How To Choose A Reputable Bin Lookup Database

Bin lookup database services enable business owners to safely process credit card

transactions through traditional brick and mortar stores and online marketplaces. Through the information found in the first six digits of the credit card, the merchant is able to compare and verify the information of the account holder with the information being provided through the current credit card transaction. Using the popular Bin lookup database services, merchants are able to significantly reduce the instance of credit card fraud and fraudulent charge backs that are made to the merchant account.

What should the merchant consider when choosing a Bin lookup database service?

What types of credit cards are in the bin lookup database?

When choosing the bin lookup database that is going to be used to verify the credit card information that is found, it's important to confirm that there are comprehensive listings of credit cards from the three main credit card companies; Visa, Mastercard and American Express, but also ensure that the credit cards that are listed are comprehensive, including the hundreds of different credit cards that are available. From prepaid credit cards and gift credit cards to debit cards and traditional unsecured credit cards that are available to use while shopping.

How often is the bin lookup database updated?

In addition to choosing a database that includes a large amount of credit card types throughout the database, it's important to choose a credit card bin database that is going to be updated regularly with the new types of credit cards that are available. In addition, many times, the numbers of the bank identification are changed for a heightened level of security. Ensuring that the bin database is current is going to reduce the instance of outdated information that fails to provide protection for the merchant.

What's the cost of the database?

There are many different online services that provide merchants access to the information from the various credit card companies. Before agreeing to a contract to purchase a subscription to one company's database, the merchant should compare the costs of other bin lookup databases that are available. It's important to compare the monthly costs of the database, as well as the length of the subscription to find the best price for the cost of the database. Comparing the cost of the service can help the merchant to find the most affordable option for their business.

How in depth is the bin lookup database?

Most credit card bank identification number databases include up to eleven fields to confirm the information on the account of the credit card holder. These fields include the type of credit card, the country that the credit card has been issued, the bank identification number, the card brand and the type of card and category of the credit card. Using this information, the merchant can reduce the instance of fraudulent credit card transactions being completed and protect the business, the inventory and the investments that have been made in the secure dealings of the business.

by: Gen Wright

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