subject: Getting A Fast And Accurate Bin Database Search [print this page] Any business that is in the modern sales era will understand that there are several difficulties when accepting plastic money or electronic funds from cards. This reality becomes even more daunting when doing so over an infinitely larger and fluid medium such as the internet. Online sales work very similar to offline ones but with a generally large difference as the card, buyer and other credentials are not physically available for verification. Fortunately for merchants, there is a system in place that can help to perform a high accuracy verification service for a majority of the card purchases that are made via bin database search.
How does the Bin Database Search Work?
Every credit card, debit card, cash card, gift card and generally any magnetic strip electronic funds card will have what is called a Bank Identification Number, commonly shortened to "bin". The six digits at the beginning of the card number are the bin. They can be entered into a bin database search to verify that the card actually exists under a bank, branch or institution that is registered through the government to be allowed to issue such cards. If the bin database search comes up empty the number in question is either no longer valid or was never valid for electronic transactions. This should prompt the merchant to reject payments from such card numbers and control the instance of fraudulent purchases being made with invalid card numbers.
Users of the Bin Database Search
A bin database search may seem silly to some people, as their payment processor performs the verification for them. The only problem with not using a bin database search in advance is the fact that current sales may cause future problems with card processors. The real use behind the bin database search is simple to understand as it will be the very first line of defense when working with credit cards online. The bin database search can simply filter out any of the bad numbers and tip you off to some of the trickier ones that may be able to get through the automated processing services. Anyone can use a bin database search to validate credit card purchase.
Business owners can easily keep tabs on legitimate sales and ensure that they will lose less when dealing with credit card processing services. One of the main advantages of the bin database search is the fact that the tool can be shared to employees or other individuals within the business who are capable of accepting and approving sales made online. This flexibility is really expanded by the bin database search and provides an alternative to losing money on charge backs and processing fees for accepting an invalid card. The bin database search can really avoid some of these conditions which would otherwise result in damage to the business. By using an accurate bin database search any business can get a fast lookup result within seconds to validate any card number. The ability to work fast with online payments is essential towards maintaining an efficient online business.
