BIN is an acronym for Bank Identification Number. It is the first 6 digits of a card. From the BIN, you will be able to find out the brand of card you are using, the country where the card was issued, the bank that issued the card and others. With the software you will be able to match this information.
The introduction of BIN checker software is a boon to the business world. Through the use of the software, businesses especially online businesses accepting payment with cards are able to obtain wealth of information that helps them to prevent or guide against fraud. But its uses go beyond prevention of fraudulent transactions. Below are the various uses of the software for checking of or looking up the BIN.
Recognition of the card type
There are different brands of cards used today by businesses to accept or make payment. Each of the card types has its unique features and issued by different companies. It is difficult to find a business that accepts payment via all the available card types. Most people accepting payment via cards prefer payment with a particular type of cards. Differentiating a card type from another is always a challenging task for online businesses that accept payment via cards. But with the BIN checker software, this is no longer an issue. Businesses using this software are able to recognize and confirm card type to make sure that they accept payment with the card brand before they authorise any transaction. This is referred to as inline validation. In this way, consumer data entry errors are reduced or prevented.
BIN lookup is also useful in the import/export of goods. Every country has its import and export regulations and some of these regulations limits the sale of goods to a certain number. It is somewhat difficult for online business to identify consumers that are ordering from countries that they are not allow to sell goods to before the authorization and confirmation of payment. BIN checker helps businesses to know the country of the users of the card. If a merchant performs BIN check and discovers that a consumer is ordering from a country that they are not allowed to sell to, they will not approve the transaction.
Identification of prepaid cards
There are some businesses that accepts installment payment. The use of BIN lookup will help them to prevent customers from utilizing a prepaid cards with balances that can only cover the first installment payment.
The above are some of the uses of the software for checking and matching BIN. There are today a number of BIN lookup software websites like binchecker.com. If you are running a business and you have not started using this software, it is advisable that you start using it now so that you will get the various benefits it offers. It will help you in a number of ways apart from prevention of fraudulent transaction as mentioned above. You will not regret it.