A bin lookup database offers users a number of benefits. Bin lookup database involves the first six digits of a credit card around which the database is created. Once this database has been filled with records pertaining to individual credit cards, users and merchants have the ability to tap into the database to find information related to credit cards as well as other cards.
Is the card genuine?
When a prepaid card, credit card or debit card or even a gift card is used, merchants can use a bin lookup database to find out whether the card being used is genuine. The bin lookup database involves the Bank Identification Number or BIN. This BIN helps in finding details about the credit, debit, prepaid or gift card being used in a transaction.
Each of the six digits of a card forms a unique combination. Once a merchant or user uses a bin lookup database, it is these digits that will help to unlock the critical information related to the card in question. Merchants can use the information provided by the bin lookup database to find out details which are very useful to them in a number of ways.
The six digit card number will have to be verified to ensure that the card being used in the transaction is valid. If there is something wrong, then the merchant is immediately informed about the suspicious card. With a bin lookup database, it is possible to find information that can almost completely ensure that the transaction is valid.
Easy and straightforward solution
A bin lookup database is very easy and straightforward means of checking the information that a customer provides when ordering goods or services. Any inconsistency in information will result in the bin lookup database throwing out the transaction. This is how merchants can safeguard their interests.
A bin lookup database is a tool that every business needs to make use of. When selling goods and services to buyers via a credit card, there are many risk factors that need to be addressed. Fraudulent transactions can only be prevented with the help of an efficient bin lookup database.
Complete and comprehensive database
An efficient bin lookup database is possible if the database is complete and comprehensive. It must also be updated on a regular basis so that when someone performs a bin lookup database, the information that they need is available and up to date.
If the database is incomplete or not updated daily, there is a risk that the transaction that is fraudulent will be able to get through. There has been a significant rise in credit card, debit card and prepaid card frauds. Businesses that wish to transact safely must invest their time and money in using the best bin lookup database.
The bin lookup database helps to reduce risks from credit card fraud significantly. Furthermore, the bin lookup database also helps in reducing charge back ratios while at the same time also allowing a business to earn higher profits.
This is one of the main reasons why bin lookup database is becoming a part of almost every business. By combating the menace of credit card and other frauds, a bin lookup database is a valuable tool that modern online merchants must use.