subject: Card Bin Number [print this page] Credit card usage is on the rise in every part of the world. Whether the credit card is used for business, personal use or even when it is secured, there is needed to be careful about how you use it. In order to protect yourself and to ensure that no credit card misuse takes place, it is necessary to understand the importance of a card bin number.
Credit card usage
Merchants have to deal with a great number of customers who are using their credit cards to make purchases and to pay for services. They need to ensure that none of the credit cards that are presented to them are fraudulent. This is why they need to make use of a BIN lookup. To do so, they need to have the card bin number.
Use of electronic system
Each time a customer swipes a credit card, the merchant needs to use the card bin number, which is then fed into an electronic system. The system will then use the card bin number to find out if the credit card is legitimate. The card bin number allows the merchant to find out who issued the credit card and it will also provide other important information regarding the card.
With the help of a card bin number, it is possible to keep track of the customer and each transaction that the merchant does with them. It is also possible to use the card bin number to link the customer to a specific purchase and either approve or reject the transaction. Thanks to the card bin number, the entire process can be completed instantaneously.
High risk of being defrauded
With growth in the use of credit and debit cards, there is a higher risk that someone will try and defraud the merchant. The best way that they can defend themselves is by entering the card bin number into an accurate and up to date BIN database. It therefore pays to find a BIN database that is large and also very accurate.
When the time comes to choose a BIN database, the merchant must ensure that the one that they use is almost perfect. Entering the card bin number into an inaccurate or outdated BIN database will be worthless. This is because an inaccurate and outdated BIN database will not be able to locate the card bin number which means that the merchant will only end up wasting their time, money and effort.
Fortunately, there are a number of companies that provide high quality and accurate as well as up to date BIN databases. These databases undergo thorough checks and the data that is fed into it goes through a computer which ensures that no information in the database consists solely of card bin numbers.
In order to feed the card bin number into an accurate BIN database, it is often necessary to pay a subscription fee. Once you are subscribed, you can then enter the card bin number and find the information that you are looking for. There are also free BIN databases into which a merchant can try and feed the card bin number into. However, it is the subscription based BIN databases that are safer and more reliable.
