subject: Search Card Bin Numbers To Secure Finances. [print this page] Checking the card bin numbers is not less significant than checking the balance sheet of a company. A bin database helps the merchants to search the card bin numbers, compare the details with the institution's data. The selection of proper tool for search is mainly dependent on the completeness of data.
The card bin numbers in the database can become reliable only when all the fields of the records are filled with correct information. Some bin databases which are freely available claim to have more bin numbers but lack the complete information for all the card bin numbers. It is better to ensure the accuracy of the bin database before finalising on the tool to search.
A visa card will have different card bin numbers from that of a master card which can be known from generally available information. However the details such as issuing bank, nature of card, account type and cardholder information can be available only from merchants, card issuing authorities such as banks and financial institutions, or centres processing card payments.
Card bin numbers thus forms the crucial link between a merchant and the financial institution for verification on the cardholder. The bin databases are legal and hence the merchant need not worry over the issue of privacy issues. The customer can also be at an advantage that the data being shared with a card bin numbers database is limited and does not violate the rules of personal data protection. Also there is the assurance that the data thus shared with the merchants will not be used for any malpractices.
Credit card bin numbers comprise generally the first four to six digits of the card. The first number refers to the type of the card, followed by the type of card, bank details, country of issue etc. Free bin databases offer less information on credit card bin numbers sometimes limited to the bin numbers alone. Licensed versions are advantageous and hence can be used for large scale transactions. Limitations imposed on credit card bin numbers search with free bin databases is another unattractive feature.
Simple licensing for one time with free updates and security solutions are preferred over limited versions. Some files are stored in a csv (comma separated values) format which is compatible with most of the accounting and analytical software. Once the database is downloaded it can be configured with the Decision support systems, accounting software, etc.
In case of a discrepancy, transaction can be cancelled and the credit card bin numbers verified further to confirm the accuracy. Verifying credit card bin numbers provide a practical way of finance management, reducing chargeback ratio and securing the future of business by decreasing the risk.
Whether it is a small industry or a large concern with worldwide reach, the bin system offers an excellent way to check the credit card bin numbers and preventing credit card frauds which are on the rising graph scale.
Whether you are a leader in financial services or just a small online business, the BIN system can work for you. It can reduce your risk of fraud, increase the security of your online transactions, and prevent the financial loss incurred from card chargebacks. The time and amount spent in verifying credit card bin numbers will never be a loss.
