Nowadays, business transactions have been made easier. You can buy and sell goods and services from any location in the world via the internet. This has been made possible through the introduction of credit cards. A credit card is a physical card that is issued by a bank or financial institution.
The credit card has 16 digits card number, cardholder's name, expiry date, issuer's logo, three digits CVV, and many other vital details. The credit card can be used to purchase goods within a specific expiration period. It can also be used to test the payment system of a newly designed e-commerce website.
Because of its versatile usefulness, different tools have been developed to generate a valid credit card that can be used for payment purposes. Each method developed has its unique ways of generating credit cards.
Bank Identification Number is the little portion of the card that can be used to identify the institution that issues the card. BIN is also referred to as the Issuer Identification Number.
The Bank Identification Number on the credit card assists business owners in identifying card issuers based on transaction records. Apart from credit cards, BIN can be found on stored value cards, debit cards, and gift cards. Also, the Bank Identification Number on the credit card provides essential information about the card.
The information provided by BIN includes the identity of the issuer of the cardholder, card validity, the card brand, and other vital information about the card.
BIN is an important numbering system that was developed by the International organization of standardization (ISO) and the American National Standards Institute to indicate banks and financial institution that issues a credit card to its holders. While the first six digits of the 16-digit pin are the BIN, the first of the six digits represents Major Industry Identifier (MII).
The Major Industry Identifier may be the banking, airline, or travel industry. For instance, if the MII of your card is 4 or 5, it means the issuer of the card is a bank or financial institution. If the digits start with 8, it means the card is a telecommunication and healthcare card. With these digits, it becomes easier for the merchant to evaluate and authenticate your payment transaction. The remaining five digits represent the issuer's bank or financial institution details.
When you enter the first four or five digits of the credit card, the name of the bank, type of card, card brand, and the card level is displayed before entering the complete 16- digit PIN.
Furthermore, the remaining 10-digits are your account identification numbers. Also, the last digit on the credit card is the Luhn check digit. The digit is generated with the use of the Luhn algorithm. The Luhn algorithm can also be used to verify the card.
The Bank Identification Number is a vital card digit that helps business owners or online merchants in a lot of ways. The benefits of the Bank Identification Number is highlighted in the table below.
When clients decide to make payment for goods they purchase from merchants online, the merchant site provides them with an interface where they input their card number, CVV, expiry date, and their secret PIN. The BIN performs the role of identifying the financial institution or bank that receives the authorization request to complete the transaction process.
Identifying the financial institution or bank assist merchants to authenticate the validity of the credit card and verify if enough fund that could complete payment for the goods purchased is available on the credit card. For instance, when you get to the grocery store to buy goods, the system scans the issuing institution when you swipe the card.
Then authorization is requested in your account before the payment initiated can be completed. The authorization process takes only a few seconds. Hence, you don't have to worry. Without BIN, any credit card issued to you is useless because you won't be able to use it for the purchase of goods in real-time.
It can only be useful if you are an expert in e-commerce website design. You can use it to test the response of the payment system of your designed e-commerce website.
BIN generator is a tool that compares the BIN on a credit card with the BIN library online. The BIN generator is designed in a way that is fast and easy to use. All you need to do is to input the 16-digits on the credit card into the generator.
The BIN generators are a vital tool that can be used to authenticate the BIN number of your credit card. The online tool is developed with a premium database of valid BIN numbers.
Once you enter the 16-digit or the first six digits on the credit card in the online tool, it verifies the authenticity of the BIN number of the card. If the BIN card is invalid, the tool will display an error message with a detailed explanation of what happened to the card.
The BIN generator online tool can be used to generate valid credit cards effortlessly. All you need to do is to enter the prefix "BIN" in the online tool.
When you use the online BIN generator tool, you will have access to change any information you on the card. You can change your Personal Identification Number (PIN), card quantity, expiry date, security code (CVV/CVV2), and the balance range on the credit card.
The use of credit cards has made transactions more comfortable and faster. It has also assisted professional website designers in coming up with a well-developed payment checkout system on their sites. Discussed above are all you need to know about BIN, credit cards generated from BIN, how, and Why credit cards are generated from BIN.
I hope the detailed information provided will edify your knowledge of BIN and credit cards generated from BIN.