General Information About Bank Identification Number (BIN) List
I bet you want to secure your company from any online transactions that might be made through fraudulent transactions.
The good news is, it is possible for you to prevent transactions made through any fraudulent plastic cards. All you need to keep your business safe is an accurate bank identification (BIN) list or database.
With an accurate BIN list or database, you will be able to instantly verify whether the transaction is genuine. You will easily verify the authenticity of the details of credit cards, prepaid gift cards or debit cards. Without a bank identification number (BIN) list, online merchants expose their businesses to preying eyes.
A comprehensive BIN list is a BIN database that helps in identifying not only the card type, but also the issuer of the card as well as the country in which the card was issued. It can be used to effectively track any specific Bank Identification Number abbreviated as BIN. The tracking is usually done in order to finds its authenticity or genuineness.
What is Bank Identification Number?
In case you don’t know, Bank Identification Number is the first 6 digit numbers on any bank card. These digits are what give the details about the issuer of the credit card, debit card or prepaid card. Bank Identification number is abbreviated as BIN. BIN holds details about the issuer of the card, the country where the issuer is located, card type and card brand. Every time a person makes a purchase, the system identifies the institution or bank that issued the card using the card BIN number.
A good BIN list should be a huge database that contains all the details that online merchants require to verify authenticity of online transactions. The database should be updated regularly to include any recent information including new plastic cards or new issuers.
Features of the Best Bank Identification Number (BIN) Lookup
Bank Identification Number (BIN) lookup is a crucial tool for any online merchant. The tool helps you find the details in Bank Identification Number database easily within no time. This also means that it can allow you to verify payments that are done through credit cards faster.
Like with any other software, there are many developers that have come up with BIN lookup software. As expected, not all BIN lookups are made equal. By this I mean that they differ in their quality. The best Bank Identification Number (BIN) lookup is that of the highest quality.
How to tell if a BIN lookup is the best
So, how do you know if a BIN lookup you are planning to use if of the best quality? Well, that is the one million dollar question. Because you are here, I bet you want to know the answer to this question. Well, you have nothing to worry about because you have come to the right place. Just read on to find out!
1. Genuine entries
Not all BIN lookups contain genuine entries. Some developers generate Bank Identification Number (BIN) list by the use of computer-based algorithms. Some entries in such BIN lists are usually not genuine. The best BIN lookup contains entries that have been supplied with accurate information. Otherwise, your BIN list may display falls information about plastic cards, or about their issuers.
2. Updates daily
Bank Identification Number (BIN) database is filled with new information on a daily basis, if not on an hourly basis. A Good BIN lookup should have a module that updates on a daily basis. This ensures that no new BIN detail is left out. Otherwise some pieces of recent information will be missing, and therefore, the BIN lookup will not serve its purpose fully.
The best BIN lookup should be comprehensive. In other words, it should provide all the details needed to check the validity of payments or transactions.
Before you settle down for a BIN lookup, explore it to find out whether it has the features mentioned above. Check whether it is fully functional before you download or purchase it.