Issuer Identification Number (IIN) commonly called as Bank Identification Number (BIN) is issued by financial institutions to the various cards as a unique identification tool. This helps the Bin number lookup usually performed before finalising purchases both virtual and direct.
Bin number lookup effectively reduces the financial fraud risk by identifying the possible fraudulent transactions well in advance. A bin number lookup is preferable to conventional methods of credit card checking due to various reasons
Ease of use
A regular routine credit card checking involves calling the bank and confirming the claims which is impractical in most situations. The method is almost impossible in cases where it involves online purchases or the firm has to handle numerous such transactions. It is also not suitable where cross country transactions are done. Bin number lookup is comparatively easier.
Although the bin number lookup cannot be said to be more accurate than a direct to bank check, it is advantageous in many ways. With reliable sources of data, good bin number lookup software can offer as much as 99% accuracy. Licensed versions and ISO certified ones are fine to rely on.
The bin number lookup is user friendly. Anyone can search through the bin database using the six digits of the card. It does not require special talents or skill set for conducting bin number lookup. With online bin databases, the bin lookup feature is much easier to use.
No more waiting for the bank site to get loaded when you would like to check the card details. In today's economy, time is money and the rule applies to business too. Bin number lookup tools provide faster solutions for the prevention of financial frauds. Most of the free as well as licensed versions offer to provide the search results within seconds so that your transactions can continue in the same pace as before.
Choice according to need
Do you run a small business with relatively small number of customers but spread across the globe? Or you would rather have a large network within the home country but with varied customers? The advantage of bin number lookup is that the merchants can choose the type and volume of bin database according to their convenience and need. Bin number lookup facilities can be limited or can include more number of records. The choice is certainly yours so does the various bin number lookup solutions which can be customised.
Ease of upgrading
Ideal bin number lookup software provides easy and regular upgrading without any additional cost. The software used should be latest and updatable.
Compatibility with other security software and firewall
Bin number lookup tools can be configured to match the requirements of other security and antivirus software. Same is true with firewall too.
Possibility of automated cancelling of transactions
In many cases, the bin number lookup tool can be configured in such a way that whenever there is a suspicious transaction as detected by the tool, the system can stop transaction immediately. Once the issue is resolved, the transaction can either be finalized or cancelled.