Who Needs a BIN Database?
A common misbelieve is that only bigger companies or e-shops with credit card processing system need to use the BIN database. Naturally, BIN database works great for every single shops no matter they are huge corporations or small family companies. Let us now see who can benefit from using BinBase software and in what ways.
The Security Factor
Ten years ago, credit card fraud still counted as a novelty in the criminal sector. Credit card transaction approvals also lasted much longer with everything processed mainly manually. Today, with the development of technology, these operations are much quicker. With BIN database coming in the picture, the number of credit card frauds is to diminish.
Let us see how today credit card payment process works is. Upon personal payment, the card swipes and links the card immediately with the system of the card issuer’s bank that decides in moments whether to allow or to allow the transaction depending on the balance of the customer. This transaction is also carried out using the credit card BIN. Of course, it is only one way to make bin database check useful.
The Benefits of using the BIN Database
It is not only credit cards, which possess a BIN number. All the various shopping cards have their own BIN through which they are identified and connected to the root system of a supplier. BIN database in this case help with the tracking of cardholder savings.
Insurance companies find the usage of BIN system overall useful when the need to track insurance usage and to check out on or prevent any fraud. The database enables much faster and adequate processing. Medical institutes however can use the BinBase data to check out on the medical insurance status of anyone.
E-commerce businesses find the usage of BIN database very important. This is the main step to take to check out on a suspected fraud attempt. Credit card frauds committed online are still frequent, making e-commerce shops lose millions of US Dollars yearly.
As you can see, no matter how large or small your business is or what your profile is, you will surely find the most benefiting ways to use your BinBase software. Of course, with the presence of BinBase.com, credit card frauds will also start with the using of bin database checkers in growing numbers by the committers of fraud as well.