A bank identification number (bin) is the link between the customer and their credit, debit, prepaid, or gift card. It is matched against different types of information in a bin database. The goal is to make sure the purchase is not fraudulent. However, a bin checker is a little more complex.
Business owners must understand how a bin checker and bin database can help their business. Without it you could be dealing with serious consequences in the near future. So take a look at the information we have for you today. It will eventually help you save money and earn more trust from consumers.
Best of all; it's going to make you feel more comfortable about bin checkers and bin databases.
#1 Accuracy Percentage
One of the biggest questions about bin checker software is whether or not the data is accurate. Well, it really depends on the site you're using. Some sites are just up to make pennies on the dollar, so their goal isn't to help you. However, there are other online bin checkers that will have 99% to 100% information accuracy.
Without this type of accuracy, it's easy for the company to mistake a fraudulent purchase for a valid one. When choosing the right bin checker sites, you can narrow down your choices anytime the accuracy percentage isn't 99% to 100%. Depending on how deep your search turns out to be, this could make your choices somewhere between 3 to 5 bin checker programs.
#2 Find a User-Friendly Bin Checker
It's very important to find a bin checker online that offers a user-friendly approach. We know some individuals do not consider themselves to be "Internet savvy," so the technology struggles could come into play. A good bin lookup will be easy to read, easy to navigate, and easy to setup within any company's current system.
This is why we believe it is crucial to see a bin checker demo and possibly even take it for a spin before making a decision. Business owners don't want to struggle with something that is supposed to help them. If you find yourself running into this kind of problem, consider a different bin checker.
#3 How Large is the Database
This is another area of concern, because each bin database is different. We recommend looking for one that offers at least 140,000 bin records in their database, as well as thousands of banks. Some of the best bin checker programs will have 9,000+ in their records.
If you opt for a smaller database then it's just going to be a waste of time. Why utilize a system that doesn't offer validation on every transaction? In order to make this beneficial you need an up-to-date, accurate, large database.
The Future of Your Business
When choosing the right bin checker, you have to think about the future of your business. After all, without a system to validate purchases, the company will surely lose money on merchant fees and chargeback issues. Instead of finding yourself in this scenario, check out a bin checker demo and get a better feel for how it can help you and your business.