subject: Convenient And Quick Means Of Completing Transactions With A Bin List [print this page] There are several good reasons to make use of a bin list. With almost everyone using one form of card or another, there is a pressing need for online merchants to ensure that they can process the card transaction in the most effective manner possible. Whether it is a debit card or a credit card, merchants must use a bin list in order to verify that the card that is being used is genuine.
Convenient and quick means of completing transactions
Credit and debit cards are very useful these days as they offer the most convenient and quick manner of completing transactions. Whether the card is being used online or offline, merchants will still need to ensure that they make use of a bin list before accepting a particular card.
Is it effective?
The first thing that a merchant needs to do is find out more about what a bin list is. It is also important to find out just why a bin list can prove to be very effective. Unfortunately, merchants that are conducting online (and offline) business are not fully aware about the benefits that a bin list provides.
Use of BIN
A BIN or Bank Identification Number is the same as the earlier IIN or Issuer Identification Number. Each of them is used to help identify a credit card. In order to identify the card, the BIN database is built around the first six digits of a credit card. This BIN helps in identifying the card, especially in respect of its origins. These six digits are entered into a BIN database, which if it is accurate and also up to date, will help the merchant find out just how safe it is to accept a particular credit card.
The good news is that the six digits that are assigned to a credit card are unique and so no two credit cards can ever have the same set of six digits. When you use a bin list, you can rest assured that the BIN number provided to the BIN database will only show information related to a single and unique credit card.
Before making use of a bin list, be sure that you understand just how the BIN database works. This database is created just to keep a close watch on each transaction involving a credit or debit card. When the merchant uses a bin list, the information provided will help them understand just how legitimate a particular card is.
With modern technology and with advancements in respect of creating a perfect BIN database, use of a bin list can prove to be very beneficial. Accessing the BIN database is very easy and quick and the information that you need after using the bin list will be provided to you instantly.
The only thing that you have to worry about is to use a BIN database that is perfect and which is updated on a daily basis. If the BIN database is perfect, use of a bin list becomes very effective. Thanks to the bin list, customers as well as merchants can rest easy knowing that when they use the bin list that there is a very small risk involved in accepting a credit (or debit) card payment.
