A BIN or Bank Identification Number refers to the first series of four to six numbers, which looks on a credit and debit card. This number is actually used to find the issuing bank of a card or any other financial institution with BIN numbers checker. The BIN is a kingpin that links an issuer of the entire cards and also to the entire transactions on those cards. This bank identification number is a numbering contract made to discover, which specific institution provided a given credit card or any other bank card and also what kind of institution it is. More importantly, it is a calling card of the bank and each card providing bank has a different BIN.
Normally, you can see this complete set of bank identification numbers on a front side of an ordinary bank card. This numbering system actually applies to the debit cards, charge/ credit cards, prepaid cards and also the specific electronic benefit cards. The initial six digits are commonly known as bank identification number. It is becoming very common to utilize a term as IIN. However, this would redirect a maximizing count of non-bank organizations who select into a BIN network. Still now, the terms BIN or IIN can be often used more or less interchangeably.
How do the bank identification numbers assist?
The BIN or IIN offers more information to the merchants apart from providing identity. When the card holders type the details of a card for online transaction, they need to tell initial four digits to the retailer such as:
- What kind of card it is (credit, debit, prepaid, etc.)?
- The card brand (American Express, Master Card, Visa, etc.)
- What level the card is (business, platinum, black)
- Whether the address issued by a cardholder matches the one on file
- Whether the issuer is in a same country as a device used in transaction
Therefore, the BIN or IIN lets the merchants to agree the multiple types of payment and also speed up the complete processing.
How to make bank identification numbers work for you?
There are many more ways that the BIN or IIN numbers can be utilized to assist the merchants for analyzing and assessing their transactions of a payment card. Even many of the perfect data can lead to more effective functions, but the analysis process can be fairly daunting. That is why; it greatly assists to have the professionals in your edge. If you would like to know many data about how to use bank identification number to your benefit, the payment professionals are expertise and have more experience to assist you find the different reporting as well as revenue optimization procedures.
Bank identification numbers can maximize the safety and speed of card validation
The bank identification numbers always create the checkout process very smoother, preventing errors and also maximizing effectiveness by just including another phase of safety as well as authentication to a checkout process. Hope you understand what is a bank identification number and its process.