by Tony Joshie
The existence of Credit cards and other electronic financial cards has brought about ease and quick access to finalizing transactions and payment at a fast rate. These cards allow the smooth flow of money and enhance transactions without location barriers.
Contents
Each business card has its unique identity, and this is a distinctive difference made possible by Bank Identification Number (BIN).
The first six digits of the 13 to 16 digits of the card number are called bank identification number s. It is also known as BIN Code or Issuer Identification Number (IIN). The BIN code is a significant number inscribed on each card issued by a bank or a financial institution. It provides details of the type of card, geographical location, bank, or financial institution identity.
The bank numbering system was created by the International Organization for Standardization ( ISO) in collaboration with the American National Standards Institute ( ANSI) to identify institutions that issue credit, debit, and other cards, through the first digit numbers on them. When you look at the BIN, the first digit identifies the sector or board network. For instance, a 1 symbolize the airline industry, while a 4 signify Visa. The following five digits identify the financial institution that provided the card and secured payment. The BIN code allows business people and merchants to evaluate payment through card transactions.
The BIN inclusion helps the merchant, and the payment gateway quickly verifies all crucial card information that includes the bank issuing the card, address, and contact. It also recognizes the bank's home country and validates the cardholder's address information. The BIN enables business people and merchants to approve various kinds of payments and accelerate the process of digital transactions.
The method involved in the payment of products and services bought online from a seller is in two ways, which are the confirmation and clearance methods.
With the BIN, the seller helps to confirm the payment made by the buyer. The BIN allows the seller's payment system to identify the buyer. When this is done, there is a notification sent to the buyer to confirm the card, and it further shows if there are adequate funds available to purchase the goods ordered-this process completed within a few seconds or minutes.
After the confirmation method, the next is the clearance method. When payment is confirmed, the seller issues a clearance receipt for the payment to be finalized.
Every business person who happens to process debit or credit cards on a routine basis should understand the BIN check's importance. A BIN query that reveals different data of the user's card type, location, etc. triggers either rejection or further checking of the user's account by other means: phone call, email contact, public query, or request for additional information.
Also, suppose a business doesn't perform a BIN check on processing a card payment. In that case, the business will soon find itself in a world of injuries that customers will spank debit while scammers receive an endless supply of goods for free. Likewise, a lousy BIN lookup doesn't help either.
Refuse a loyal customer who can often buy your products or accept a scammer who is there to cause pain to your business? These two cases are directly related to the capacity of your software. Of course, it may depend a bit on how you tweak the result of a BIN call for what to do next. But choosing one of the best BIN database providers is a no-brainer. Take your time, research, and try the different BIN API providers.
The bank identification number is essential that ensure a fast and smooth payment process. BIN helps to avoid unreasonable errors in which most people fall into, and it increases payment efficiency.
With the help of a bank identification number, sellers identify the buyer before payment can be approved and processed. With this, your money is secured.
The BIN digits help to reduce stress and time because it will affirm the credibility of the credit card by the online seller before payment is accepted.
The bank identification number (BIN) ensures the card information provided by users correlate with the information available with the issuer. This will be done by entering the credit card number and type of credit card. If the details sum up with that of the issuer, payment will be affirmed and approved.
The bank identification number (BIN) can be used to detect fraudulent transactions processed by people online. Fake payment made can be traced back with the BIN that is why verification of credit card is done before payment is processed to avoid fraudulent transactions.
What is BIN Checker?
This is a device that helps to check the credibility of a credit card.
i. The issuer's name
ii. Issuer's phone number
iii. Card number
iv. Card type
v. Currency used in the country and
vi. Country of issuance.
These details mentioned above are sufficient for the online seller to validate the details of the buyer.
You can check the features of the BIN digit with you by making use of the tool made available by simply following the highlighted steps below:
The table below highlights some key features and a summary of the listed Best BIN Checker Services.
Bank BIN List | Free BIN Checker | IIN BIN List | DanShort's BIN Checker | BIN Checker for Dev | |
Information Accuracy | 100% | 100% | 99% | 99% | 100% |
Database Update | Regular Basis | Regular Basis | Regular Basis | Monthly | Consistently |
| Done by entering BIN number | Done by entering BIN number | Done by entering BIN number | Done by entering BIN number | Done by entering BIN number |
Payment Security | YES | YES | YES | YES | YES |
| YES | YES | YES | YES | YES |
Here is the list of 5 Best BIN Checker Services with their features:
Bank Bin list is a great BIN Checker that offers services to online business owners.
Features of Bank Bin list:
Free BIN Checker is a brilliant BIN Checker that offers its users with amazing services.
Features of Free BIN Checker:
The IIN BIN List is an excellent BIN Checker, one of the easiest BIN Checkers.
Features of IIN BIN List:
Exact BIN is a useful BIN Checker for all online sellers.
Features of Exact BIN:
Credit Card Rush is a well-known BIN Checker that offer excellent BIN Check services to its customers.
Features of the Credit Card Rush:
Every online transaction should be well verified with the use of bank identification numbers. Irrespective of the type of transaction made, the bank identification number should be checked thoroughly.
BIN Checkers gives rise to smooth payment processes. In case you want to establish your e-commerce websites, ensure you put in place a credible BIN Checker just like the ones cited.
About Tony Joshie
Tony's journey as a blogger began several years ago when he discovered his love for the visual arts. Fascinated by the stories behind the masterpieces and the artistic techniques employed by renowned artists, he started sharing his thoughts and interpretations on his blog.
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