BIN List is in vogue. Many businesses are using it to verify the authenticity of a consumer making payment with a credit/debit cards or some other types of plastic cards before confirming the order. BIN which is a short word for Bank Identification Number is also known as issuer identification number abbreviated as IIN. It is the first 6 digits of a plastic card’s number (the digits can be more or less than 6 in some brands and types of plastic card) which tells more about the issuer of the card. From the number, you can find the brand and type of card you are using, the issuer and their location. Merchants look up these pieces of information in order to match it with the information provided by a buyer to ensure that the owner of the card is using it. If a buyer provides information that contradicts what is on the card, then it is a sign that something is wrong. The software that contains database of different card BIN and their information has been built today and this is what is referred to as BIN list.
As normal with any software, BIN list is now available in different types with varying strength and quality. If you want to purchase or install a BIN list, it is essential that you look out for the best. There are a number of factors that you should take into consideration before you make your choice. Here are the factors to look into before opting for one.
Regular daily updates
Plastic card issuers are still making new cards for existing and new customers. Though, credit/debit cards are very popular today, not everybody has it. Besides, some people lose theirs and request for new ones. In other words, credit card companies are still getting requests for new card. It is therefore important to have a BIN database that updates itself on daily basis or as cards are issued. In this way, your BIN list will contain the BINs of newly issued cards.
The genuineness of the entries
Don’t just purchase any BIN database available on the market. A lot of BIN lists use computer-based algorithms to obtain the IIN list. Some of them may end up producing empty or blank entries. It is better to go for one that contains authenticate entries without generating any blank space.
The BIN software programs available today are not of the same size. Some IIN list have more entries than others. It is good that you purchase one that has a long list of BIN in the database. If you have plenty of transactions to complete on daily basis, then you should have a BIN list with huge database.
Accuracy of Records
Another important factor to consider when deciding on which BIN list to download is the accuracy of the record of the BIN. This is very important and it has to do with the quality of software. A quality product is expected to have accurate records.
Other factor to consider are: