Bin lists are organized collections of bin numbers. Bin numbers are bank identification numbers which are used for credit card verification and constitute the first six digits of the card. The first digit is the industry identification tag also called as MII or Major Industry Identifier. This helps to check whether the card services are provided by visa, mastercard or discover etc. The bin mastercards are organized databases of bin numbers of mastercards.
Different bin lists offer different types of services. Bin databases vary according to the type of bin numbers they hold. Master cards offer services in the banking and finance industries and have the Major Industry Identifier as 5. Thus bin mastercard databases will contain all cards starting with the number 5. Usually they start from MIIs 51 through 55.
Updating of database is a key requirement for effective bin search. Bin range is the range of digits used by MII. For bin master card databases it is from 51 to 55.
Uses of bin mastercard databases
The bin mastercard databases help in real time protection of finance and personal data of customers efficiently. The bin mastercard databases conduct the search by matching the records of customer data and that of the bin mastercard database.
Service charges are usually higher for non resident cards than domestic cards. Bin mastercard system serves to identify the different types of card and levy the charges accordingly. This is due to the exchange rates of the country.
Similarly business credit cards tend to receive more service charge than personal credit cards. For a business with active growth and live transactions, a real time bin mastercard checker is needed to ensure the accuracy and reliability of the transaction. In fact, the bin mastercard data verifying form the basis of anti fraud system to cut down charge backs and cyber financial crimes.
BIN mastercard features
The bin mastercard databases need to be user friendly and easy to use. A licensed version of bin mastercard database can be more effective. The commercial ones are always up to date with data being updated from the mastercard service providers. A licensed one ensures that the data will also be accurate.
A bin mastercard is however is to be compatible with the other system software, especially the antivirus software. Regular monitoring is essential since mastercards form the next highest set of financial cards used in international markets after visa. The quantum is high so does the possibilities of financial frauds.
New merchants and financial institutions are on the rise and hence the need for good bin checking software.
Dependability is another factor which needs to be considered while selecting the bin mastercard database. Some professional bin mastercard databases have achieved ISO certification ensuring the quality of databases beyond doubt.
Reducing charge backs would never have been easier had it not been for the bin mastercard databases. Mastercards are also classified under the banking and finance industry and hence form one of the highest transacted cards. The need for bin mastercard database for businesses is beyond questions.