All You Need To Know About Bin Checkers - Do you have an online store or do you have a business that you can only receive payment with Credit or Debit cards? Or do you wonder how important BIN is in guiding against online scams? You are in luck! In this write-up, we will look at the importance of BIN numbers and the benefits of Bin checkers.
BIN is a popular acronym for Bank identification number. It contains important information about the card issuer. Before examining the information contained by a BIN, it is only ideal to discuss the important things you need to know about BIN.
The term BIN was originally coined by the International Organization for Standard together with the American National Standards Institute. It was initially called INN which stands for Issuer Identification Number. The Bank Identification Number refers to the first 6 digits of your credit or debit card number. it is also known as the primary account number and it can be the first 4 digits of some special credit card brands. Regardless of the number of digits, a bank identification number contains, the sole purpose of providing the information is constant. This is because the information provided by the BIN is only about the company or issuer of the card. It does not contain information about the card owner at all.
There are also 12 more digits on your credit or debit card apart from your bank identification number. The other 12 digits serve as the individual account identifier. There was a discussion in 2015 where experts discussed whether to increase the Bank Identification Number (BIN) from 6 digits to 8 digits. They also discussed whether an alphanumeric system should be introduced instead of simply increasing the length of the BIN digits
BIN is very important when carrying out transactions or making purchases using your cards. It helps protect both the card owner as well as the merchant or marketplace where a credit card is used. Doing a BIN search helps to know the bank that issued the card as well as the location of the card issuer. BIN makes it quicker and faster to find the bank or financial firm that owns the card thus making money transactions faster. This is why it is important to know your BIN number that is, the first 6 digits of your Credit or Debit card number as it makes transactions faster and easier.
Note: All transactions carried out on a credit or debit card must be within the limits of your card.
The following are the information contained in a Bank Identification Number:
Banks are not the only ones that can issue plastic cards. Certain financial firms and even retail stores can issue Credit or Debit cards. Firms like PayPal, Payoneer issue their cards which you can use like any other card issued by a bank. Popular Retail stores like Walmart have their unique cards with you can only use to make purchases on their website. Industries like Airlines can also issue cards that you can only use to make payment for their services. Whichever card it is, the BIN tells you who issued the card.
The first digit of the BIN provides this information.
This should not be strange given that the first digit of the BIN tells you the issuer of the card. This implies that there are different card issuers and as a result, cards have different brands too. The most popular brands are MasterCard, American Express, Visa, Discover, and many others. BIN tells you the brand of your card. For instance, a MasterCard starts with a 5 while a Visa card always starts with 4.
This is another information supplied by the BIN. There are different kinds of Cards issued by Issuing companies. Each kind of card has benefits as well as its disadvantages. The different kind of cards includes Credit card, Debit card, Gift cards, prepaid cards, among others. When making payments online, there is always an option to select the brand of card you want to make a payment with. At times, stores do not usually support all brands of cards.
Every card brand also has different categories which are only given to people after reviewing their bank records and income source. This is because although people have the right to choose the category of card they want, the different packages each category comes with means card issuers have to review the customer's financial record. MasterCard, one of the popular card brand has about 6 different card categories. There is the standard card, gold card, titanium card, platinum card, world, and world elite cards. Each card has unique benefits such that someone who has a platinum card in a bank and someone who has a standard card from the same bank does not receive the same benefits.
Issuing country means the country the issuer of the card issued the card from. This is usually a three-digit number and it appears as the ISO number of the card.
The official website of the company where you can reach the issuing company for requests or inquiries as well as carry out certain actions on the issued card.
NOTE: All the information listed above as BIN number does not appear until you use a BIN checker. Also, how comprehensive the information you receive depends entirely on the type of BIN checker you used. Now let's discuss BIN checkers.
BIN helps for a whole lot of reason; whether to satisfy curiosity about the card used in a purchase or only to verify the originality of a credit card. After discussing what BIN searchers are, it is only right that you know some of the reasons why BIN is important to your business.
If there is one thing businesses do not get enough of, its chargeback. Many financial institutions favor the customers when they request chargeback even after getting the service they pay for. All they have to do is file for a refund or chargeback with the case that they did not authorize a purchase. When this happens, a business will lose the money that was deducted from the said customer. BIN ensures that you see all the information about the card owner and the issuing company. Thus, you can verify the information provided by the cardholder and the information contained in the BIN.
Using a BIN checker makes you more reliable as your customers know there is protection from credit card fraud while making a purchase or payment with you using their credit card.
From the name, it is pretty easy to know what BIN checker means. BIN checker is software created or built with which you can check or verify the information provided by the BIN of a financial card - Debit or Credit card. The existence of the BIN checker means there is a way of verifying the information provided by clients or consumers when they make payments for a service using their cards. BIN checker is very important as it helps you as a merchant to know whether the card being used for a purchase in your store or website is fake or not. however, because of the wide use of BIN checkers, there is various BIN lookup software on the internet too. This makes choosing a BIN checker hard as some do not provide all the information contained in a BIN. To help make choosing a BIN checker software an easier task, below are the features you should look for:
Any BIN checker software you want to choose must have its database updated daily or at most every week. This is because issuing companies to issue new cards to new customers every day. If the software you want to choose isn't receiving new updates to its database every single day, you might want to check out another one.
Verifying the cards of your customers or clients shouldn't take too much time. A good BIN checker must have quick validation time and be able to match the speed of the card payment system being used.
There are no two ways of saying this. Using a BIN checker that is not credible is simply being careless. BIN Numbers are in existence to guide against fraud. Using a BIN checker that does not protect your security and privacy as well as that of the people whose BIN was checked on it is very bad. It only increases your risk of being a victim of a scam.
Hence the best way to know a secure BIN checker is to verify if the BIN checker stores data input in it or not. Using the one that does not store data is your best bet of staying secure while using BIN Checkers