Recent times have seen the improvement in technology in the banking sector. One of the technologies that has been developed is the use of the bank identification number. It contains 4 to 9 digits found on the credit cards or debit cards. The use of this banking identification number is to identify the institution issuing institution of the card. The use of this bank identification number is not limited to bank use only as some of t6he companies such as the American express are also using this technology. The BIN network in recent times has gained a lot of popularity from many issuers.
In many organizations across the globe, the term issuer identification number is the same as the banking identification number. There is always the need of to be updated regularly to keep track of the information that is necessary in combating many credit card fraud. With the bank identification number it is very easy for one to determine the country of origin and the name of the bank that issued the credit card to make sure that if the any information is required one can access is it with ease. With the bank identification number, you can determine the type of the card such as the credit, debit, prepaid, charge or the secured cards. In many cases, it is also easy for an organization to determine the subtype such as the classic, electron or business cards. Validity of the card is also established be it is a visa, master card or the American express. The bank identification also has additional information which include the city, chip availability and telephone numbers. With using the bin identification number various advantages are realized, these include:
It can be easily customized to meet ones business needs. With the number you can be able to limit the number of counties that you deem to pose a great risk in fraud cases.
It can also be used to charge different fees for different types of credit cards. This is a common feature why credit cards are used outside your country.
Most business people rely mostly on the business credit cards or the personal credit cards. They are involved in day to day transaction both online and offline. Care is therefore to be taken on these transactions. Traders are advised to use the bank identification number database services that allow them to confirm transactions securely without being concerned about frauds and scams. For BIN to be effective and fully utilized it should be user friendly. It is important that the professional handled bank identification database services is installed.
When installing the BIN database service it is important that you do not take any chances, it has to be accurate. Regular updates are important to monitor the new merchant and banks setting up retailers and bank that might be under receivership. Bank identification numbers database are made to ensure that they accurate in spelling therefore increasing the search quality. Bank identification number (BIN) has provided the most comprehensive and complete systems that have reduced fraud attempts and reduce chargebacks.