A bin list is certainly a great way for credit card verification and protection against financial frauds. The bin list helps the entrepreneurs to check the card data with ease and accuracy. A good bin data search tool allows easy and reliable search and verification.
Look for accuracy
The bin list can be of use only if the records contain accurate and complete information. Some free bin databases contain lesser bin numbers and obsolete details. Without complete information a bin list is practically useless and hence caution needs to be exercised while selecting the bin list for your business.
Check for reliability
Bin databases built from generally available information in the public arena will be less accurate and hence less reliable. Wikipedia search can give you the general numbers for a visa, Master Cards and deposit cards for generating a bin list but not all the necessary information needed to conduct a fine bin search. Any bin database gaining their information from authoritative sources therefore can support a qualitative bin list.
The best bin list is often not the one with large number of bins. Wondering why? Even if the bin list contains a lot of bank identification numbers and the data is accurate, it will not be suitable if it is not compatible with the existing security software and accounting software. The same is the case when the bin database has a non compatible format too. Generally bin databases use a csv (comma separated value) format which is easily retrievable by other database software.
A legally approved and licensed version gives you the peace of mind that other free bin databases cannot offer. Since you are getting access to the customer's personal and financial data, data integrity is the highest concern. This is one of the reasons why most bin software databases are linked to firewalls and security software which can prevent fraudulent transactions. The matter is much important especially in cross country transactions where the risk of identity theft and financial frauds are higher. Such a system also ensures the customers that their data will not be utilized for any other malpractices involving finance.
Free or licensed?
Some may choose free bin database over licensed ones. Of course, start up companies with limited transactions can settle to freely available bin list before they establish their business. However, once the business starts growing and reaches the masses across the globe, priorities need to be reanalyzed. An investment in a bin list is not a loss at any point of time whether start up or established one. Protecting the finances from losses is the concern of any investor no matter what the business nature is.
Lastly don't forget to check the review of the bin list that you have finally short listed. A review tells a lot about the past usage of bin database so that you can check whether it is ideally suited to your needs or not. For example, if you are running a travel agency, the cards which you process mainly will be travel cards. A bin list with all travel cards would therefore be more accurate than the one whose bin numbers involve more number of gift cards. A good selection is the first step into a hassle free secure financial future of your business.