the BIN database it will automatically check the card bin numbers and provide information related to those. However, before submitting card bin numbers to a BIN database it is important that you ensure that the BIN database is accurate and has all the latest information.

A BIN database must be absolutely up to date and its records must be valid and verified because otherwise it will not serve any useful purpose. If the records are not accurate it means that the card bin numbers entered will not be matched in the BIN database. On the other hand, when the information in the BIN database is incomplete and out of date, there is also another great risk that the card bin numbers will not be matched with existing records.

Fighting online fraud is a very important concern for modern online businesses. They must therefore invest their time and money in finding a suitable BIN database. They also have to check various companies that specialize in creating just these kinds of databases.

Once they are sure that a particular BIN database is perfect, they only need to enter card bin numbers into it to find out just how safe it is to complete an online transaction. The information provided by the BIN database usually relates to the country in which the issuer of the card is located and in addition there are other pieces of information that can help determine whether the credit card is valid or not.

Once the card bin numbers match those of valid credit cards, the online merchant can then complete the transaction secure in the knowledge that they are dealing with a genuine customer.

by: Gen Wright

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