Once all these are validated and certified, the issuer gives clearance for the payment processes to be completed. All authentication process takes place within seconds. It also confirms if the purchaser has enough money that can cater to goods purchased.
Then the issuer receives notification for authorization and validation of the card. At the authorization step, BIN assists the merchant payment system in identifying the issuer. With BIN, the first step of payment authorization is carried out. The payment process for goods and services purchased from online merchants involves two steps, which are the authorization and clearance steps.
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Also, BIN assists in securing your online payment process.Īlso Read: How to Buy or Sell Unwanted Gift Cards in 2023 How Does BINs Work BIN reveals the type of card issued to you, your geographical location, and the identity of the bank or financial institution. The BIN is unique digits imprinted on each card by the issuer, which may be a bank or financial institution.
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The bank identification numbers (BIN), also known as BIN code or issuer identification number (IIN), are the first four to six digits that are found in the 13 to 16 digits of your credit card. With that said, today, I will be telling you all you should know about BIN number and the best BIN checker service you can access on the internet. The importance of the credit card BIN number necessitates the need to discuss all information about it. Hence, it must be validated and verified before been issued to the cardholder. The bank identification number gives a lot of information when the card number is supplied for payment of goods. Out of the 13 to 16 digits comes the first six digits known as the bank identification number (BIN). The card number contains between 13 to 16 digits. That said, the credit card has important information like the card number, card security code (CSC or CVV), expiry month and year, and many more. With the credit card, you can make payment effortlessly. With the introduction of credit cards, payment of goods, and services to merchants and business owners has been made easy.
Importance of Bank Identification Number (BIN).
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