Plastic money comes with a string of digits to identify the card, its owner and the issuing bank.
Obviously, the numbers can't be any arbitrary string but are controlled by an international standard. This is the ISO/IEC 7812. This defines that the first six digits of your card are used to identify the issuing bank. These six digits are the Bank Identification Number (BIN) also known as the Issuer Identification Number (IIN).
Since every card is associated with a bank, the BIN and additional data about the card and the bank can be stored in a database. This allows any merchant or institution carrying out a card based transaction to check more about the transaction other than merely ensuring that the correct pin has been provided.
This gives the merchant added security and a number of benefits.
First - it gives them an added degree of protection against fraud and reversals of payments. Banks only allow merchants a limited number of reversals and fraud before stopping their plastic money privileges. Also remember, each card chargeback costs you money.
Second - it permits a closer monitoring of the sales process and better customer intelligence. Where is this customer from? Where is he sending the goods to? Using these details you can service your customers better.
You can also gain from using the BIN system if you issue your customers gift card or pre-loaded cards.
Our BIN data is accurate. If there is any doubt about the completeness or accuracy about a BIN and its related details, we don't publish the data. As regards ease of use, the structure of the data is so well defined that using it to check a transaction is child's play. Data is supplied in a .csv text file. This is a text file that contains four essential items of data per line. Each of these is separated by a comma. Practically any text editing or spreadsheet software can handle this data. A small program can be written to search for a specific BIN number automatically. (We provide a simple yet comprehensive tool to do this in our download section. Check it out).
Need more data? Check out our articles page for some current information and case studies on the BIN database and how it is being used by other merchants. You could also see our FAQ section to answer queries.
Protect your business, your assets, and your financial transactions. The largest and most up-to-date BIN database is the one developed and licensed by binbase.com – and you can become a licensed user. Click here for purchase details or read our proposal.