Before you understand what a Bank Identification Number (BIN) list is, you should first know what a Bank Identification Number (BIN) is. BIN is simply the first six digits on a credit card which determines the issuer & card level.
Bank Identification Number (BIN) list is a list of bank identification numbers that are approved for your region. With a BIN list, you won’t have to guess for approve. Having a BIN list means that you will eliminate the guess, and you are also sure that it will work.
Online merchants use bank identification number (BIN) list to validate plastic card transactions. As an online merchant, a BIN list is one of the necessities you need to protect your business. It helps you identify if there is any fraudulent transaction that is about to take place. By preventing fraudulent transactions that might happen through plastic cards, you avoid losing money to fraudsters.
BIN list records
The number of Bank Identification Number (BIN) records is very large. According to reports, BIN records are currently more than 300,000. Due to this huge number, it is actually impossible for you or anyone to read from a Bank Identification Number (BIN) list.
There are also frequent changes in the number of records and the details in these records. This makes it even harder to try reading from a BIN list. It is also not possible for you as an online merchant to maintain a BIN list. For these reasons, you should get BIN list software or tool that will help you get the information you need from a BIN list or database.
As the end user of BIN list, you need to use BIN Search or BIN checker. This way, you will be able to easily check the correct bank identification number information.
What is in a BIN list?
Bank Identification Number (BIN) list is a database that contains details of plastic cards, the issuers as well as the country of issue. The list contains details of all credit cards, prepaid cards, or debit cards. The information in the BIN list or database helps you ensure that your business doesn’t lose money through fraudulent transactions. The information is used to authorize or deny transactions initiated through credit, debit or prepaid cards.
Whenever a person who is initiating a transaction provides information that contradicts what is in the BIN list, merchants can take appropriate action.
Why Bank Identification Number (BIN) Lookup Is the Best BIN Checker Tool
There are a number of tools you can use to find the information you need from a BIN database. Bank Identification Number (BIN) lookup is one of them. There are so many reasons why an online merchant should use a BIN lookup tool instead of other available tools. Well, don’t misquote me! I haven’t said that other available BIN checker software won’t help you. I just mean to point out what makes a BIN lookup stands out from the crowd.
What Makes a BIN lookup the best BIN checker software?
What would make you choose a particular Bank Identification Number (BIN) checker tool? Before you start using any software, you must first look at its qualities as well as features. It should be able to effectively serve the purpose to which you intent to use it for without any problem.
Let’s get straight into what makes a BIN lookup a go-to tool for most online merchants.
- It offers privacy
You don’t have to worry about the privacy of your company if you are using a BIN lookup to verify payments. This is because the software doesn’t store any information that you will be running through it. Furthermore, it doesn’t share any data or information the users run through it. In other words, there is no way any other preying eye can have the opportunity to view your data. This therefore means that a BIN lookup offers you the ultimate privacy that your business deserves.
- It offers ultimate security
Privacy & security go hand in hand. Because a good BIN lookup neither stores, view, nor share the information run through it, your security is guaranteed. This software provides the ultimate security of anyone who makes use of it. This therefore means that it makes it even more complicated or impossible for fraudsters to rob your business.
A Bank Identification Number (BIN) lookup is a very straightforward tool. Even if you have never used any BIN checker software before, you will find it very easy to use a BIN lookup. All you need to do is enter the relevant Bank Identification Number in question. Just like that, the results will immediately show up.
- Ultimate convenience
Time is money, or so they say. This phrase cannot be overemphasized especially in the business world. The fact that you get the results very fast gives you ultimate convenience.