How To Do Credit Card Bin Check?

A credit card bin check is the best and reliable way to identify credit card frauds

. Bin databases are a collection of bank identification numbers along with the other details such as issuing institution, nature and type of card, address of bank, etc. They provide a valuable tool to recognize the potential financial threats in advance.

Selection of bin database for a credit card bin check

Selecting the perfect tool is the first step of credit card bin check. This requires considering various factors such as the completeness, accuracy, cost, updates, compatibility with e-commerce platform, configurability with antivirus tools etc.

Additionally one has to check the reviews from past users for a better choice. There is nothing wrong with choosing free bin databases if your business can afford to compromise with the limitations. Selecting the ideal tool for credit card bin check is important since only an organized and complete bin database can prevent the business firms from encountering financial breakdowns.

Bin databases with regular updates and add on features contribute to an effective credit card bin check. Free as well as licensed versions are available. Cost is a concern especially in economic recession and the selection should ideally take care of this factor not to regret later in financial fall backs.

Doing the credit card bin check

Ideally the credit card bin check should be conducted before the payment is settled and the order is finalised. This will help to foresee the risks of financial frauds and take decisions to stop or continue the transactions as needed. Credit card bin check can be initiated even after the transaction is finalised. However, if the risk is found in a fraudulent transaction, then it will be too late to reverse the fraud. Hence it is advisable to do a credit card bin check before every transaction is settled. Speed of processing these checks is therefore to be considered in selecting the bin database for effective credit card bin check.

Warnings and issues

The credit card bin check with the bin databases yield in results with the details such as name of the issuing bank, details of the bank, address, type of card, nature of card, etc. There are certain issues which serve as warning signs.

When the country of order differs from the issue of card, there is a potential risk of financial frauds which must be investigated further before finalizing the claim. Also if the type of card does not match with the one in database, there are chances that there will be a charge back. Limit of payment is determined by type of the card whether classic or gold etc. If the payment to be realized exceeds the card limits it can result in a charge back where the merchant may have to pay back the sum so realized. A credit card bin check can yield warnings about charge backs and can help the business to keep the chargeback ratio well within the international limits.

by: Gen Wright

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