BIN check

How Does A Credit Card Transaction Happen?

Credit cards are very popular means of making payments for various kinds of transaction. You can purchase air travel tickets, book accommodation, pay for purchases and other services both online and offline with credit cards. With these plastic cards, the burden and risk involved in carrying cash is eliminated. Many people have it. Unfortunately, a lot of the users of credit cards don’t know how it actually works or what happens when they make payment with their credit card.

Credit card transactions are completed just within seconds but the process undergone is really complicated. When you swipe your credit card via POS or an electronic terminal, the system will read the account information. The transaction cannot go through unless it is authorized issuer of the card. Thus, the system will send a request for authorization to the acquiring bank which will in turn contact the issuer of the card for authorization. The issuer will authorize or reject the order. It will prepare an approval code if the transaction is authorized or a denial code if the transaction is rejected and then send it to the merchant through the same route it receives it. The machine will generate a receipt for the transaction. If it is approved, your signature will be required but if rejected, your order will be denied. The entire process is completed within seconds. The process takes place when credit card is used to make payment online.

BIN check

What to Bear in Mind When Using a BIN Checker

Many businesses have already started using BIN checker and are getting good results especially when it comes to the prevention of charge back and reduction of credit card fraud. If you have not started using it to verify orders before authorization, it is advisable that you begin doing so. Fortunately, BIN checker software is readily available. Some are provided free of charge while with some, you will be required to make some payment before you can install or download the software or have access to the software. If you perform a Google search on BIN check, definitely, you will get impressive results. However, it is advisable that you use one that will provide you with the best results. There are a number of facts to know about BIN checker which will help you to make an informed decisions.

BIN checkers do not have the same database

One important fact that you should know about BIN checker is that their database differs in size. This means that they do not contain the same amount of information. How big your BIN checker’s data base is will determine the accuracy of the result you will obtain. For example, with a BIN checker of small database, you will not be able to verify all credit cards. Thus, it is of crucial importance that you consider how big your database is before you purchase it. As a rule of the thumb, pay for one with a large data base.

It is also of crucial importance to ensure that you pay for one that is being updated on regular basis. It is of no use making use of a BIN checker that is not being updated. It is like using an outdated software. This is because more and more credit cards are being issued on daily basis. Similarly, new brands of and types of plastic cards are being introduced on daily basis. So, if you are using an outdated one, you will not get any information when you look up BIN information on new cards. Reliable BIN checker service providers update their database regularly. So, it will be good that you use such services.

Free vs paid BIN checker

As already mentioned, BIN checker software is available in two types, paid and free type. As it is said, nothing good comes very cheap. Always bear in mind that free types have some restrictions. You will not be allowed to use all the features. Thus, don’t expect any reasonable result if you are using free BIN checker. Paid BIN checkers have more features and thus provide better results. So, spend a little in order to have access to a complete feature and services. But Spend your money on a trusted type.

Compatibility with your system

Another important factor to take into consideration before you purchase a BIN checker is its interface as well as the operating system it is compatible with. When purchasing a BIN checker, buy one that has a user-friendly interface and one that is compatible with your computer’s operating system. Purchasing one that is not compatible with your system is like paying for something that you will not use.