Many people today are receiving payments and also making payments using credit cards. Unfortunately, a lot of people have lost money through credit card theft; and fraud committed through credit card is on regular increase. However, in the recent time, effort has been intensified to root out credit card fraud using technology and software. One of such efforts is the introduction of BIN checker. BIN is an abbreviation for bank identification number which is also referred to as issuer identification number. A BIN checker as the name suggests is a software programme that checks and verifies the BIN. Many businesses are using it to ensure that buyers are paying with their credit cards and not stolen cards.
As normal with this type of innovative software, there are now many types or varying quality. If you want to use this software to verify the authenticity of credit cards before authorizing transaction, you should ensure that you are using a good one. The problem is picking the right BIN checker. But you can always make an informed choice if you know the tricks of choosing the right BIN. Here are tips to choose the right bank identification number.
Don’t overlook the software’s accuracy percentage
Many BIN lookup services don’t give accurate results. The software is poorly created and the creators are only interested in getting money from the users. Using such software is as good as not using anything because with them, you will not be able to discover any fraudulent transaction. This will amount to a waste of money and energy. So, before you choose any BIN checker, make sure you choose one that gives accurate information. You can’t tell or differentiate the originals from fake just from their appearance. Good software should have up to 99% to 100% accuracy. The best way to find such a BIN checker is to carry out a deep research into the market. Take time to read the reviews of many BIN lookup services, you will find the difference between them and then choose the one that will not give you problem.
Go for a use friendly BIN checker
BIN checker databases are not the same when it comes to their ease-of-use. Some are more user-friendly than others. But if you want to enjoy and get the best from your BIN checker, I recommend that you look for one that is very easy to use. You don’t need to be an internet guru to be able to utilise a BIN checker. Features that determine the ease-of-use of a BIN checker include simple set-up, easy navigation and clear language.
The database of each of the BIN checker software is unique in its size. There are some BIN checker programmes with huge database that contain thousands of BIN records of different cards. But some have small database that contain a few hundred BIN records. It will be to your best advantage to use one that contains lots of BIN records.
Don’t overlook the need of your business
Before you choose a BIN, it is essential that you put into consideration both the current and future needs of your business and then choose one that will meet them.