subject: Bank Bin Lookup - Importance And Its Use [print this page] Bank bin lookup refers to the bin facility that offers the plastic money card holders verification, amongst many features, by cross checking the information entered by the person offering the card at the merchant store with the information that is already present on the database. Card verification process is next to impossible without making use of bank bin lookup and bin database system that is a basic necessity in order to perform bank bin lookup.
How Is Bank Bin Lookup Performed
In the process of performing bank bin lookup, the card credentials and other owner credentials entered by the card holder is matched with the information present on the database system for any match. If the information entered by the holder matches with the information present on the bank bin lookup database system then the card holder is considered as the genuine owner of the card otherwise the card cannot be accessed avoiding and preventing frauds from fooling the online merchants.
Use Of Bank Bin Lookup System
Bank bin lookup service allows the users subscribed to bank bin lookup facility to access the information about the plastic money cards and collect the information about the cards just by inputting the bank identification number in the bank bin lookup database system. Bank bin lookup database provides the information such as the branch and the bank that has issued the card and the country of the home bank for that card. Bank bin lookup also provides certain other information regarding the card such as weather the card is gift card, visa card, master card, master card, credit card or some other card and thus also makes the differentiation and categorization of cards much easier.
Importance of Updates in Bank Bin Lookup System
In bank bin lookup system the updates of bin database system is considered as a must. The necessity of updates in bank bin lookup database system can be understood with an example such as if a customer offers a plastic money card to an online merchant who is making use of outdated bank bin lookup database then in that case the database of the system will not be able to provide the information about the card and chances are likely there that it will mark the card as unavailable or mark it as a fraud in these cases the unavailability of the card information in the bin lookup database allows the online merchant to be fooled much easily and more prone towards losses.
There is a possibility that the outdated database marks a plastic money card as a fraud card just because the bank bin lookup system is not having any information about that card in its database because the card is issued after the last update of the database system. In these kinds of cases, it decreases the credibility of the bank bin lookup system according to the online merchant. Even the chances are there that the customer of the online merchant would not go to the same merchant once again just because he accused him of a fraud customer, when he was genuine and authentic customer. This clearly explains the importance of regular updates in the setup of bank bin lookup system.
