Bank Identification Number (BIN) is the first 6 digits of payment cards number or a bank card number.
BIN is also referred to us Issuer Identification Number (IIN). BIN is part of ISO/IEC 7812.
Bank Identification Numbers are commonly used in debit cards, credit cards, gift cards, as well as store-value cards among other similar cards.
Merchants widely use Bank Identification Number to checkmate malpractices such as fraud.
BIN is very useful and it helps in determining whether the buyer is the real owner of the card, or whether the buyer is real.
Bank Identification Number (BIN) checker is a tool designed to accurately check the existence of a BIN base on databases.
In this modern world, it is very important, if not necessary for merchants to use Bank Identification Number (BIN) checker.
Otherwise, fraudsters and money launderers can exceptionally thrive in their dirty businesses.
Credit card fraud has become very common in today’s world.
The best way of controlling and preventing credit card fraud is by using Bank Identification Number (BIN) checker. Without using BIN checker, you are giving fraudsters an opportunity to steal your money.
What to look for in Bank Identification Number (BIN) checker
There are so many reasons to use Bank Identification Number (BIN) checker.
One of those reasons is that it provides regular updates. However, not all BIN checker software you will find out there provides accurate results.
For this reason, you should be very careful when picking BIN checker software.
Be sure to pick the best BIN checker software that will offer accurate information.
Good Bank Identification Number (BIN) checker should provide more than 90 percent accuracy.
Good Bank Identification Number (BIN) checker should be easier to use.
The software should be user friendly so that you don’t find it hard to use it.
You should actually be able to use it readily immediately after installation without any problem.
Furthermore, a good BIN checker should match the speed of the card payment. Otherwise, it might slow down your operations in terms of payments and identity verifications.
How to know that Bank Identification Number (BIN) checker is great
Before choosing BIN checker software, you should first read reviews online and find out what its users are saying.
If most of the reviews are positive, then the BIN checker will definitely serve its purpose perfectly.
Do not rely entirely on the information provided by the company providing the Bank Identification Number (BIN) checker.
Features You Should Consider When Choosing Bank Identification Number (BIN) Checker Database
The introduction of BIN checker database is one of the efforts being made to eradicate the problem of validity of credit cards. BIN base is a database that provides detailed, accurate information about a BIN of a debit, credit, or gift card.
With such a database, the merchant can actually match the information that the shopper has provided with the information in the card.
In case a merchant detects any discrepancies, he or she can decide on what to do to fraud.
For instance, a merchant can stop the transaction or scrutinize the card keenly.
There are very many software developers out there who have come up with Bank Identification Number (BIN) Checker databases.
However, not all BIN checkers are made equal.
So, in case you are planning to purchase a BIN checker database, then you should make sure you consider quality.
The features of a Bank Identification Number (BIN) Checker database are what determine its quality.
There are some features that are very important in a BIN checker database.
You should look for such qualities when purchasing BIN checker database.
Let’s explore some of these features!
- Structure that are parsed easily
The perfect Bank Identification Number (BIN) database has a structure that can be analyzed or parsed very easily.
Typically, you should be able to obtain the following very easily from a BIN checker database;
- BIN of the card
- The type of card that is being used
- The issuer of the card
- The subtitle of the card being used
- The country from where the card is being used
When using a BIN checker database, you should not encounter any problem finding the information mentioned above.
- Daily update
Choose a Bank Identification Number (BIN) checker database that updates itself daily or that does regular updates.
New banks, sub-card types and new services are being established or introduced almost on a regular basis.
So, in case you go for a BIN checker database that doesn’t update itself on a daily basis, then it won’t be comprehensive.
This is because it won’t contain any new banks, new cards or new services.
- Large database
The best BIN checker has a very large database.
With such a large database, the Bank Identification Number list will contain a huge number of records.
This allows you to monitor every transaction differently even if you lots of transactions every day.