With so many different types of credit cards provided by various financial institutions, it has become important to identify the type of the credit card as well as their association with a particular financial institution. The Bank Identification Number or the BIN makes this task simple for everyone. The BIN comprises of the first six digit of the credit card provided by the financial institution. These first six digits on the card will be able to provide you the accurate information regarding the card type and various other details that turns out to be useful in determining the authenticity of the credit card. There are numerous BIN databases containing information based on credit card bin numbers. Using these databases is a smart move.
Credit Card BIN Numbers Check Becomes Important for Merchants
If you are accepting credit card payment from your client, you must verify that the person providing the credit card for the transaction is the actual holder of the card or not or if the card is genuine or not. In order to complete this task quickly and verify the authenticity of the credit card, you just need to search the credit card BIN database with the first six numbers present on the credit card. These fist six credit card BIN numbers contain information regarding the card type and level, the cardholder's name and the name of the financial institution that has issued the card. In case if you are suspicious of a transaction then you can verify these details from the customer to make sure that, the card provided for the transaction is not a stolen one.
It can take hours before you might realize that your credit card is stolen and by that time, someone else might use it to make a fraudulent transaction. The BIN database search can help in determining the fraudulent swipes that took place. Being aware of your credit card BIN numbers can help you greatly in identifying any type of incorrect or fraudulent transaction made from your stolen card and reporting them to the authorities in helping catch the person responsible for those transactions.
Obtaining Information through Credit Card BIN Numbers for Secure Online Transactions
It becomes very important to be aware of the properties of various credit card BIN numbers if you sell your products or services online and might not have any direct interaction with your customers. This means that to verify that the person providing the credit card details is actually the owner of the credit card you will have to match the information provided by the customer as well as the information obtained from the BIN database. In case there is an anomaly in the information obtained from the two sources, you will be able to stop the transaction immediately. The BIN database search acts as a great safety measure for online merchants and transactions.
There are many uses of BIN database and for both credit card holders and merchants, it is important that they understand the importance of the credit card BIN numbers. They should also understand the unique way of using them properly to ensure safety and security of transactions and proper use of the credit card.
Credit Card BIN Numbers Check Becomes Important for Merchants
If you are accepting credit card payment from your client, you must verify that the person providing the credit card for the transaction is the actual holder of the card or not or if the card is genuine or not. In order to complete this task quickly and verify the authenticity of the credit card, you just need to search the credit card BIN database with the first six numbers present on the credit card. These fist six credit card BIN numbers contain information regarding the card type and level, the cardholder's name and the name of the financial institution that has issued the card. In case if you are suspicious of a transaction then you can verify these details from the customer to make sure that, the card provided for the transaction is not a stolen one.
It can take hours before you might realize that your credit card is stolen and by that time, someone else might use it to make a fraudulent transaction. The BIN database search can help in determining the fraudulent swipes that took place. Being aware of your credit card BIN numbers can help you greatly in identifying any type of incorrect or fraudulent transaction made from your stolen card and reporting them to the authorities in helping catch the person responsible for those transactions.
Obtaining Information through Credit Card BIN Numbers for Secure Online Transactions
It becomes very important to be aware of the properties of various credit card BIN numbers if you sell your products or services online and might not have any direct interaction with your customers. This means that to verify that the person providing the credit card details is actually the owner of the credit card you will have to match the information provided by the customer as well as the information obtained from the BIN database. In case there is an anomaly in the information obtained from the two sources, you will be able to stop the transaction immediately. The BIN database search acts as a great safety measure for online merchants and transactions.
There are many uses of BIN database and for both credit card holders and merchants, it is important that they understand the importance of the credit card BIN numbers. They should also understand the unique way of using them properly to ensure safety and security of transactions and proper use of the credit card.
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