subject: What Should You Know Before You Buy A Single Bin From A Bin Database? [print this page] BIN databases, although unknown to most people, are used daily by everyone that uses a credit card. A Bank Identification Number is the first six digits on the front of your credit card. This is the way that banks are identified amongst all the data flowing through the credit network. The swiping of a card is what starts the process. The BIN database is read by the card reader and transmitted to the credit company. Issuers of cards are the ones who use the BIN numbers and a BIN database to keep track of the transactions and the card user.
With this method, a company can make connections swiftly to the card holder, giving companies instant confirmation of the card user's identity. This process is devised to keep fraud down to the smallest possibility, with instant information exchange. Credit card use is growing daily. As many suspect the move to a cashless society, the bank card usage is growing evidence of a cash free reality. We will need all the BIN databases we can take.
Keep Your BIN database up to date!
An up to date, BIN database is the best defense against credit card fraud. As the usage of credit cards only increase, the threat of theft will also continue to grow. Many companies offer software to help you keep an up to date BIN information. Many have dedicated servers for keeping their BIN database information ready for usage. Most maintaining these databases with diligence because their reputation depends on the acquisition of correct information.
Don't Take a Fake Bin Database
Many companies will try and sell you a large amount of BIN numbers as a BIN database. These are usually mostly useless and contain just the numbers and now useful information. Most likely the rest of the information was sold separately. With a reputable company, the BIN database subscription your pay for actually contains whole data. This is the data that is of most interest to customers and merchants
Many companies can guarantee you that the information they sell will be useful for your company or organization. Most records that BIN databases purchase come from the merchants.. Companies that process online credit card transfers and even shopping malls and other financial institutions sell BIN numbers to BIN database companies.
A Computer Generated BIN database is usually useless
Many companies will actually sell computer generated data. This data is usually jumbled or contains long areas of empty fields. You are quite lucky if any numbers are useful. These companies do not check up on their merchants and other sources of BIN database.
A good BIN database company will make sure that you have up to date information. They do this by staying in good contact with all their sources. A constant update means the best accurate data. Make sure that your prospective BIN database company can supply you with samples of their data. This is not asking for a freebie, but it is important to see what you will be buying. This applies in all walks of life. Good organization of data is also essential. There can not be thr different ways to designate a particular subject. One standard is what you get with a good, organized data basing company.
