Paphos, Cyprus (PRWEB) September 03, 2017
Binbase.com, a leading online BIN lookup database has launched an extended database with more account ranges. BIN means Bank Identification Number and BIN base is a database with thousands of validated credit card BIN numbers to help businesses approve the authenticity of credit cards used to purchase goods and pay for services.
Conventionally, BINs have just six numbers which relay the details of the bank which issued the card. However, considering the ease of use of the electronic cards, cases of fraudulent use of credit and debit cards has been common across many businesses. A stolen or misplaced card can be used make expensive purchases and by the time businesses discover that the card was stolen it is usually too late to take an action against the offender.
On many occasions, the merchant can be charged high back fees and the business could in turn pass the expense to customers in form of high prices in a bid to minimize the loss and keep the business venture viable. In the long run, these cost can do more damages to the business and eventually cause them to close down. That’s where BIN databases like binbase.com come in handy to help businesses verify cards before authorizing transactions.
Internet-based BIN validation databases are very convenient sites which can help prevent frauds and issuance of unauthorized transactions so they have to give sufficient information about the card before a payment is issued. In order to give more information about a card all major card brands began BIN split process by issuing several card products under the six digit BIN. This means the six digit BIN may be split between different countries, card types and categories. That’s why binbase.com has launched an extended database with 7, 8, 9, 10 and 11 digit-BINs to prevent misrouting of transactions.
Fortunately, the extended bin database with longer account ranges will be accessible at an affordable price to help minimize credit and debit card frauds. This innovative solution by bimbase.com will be handy more so to ecommerce websites because card verification will be done in real time as the transaction is undertaken. Essentially, once a business pays for the validation service, every card will be scrutinized against the records on the database automatically. If the card is valid, the transaction continues smoothly and if not it sounds an alarm and the transaction is aborted instantly.
Even though BinBase is among the first companies to introduce the longer account range definition BINs with up to 11 digits, the concept of BIN database has been around for a while and this introduction is just a vital innovation to reduce instance of fraud and make cards a more secure payment option for purchases. Without the BIN verification databases, the cases of card frauds would be more rampant than they currently are and with more digits to identify cards the cases are anticipated to be fewer than they currently are. With the introduction of an extra digit on a card, businesses and card owners stand lower chances of becoming victims of fraud.
BinBase is a renowned BIN database service provider since 2008 which has for many years been helping merchants verify BINs before authorizing purchases in order to prevent costly crimes. The company is glad to launch an extended database with longer digit BINs to give more detailed information about cards. The company’s database has more than 347,000 BINs. It guarantees businesses accurate and complete card information when they utilize the online BIN checker.
For more information, please visit http://www.binbase.com