subject: Bank Bins And Their Essential Use In Online Transactions [print this page] Bank bins are very useful tools in the online transaction situation in the world today. The fact that they can help counter the continually rising problem of fraudulent use of credit and debit card is a huge advantage when someone is putting a section of their faith in an online transaction. Bank bins form very important mechanisms of verification during the entire course of an online transaction. One must definitely think twice before trusting the use of credit cards and debit cards online when there is no face to represent the buyer in front of the seller. Bank Bins form an essentially useful method of affirming the truth of a buyer's intention to purchase and not defraud the seller in the situation. So, the question to be asked is how?
What are Bank bins?
Instead of jumping into the "how" of things, it is useful to understand the "what" of bank bins first. The most obvious answer to a "what" is the fact that Bank Bins or Bank Identification Numbers are a unique reference to the credit card or debit card in use. One can call it a fingerprint for a credit card. The first six digits of the credit or debit card comprise of the bank bins. These, as mentioned earlier, are useful references considering that they can be used to call one the details related to a credit or debit card, its owner and its issuing bank. This is done with the help of bank bins and their relative databases. The authenticity of the credit card is verified along with the authenticity of the owner through the bank details, location of issuance, past transaction details and many more fields which are again a direct slave of the database provider. In other words, the amount and quantum of data that can be provided is dependent on who sells the bank bins database.
How does one use bank bins?
The usage of bank bins is defined directly by the database that supplements it. A proper database may be sold online which is used in combination with a user interface program that may allow the user to summon data at will using a search term where the search terms comprise of bank bins. This is a simple way of using things related to online transactions and shouldn't confuse many in their methodology. Bank bins and their databases come with a variety of add on elements which may be helpful for sellers while they use the database during the course of the transactions. Considering that high quality bank bins databases tend to cost similar and are of similar quality, the add on elements are what ultimately separate the databases from amongst themselves. Hence there is a scope here for folk to extract value for money when they purchase bank bins database lock, stock and barrel from the companies that deal in them. The efficiency of banks bins databases are not a total 100 percent. However, efficiency rates of above 99 percent are known to be produced by some of them.
