Largest Bin Database Service Released

    TORONTO, ON, February 06, 2012 /24-7PressRelease/ -- BinDataSet, an BIN database service provider, has released the largest BIN database on the Internet. The database contains over 350,000 records.

What is BIN?

BIN stands for Bank Identification Numbers. It is a database that contains credit and debit card numbers. On top of that, the database also provides additional information such as Country, Brand, and Bank. Most BIN databases provide only card type and brand. BinDataSet ensures that more fields are available for higher accuracy.

Why is there a need for BIN databases?

The Internet is growing at an amazing pace, and retailers all over the world are taking advantage of this growth by trying to sell products and services online. Ecommerce has become a way of life in many countries. For retailers, it is a great way to boost sales without incurring too much upfront cost. A Company can start taking orders within a week just by starting a simple website with payments enabled.

Unfortunately, since money is involved in each transaction, there are security risks involved. For example, fraud is possible with a stolen card. Anyone with a card can go online and make a huge purchase. If the transaction is approved, the goods will be delivered. The card owner, having discovered that his or her credit card is lost, will file a charge back with the bank. On the grounds of unauthorized usage, the bank will approve the charge back and the retailer will have no choice but to pay back the money. So where does that leave the retailer? The goods have already been delivered. The retailer is now left in a position of loss. It is unlikely that the goods can be recovered even if a police report is filed.

The solution to this problem, is to verify all card transactions. If a transaction is found to be suspicious, simply reject the order. Additional steps (e.g. making phone calls) may then be taken to verify the transaction. BIN databases can be used to serve this very purpose.

"For a BIN database to work, the records have to be accurate," said David Hurst, a spokes person from BinDataSet. "Therefore, we release regular updates for the BIN databases that we offer."

How BIN Databases work.

BinDataSet offers a simple licensing scheme. There is an affordable one-time fee to be paid for the entire BIN database. This fee includes free updates for a full year. Once the fee has been paid, the download link will be sent to the customer. Customers may then download the database in CSV format.

CSV is a popular format and this format is selected because many developers find it easy to integrate CSV with existing websites. The database will have to be plugged in to the existing Ecommerce site. A check is performed instantly every time a transaction takes place. If the transaction passes the check, the order is approved instantly. Otherwise, the transaction can be put on hold for further verification.

For more information, please visit http://www.bindataset.com.

# # #