subject: Top 5 Things You Must Know About Bin Database Credit Card [print this page] Today everything from shopping to entertainment is fully electronic. Despite of making our lives so easy, it brings several frauds and thefts, the most common being the credit card transaction fraud. Bin database credit card software has been designed to minimize this swindle and has been widely welcomed in the market. Many people often wonder what is "bin". It is termed as Bank Identification Number. It is part of every credit card that has been issued to you by the bank. Out of the 16-digit no. of your card, the first 6 digits are the BIN. Here are top 5 things that you must know about bin database credit card.
What is a BIN Database credit card
Bin database is a collection of data and information related to the bank issuing the card and the customer who is making the purchase using this card. This card is termed as bin database credit card as its information is now available on the bin database software.
How a bin database credit card system works
Bin database credit card system works in very organized way. For any transaction taking place after the shopping is done, the card needs to be swiped. Bin database credit card system is an electronic system and within a fraction of seconds, it reads the first 6 digits of your card and identifies the bank issuing this card. It further links the card with the customer information as available in the bank database. Once this is done, it again links the customer with the purchases made by him, thus creating a database for this particular bin database credit card. The bin database credit card which has customer details has been verified by the bank. In future if any transaction is done with the bin database credit card, we can easily identify if the card user is the authorized card holder or not.
Why bin database credit card software is required
The release of payment in an electronic transaction is linked with the approval from the bank, when the customer swipes the card, even if he is using the stolen card. However, in case of online purchasing, we do not produce the actual card; we just produce the numbers. In case it is a stolen card and the bank has this information, it will not approve the transaction and thus the merchant has to suffer, as it becomes their liability now. There is a huge risk attached to online shopping and its payment approvals. To avoid this mess, we need the Bin database credit card software that verifies all the information before the approval is done.
What is the level of Accuracy of the bin database credit card
Today, several companies are providing Bin Database credit card software, but no company guarantees 100 percent accuracy of the Bin database. It is your choice with which one do you want to go. There are various free versions of the bin database credit card software available on internet easily, but those companies cannot provide the updated information. It is essential to update the required information and keep a check on the whole system on regular basis; else the bin database credit card system will not produce desired results.
Bin database credit card serves as a great resource
The bin database is a hub of extensive information about the customer, and this must be regularly updated seeking help of the bank, financial organizations, online merchants and the customers themselves. Bin database credit card serves as a great resource to minimize credit card frauds all over the world.
