BIN is a bank identification number that is very helpful for identifying the issuer of the credit cards. All merchants and the customers who are using the credit card should have enough knowledge about the BIN. It is the first sequence in the credit card number or first 6 digits and it is also known as the issuer identification number (IIN). It is the most general term and it is actually a result of an increasing number of the non-bank institutions who choose into the BIN network.
Know more about BIN:
- The first 6 digit which are bank identification number is very common to all the card holders for the identification of the institution or bank. Approximately, there are 12 more digits on your credit card which is an individual account identifier for everyone.
- When considering the numbering combinations available with those twelve digits, it is highly possible for each and every issuer or bank to have over the trillions of various account numbers of their credit card holders.
- In the year 2015, there was a discussion related to the length of the bank identification numbers. Then, the experts are considering extending this BIN from 6 digits to 8 digits or introducing the alpha numeric system.
- BIN is also known as MII or IIN numbers which help the merchants analyze and also consider their payment or credit card transactions.
- If you would like to get more details on how beneficial using such 6 digits of numbers for your purchase, it is highly essential contacting the experts today.
- There are so many numbers of online platforms available to help you exploring the various reporting and also the profit optimization techniques.
Benefits of using BIN:
The BIN or bank identification number in fact works to protect both the consumers and merchants when it comes to the web based marketplace. Every debit or credit card usually contains the BIN that is typically the first 4 to 6 numbers on the bank issued card. Such numbers easily identify the kind of card being used, which company or bank issued a card and also the geographic location of the card issuer. You can make an easy BIN search to know all info. Such kinds of credit or debit cards are not only used by the banking sectors but they are also issued by the several numbers of the private online money transaction institutions such as American Express, Walmart, Paypal and more.
Once you have completed the online purchase, you then have to go to the payment page and use it identifying your issuer and do the proper transaction online. If the card or account is valid, your purchased amount will be reduced from your bank or other payment account. Similarly, it is important to notice that you have to do all your purchases on within the existing limits on your card. Don’t exceed the limit and it will give you some consequences while making the payments on the web.