subject: Credit Card Binlist For Better Finances [print this page] A credit card binlist is a must have for any business venture. Small start up firms needs an efficient accurate binlist to prevent the credit card frauds from spoiling the business since they are more vulnerable to financial attacks.
Bank Identification Number (BIN) also called Issuer Identification Number (IIN) is the internationally accepted standard for unifying and characterising the different cards used in financial transactions. The first six digits of the card hold a lot of information when it is fed to the search field of the bin database.
Reasons for a binlist search
Verifying the cards with a binlist can predict the possibilities of a financial fraud. It can also prevent the business from encountering with a serious financial breakdown due to increased chargeback ratio.
A charge back occurs when the merchant needs to pay back the amount to the client or bank as a result of a cancelled transaction. A transaction may be cancelled when it is suspected of being fraudulent. Nevertheless it is upto the merchant to decide on or never existed whether the transaction should be rejected or approved. An incomplete data can also result in the bin database from marking up the record as if it is fake or never existed.
With the rise of e-commerce the crimes related to internet are on the rise and hence the merchants should be more vigilant enough to predict the existence of any possible financial setbacks. Since the cashless transactions are on the rise and payments are global in nature, the binlist is becoming an inevitable tool for verifying the details of financial cards.
The binlist is not a simple list of bin numbers as some bin databases provide the customers. To be effective, it needs the records which are more meaningful and giving updated information. Without proper updates and technical support the binlist cannot be used productively.
Free binlists are available of course, but their accuracy is questionable. Although they prove to be helpful in detecting card frauds the check is limited and hence cannot be used for larger firms and online shopping malls where huge number of customers checks in. Licensed versions solve this crisis but do cost high.
Latest technology is an added advantage when it comes to the binlist. The csv format allows for modifications to the database which can be configured to the needs of other accounting software and decision support systems. There are a great many other applications as well like online or live checking, assistance of cracking identity thefts etc.
Considering these specialized tasks apart, the binlist is an important investment for any investor. It allows him to relax in the midst of business pressures since a major part of his business, i.e; financial security is taken care of. There is no other solution which is perfectly legal, advantageous and easy to be implemented as the binlist.
The world economy is growing in a faster pace and the global market is shrinking. With the technological tools such as binlist, the concept of global village is becoming a reality without doubts.
