Think credit card processors are the only ones who could possibly need access to a BIN database? You might want to think twice. Whether your company is a mighty giant in the financial sector or a small mom and pop shop on the Web, the BIN system can work for you.
The Security FactorJust a decade or so ago it was very easy for criminals to get away with credit card fraud. There was no way to instantly approve a credit card transaction and purchases had to be processed manually. Now, thanks to real-time credit card processing and the information BIN system contains, credit card fraud isn't such an attractive crime.
In today's society, when a purchase is made with a credit card the card is swiped and the BIN of that card instantly links it to the issuing network. f the card isn't in good standing or if it has been canceled, lost or stolen, the transaction won't be approved. Security, however, is not the only thing the BIN system is good for.
The Benefits of using the BIN DatabaseCredit card companies aren't the only ones using BINs. Those shopper savings cards you sign up for? They have a BIN system in place too. The BIN on this type of a card can help the issuing store track your savings and it can also help you qualify for special offers and promotions the store might be running.
Insurance companies are also using the BIN system to track insurance usage and to prevent insurance fraud. By matching claims to a BIN, insurers can see if questionable claims are being filed and medical providers can verify the status of an insured patient. It also equates to faster claim processing and fewer headaches when dealing with insurance providers.
Even online stores are benefiting from the BIN system. Would you like to know if a card you're accepting has a high risk of fraudulent activity? A BIN database can help. Websites lose millions annually due to online credit card fraud. A BIN system is one of the things that can help.
Businesses both large and small can all benefit from access to a BIN database. In fact, the only real enemy the BIN system has is the criminals who would prefer to exploit credit card numbers - the same criminals the BIN system helps put a stop to.
