Businesses searching for a BIN number database will find a variety of options online. Many of these include free and cheap BIN databases which on the surface seem like a great opportunity. Unfortunately, most of these services are plagued with problems that can negatively impact your business. If accurate data is at all important to you, read on.
There’s a commonly used adage; “If you’re not paying, you’re the product”. Running any business has a cost and if a product or service is being offered for free or close to free, it’s a good bet that the true cost is being extracted from you in some other less transparent way. Many free and cheap BIN database sites feature ads, meaning their true source of revenue is not the product you came for, but the ad dollars they earn when you click a banner.
Free and cheap BIN search sites can also be used to gather your data so that it can be resold to third parties. Because the BIN data records in these schemes are not the real product, their quality is sub-par at best. Records are often stolen, littered with typos and mismatched data, or grossly outdated. It’s not unusual for searches from these services to return results that are as high as 35% erroneous. Knowing this, you have to ask yourself; are you ok with basing your next business decision on a 35% failure rate?
At BINBase.com our clients are not the product – our records are. Where other service providers cut corners just to have some records to search, we take precise care to keep our records as accurate and up-to-date as possible. Our BIN data is gathered directly from genuine sources – merchants and financial institutions – and every record is cross-checked against multiple data points to assure premium-level accuracy.
Additionally, we are one of the only providers that include monthly record updating as a regular quality control feature for our licenses. Most competitors will update records only once or twice annually while charging an astronomical fee if a customer requests a monthly update.
BIN numbers are in the process of moving over from the first six digits standard to a first eight digits standard that allows for greater accuracy. The International Organization for Standardization (ISO) officially announced the new standard in 2015 with full implementation required by April 2022. Merchants who have not switched over once this new standard is fully implemented will see their chargeback fraud utilities lose accuracy and potentially fail completely. BINBase.com is the only company already providing 8-digit BIN numbers to merchants. Protect your investment by transitioning to the new standard today.
View our licensing options, download our Purchase Agreement, or contact us for any queries you may have.
