Bank Identification Number (BIN) or Issuer Identification Number (IIN) is your six digit number on a bank card that gives details about the issuer of the card. It holds information about the bank, the country where the bank is situated, card manufacturer (for example, Visa, MasterCard etc.) and card type. When someone makes a purchase, the system identifies the issuer with the card BIN database number. This number helps identify the dependability of the transaction.
Who Needs a BIN Database?
Whether you are a tiny online business or a financial service supplier, a credit card BIN listing can help you protect your online transactions and lessen the risk of fraud. It allows you to monitor daily trades and saves you in a monetary loss which can be occur from card charge backs.