A bank identification number (BIN) is the starting number of four to six numbers that appear on a card. The bank identification number uniquely identifies the institution that issues the card. The BIN is key in the process of matching transactions with the card issuer. This numbering system also applies to charge cards, gift cards, debit cards, prepaid cards, and electronic benefit cards.
Bank identification numbers are also used by other institutions, such as American Express. The term “issuer identification number” (IIN) is used interchangeably with BIN. The numbering system helps identify identity theft or potential security breaches by comparing data such as the address of the institution issuing the card and the address of the cardholder. If you’re merchant or trader and looking for free BIN checker app for merchants then you know why it’s very important in checkout processes. Scroll down to read importance of BIN in the checkout process.
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Importance Of BIN Checkout In Process
BINs make the checkout process smoother, avoiding errors and increasing efficiency by adding another level of security and authentication to the checkout process. BINs perform many roles, including:
Smoother Payment Process:
The bank identification number is unique digits that make the payment checkout process smoother and faster. With BIN, you can avoid unnecessary errors and access an increase in payment efficiency. Also, BIN ensures your payment process is adequately secured through its payment authentication process by the card issuer.
Identification of the Purchaser:
The bank identification number helps the merchant verify the identity of the purchaser before payment is authorized. With this feature, your money will be safe and secured.
Confirm Inline Validation:
The bank identification number (BIN) helps to correlate the card information supplied during payment with the information available to the issuer. It does this by requesting you to enter the type of credit card and the credit card number. If the information is correct, your payment will be approved.
Compliance with Export Laws:
BIN digits on your credit card ensure that your payment process complies with the export laws of card issuing country before the payment is authorized.
Saves Time:
The BIN digits save you the stress and time because it validates the acceptability of the credit card by the online merchant before the payment is authorized. Here is the complete best online BIN checker list which you can use anytime.
