What is a BIN Database?
A BIN database is also commonly known as a Bank Identification Numbers (BIN) base. It is a database that contains thousands of verified credit card numbers. When online transactions occur, these transactions are checked against a BIN database to prevent fraud and charge backs.
How does a BIN Database work?
A BIN database can be used by any website or business that allow credit card transactions. When a customer makes payment, the payment system performs a look-up on the BIN database. That means every transaction can be easily verified in real time with a BIN database look-up.
What’s new in the latest BIN database?
* Increased number of records in the database for higher accuracy.
* Structure is easy to parse and can be integrated with many programming languages.
* Database contains additional information about the card such as card brand, card type, etc.
* Most importantly, the records in the database are genuine and highly accurate.
Who should use a BIN database?
All businesses, both big and small, that allow credit/debit card transactions to take place should use a BIN database. Very often, business owners try to save money by doing away with credit card verification solutions. This results in higher rates of fraud and charge backs, which inevitably raises the cost of conducting business. The cost is then passed on to consumers. Unfortunately, this strategy can be harmful to the business in the long run and it reduces the competitiveness of the business.
A business with a BIN database installed can easily verify a transaction on the spot. If a card number fails the check, the transaction can be stopped immediately and the business doesn’t incur additional costs. Thus, owners can conduct business both offline and online with peace of mind. Businesses with higher number of transactions on a daily basis will find the BIN database an extremely effective and useful solution for card verification purposes.
BIN database updates
With the new database release, Exactbins.com updates the BIN list on a daily basis.
"Many BIN solutions offer limited information that includes only the bank and the credit card type. We do beyond that to offer additional information about the card used so that the checks are more accurate," said a spokes person from Exactbins.com. "In addition, the list is updated on a daily basis to ensure that the records remain highly accurate. This is a feature that is missing from many other BIN solutions."
The Company currently works with various credit card sources to provide highly accurate records. To date, the BIN database has been used by thousands of entrepreneurs.
For more information, please visit http://www.exactbins.com.
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