subject: How To Choose A Reliable Database For Identifying Bank Bin Numbers? [print this page] If your business largely depends on the online transactions and methodologies, then you must already know the importance of having a secured money transfer system. Well, most of these transactions are done using credit, debit or prepaid cards. Thus, it is very much essential for one to have a system, which can validate these cards, before processing any real money transfer. This is when; bank bin numbers come into play. Bank bin numbers or the Bank Identification Numbers are special codes, which contain relevant information about a credit/debit card. Thus, you can now prevent fraudulent activities by verifying the authenticity of the card.
How to verify cards with bank bin numbers?
Well, in order to get access of this information, you need to use the combination of the first six digits of any card. The first six-digit code is called the 'BIN' or 'Bank Identification Number'. All you need to do is check this code with any standard bank bin numbers database available. By doing so, you can unveil the originality of the card. Such databases are designed to contain all essential details related to all the valid credit, debit and prepaid gift cards. Such details include information about the bank, which issued the card along with its location, card type, card brand and many more. Thus, with bank bin numbers, you can easily differentiate between a real record and a fake one.
Points to remember, while choosing your bank bin numbers database system
There are certain very important points, which you must keep in mind while selecting a database for bank bin numbers. First of all, it must be 100% accurate. This means that the service provider must be able to update the database at regular intervals, in order to ensure relevant information, all the time. Such information can be extracted from the various financial institutions and online merchants. Next, the bank bin numbers database system must conform to the required standards. It is recommended that you go for databases, which are ISO certified.
For these above reasons, it is always better to opt for a professional bank bin numbers database. Though, you can always create your own database system, containing the records of all important bank bin numbers. However, professional systems are mainly designed with high-end tools and techniques, which make them flawless.
Finally, while choosing such a professional database of bank bin numbers, you must also consider the cost factor. With so many available options, it has become quite easy for one to select the services, which is best suited according to his/her budget.
Thus, in a situation, where the internet is full of deceitful people, you must place an efficient enough mechanism that can successfully stop your business from being caught in the hands of these fraudulences. Don't risk your money anymore and opt for a trustworthy bank bin numbers database system today. This not only helps you to reduce your chargeback ratio by a significant percentage, but also aid you in the optimization of your business's risk management plans and policies.
