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BIN look up system is actually one of the most innovative methods that help merchants get full identification of their customers who use credit cards when making purchases. With BIN look up table, you can easily access customer's information. Either you can ask them for an ID to verify all the information you have gathered from the BIN look up database, or you can just verbally verify these pieces of information to confirm their identity. This way credit card fraud will be eliminated from all your financial transactions. Who Needs a BIN look up software? With BIN look up system, both merchants and consumers get loads of benefit. Merchants will have very low charge backs. Charge back is the amount of money charged back to merchants by banks or any financial institution that issued the card used in a fraudulent transaction, which the merchants then charge to the customers by increasing their prices in order to avoid financial ruin. With so many fraud transactions going on nowadays, it could easily bankrupt any business if this is not prevented. With BIN look up software, charge backs through fraudulent transactions may easily be prevented. How does BIN look up works? BIN is also known as Bank Identification Number. You might notice that your credit cards, debit card, store credit cards, gas cards and even your gift cards have 16 digits on them. These numbers represents more than just numbers. The first six digits is the BIN. It identifies what bank or financial institution issued the card, from which place the card was issued, and what type of industry did the card come from. The rest of the digits except for the last one represent individual accounts. What your cards first digit represents? The first number in your card represents what industry the card represents: 1 and 2 are for Airline companies, 3 means the card was issued by an entertainment or travel industry, 4, 5 and sometimes 6 are from banks, while 6 can also be from merchandiser, example gift cards and store credit cards. The number 7 means that the card was issued by a petroleum industry and 8 is from a telecommunications company, 9 and 0 are issued by some form of government agencies. When used with BIN look up system, you would automatically know the validity of the card. The rest of the five BIN digits represent the identification of the issuer, for example, AMEX card always starts with 34 and 37 and Master cards starts with 51 and 55. As of early 2011, there are about 110,000 different BINs issued. This helps merchants and issuing companies to know the validity of the card. If a merchant would be able to identify the validity of the card through BIN look up software, they would know immediately whether to charge it with purchases or not. This will help lessen the incidence of fraudulent credit card transactions and lower the risk of a charge back.
You are welcome to visit BIN lookup website, or try our BIN numbers lookup.
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