subject: How Bin Database Numbers Help You To Blow The Whistle On Credit Card Fraud [print this page] Now more than ever, BIN database numbers are increasing in importance, value and popularity among business owners who process payments electronically over the web.
Close to 10 million consumers will become a victim of identity theft this year alone. But now, BIN database benefits can give you the peace of mind necessary to run your business without the fear of excessive administrative fees or unusual numbers of charge-backs.
All it takes is knowledge of BIN database numbers. Right off the bat you will open up new channels of information with the BIN checker database and verify all credit card information in an instant
The advantages are so huge that other industries are jumping on the bandwagon and using the system to verify billing information ahead of time.
Pharmacies are one of the main users of BIN Database Numbers. They use it to check to make sure coverage is in place before filling prescriptions.
With that in mind, part of what you will learn from the BIN database credit card system includes:
The name of the bank that is responsible for issuing the card.
The actual card type such as debit card, credit card, gift card, or prepaid card.
The brand of card such as Visa, MasterCard, Discover, Diners Club or American Express.
The card BIN database is a compilation of a series of numbers assigned by the issuing authority to properly identify each institution.
Visa BIN numbers begin with a 4. The MasterCard BIN database bank identification number begins with a 5. A BIN database BIN search for Discover will show the prefix 60-65. American Express begins with 34 and 37.
BIN database validation is the verifying the first six numbers on the card to track who issued the card and who the card belongs to. It's not a random process, but a carefully designed system aimed at helping to keep fraudulent transactions from occurring.
Now you can better understand the importance of accurate BIN database numbers. Incorrect or out-of-date information can prevent you from making the best business decisions when processing credit cards.
Choose a provider who goes the extra mile to not only distinguish American based bank identification numbers but all bank identification numbers from European based banks such as Teller in Norway, Visa and Paylife of Austria and Europay used in Austria, the Netherlands, Belgium and France.
The goal is to get reliable information no matter what type of card you are looking up or where it came from. The importance of accuracy BIN numbers cannot be underestimated. Work with a provider who understands the benefit of taking an active approach to fighting credit card fraud.
You'll be surprised at how much this will benefit your business in the long-run. Think about just much you'll save in merchandise and fees just by stomping out credit card fraud.
