BIN Protection is useful in identifying a card brand, issuing institution or bank, issuing country, type of card and category of fraud prevention cards.
Identify Bank Details
The BIN Protection quickly helps a merchant identify the name, address, and phone number of the bank funds will be transferred from and the card brand.
Authenticate Card Details
The BIN Protection verifies the type of card used (debit, credit, prepaid) and the level the card is (black, platinum, business)
Verifies Address Info
The BIN Protection will verify if the issuer is in the same country as the device used in the transaction and whether the address provided by the cardholder matches the one on file.
Authenticate The Checkout Process!
The initial four to six numbers appearing on a credit card is a bank identification number (BIN). The bank identification number is a one-of-a-kind identifier for the issuing institution. In the process of matching transactions to the issuer of the payment card, BIN Protection is key.
Payment processor handles BIN checks against BIN lists they manage or subscribe to.
Protect monthly payment programs by identifying prepaid credit cards where only the first payment may be covered
Help identify the purchaser, confirm online validation and protect merchants against fraudulent monthly instalment transactions.
Benefits Of BIN Protection
By adding another level of security and authentication to the checkout process, BIN Protection make the checkout process smoother, avoiding mistakes and increasing efficiency.
Integrate MalakatPay With Your System
There are a number of ways merchants can benefit from BIN Protection.
1. Help to identify the purchaser by offering an additional signal.
2. Authenticate inline validation by asking the customer to enter their credit card number as well as the type of credit card.
3. Save time by validating credit card is accepted by a particular online merchant before sending for authorization.
Limit Your Customer
Restrict your customer to either local or international. To avoid credit card fraud from happening, merchants can limit to only accepting transactions from a certain type of card.