Top 5 Essential Things You Must Know About Bin Lookup Database

BIN, the bank identification number, is not just a simple number comprising of a few digits

, but it plays a wider role in smooth processing of various electronic transactions through credit, debit, gift cards and various other cards issued by the bank. BIN which is the first 6 digits of any credit card /debit card, helps the online businesses to run the bin lookup database for a secured online transaction. Here you will learn a few essential things about bin lookup database.

What is bin lookup database

Internet has definitely eased out our efforts involved in shopping. It has also given us numerous choices for just one product, but it involves a great risk as well. Being a great boon to the world, it also brings with it unwanted things like identity theft, cyber crimes, and online money transaction frauds. Efficient precautionary measures are need of the hour to guarantee a secure online transaction. Bin lookup database is one such effective way of preventing online frauds. All you need to do is lookout for a bin lookup database.

Why do we need bin lookup database

It serves as a necessary tool for the business establishments who are more into the online business profile. They have to take utmost care of security and reliability, as these are most commonly affected online business issues. Credit and debit card transactions in online business are a cost effective way to generate income, but it is very important for the merchants to acknowledge the risk involved and they must cater to this seriously. This is where they would need bin database lookup. This can help them to overcome the financial repercussion which otherwise could have put them in great trouble.

What does the Bin lookup database comprises of?

In the bin lookup database, there are several things that the merchant must know before he actually uses this database. They must ensure that the database has all the required information available for their use. This will include the bank details (name, location, phone number), type of card i.e. credit or debit, card brand (visa, master, American express etc.). Bin lookup database gives us an insight to all this available information.

How does the bin lookup database works

The most important thing to notice about the bin lookup database is to ensure whether it is regularly updated or not. Bin lookup database comprises of table and validations that are critical tools required to detect the likely frauds and scams in the company's credit card transactions. It works pretty fast as it monitors all the credit and debit card transactions and immediately pops up unauthorized transactions. This gives you time to address the fraud before the final purchase with the client is confirmed.

Who can use bin lookup database

Any merchant or store that is doing online business can perform the bin lookup database. Many companies are already using it and many more are planning to do so. The decision to use bin lookup database can show amazingly profitable results as this will prevent any unauthorized transaction to take place, thus giving the merchants the sell their products in a more secured manner. It also develops a greater confidence amongst the customers as they can shop more securely now.

by: Gen Wright

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