Payment card refers to any card that can be used by the holder to transfer fund electronically to another person either for payment of goods and services rendered or any other purposes. The use of payment cards in the doing of business is a welcome technology that comes with a lot of benefits. The use of payment cards provides people easy access to their money even without them carrying physical cash. You can now travel without carrying physical cash and this reduce the rate at which robbery occurs. Before the introduction of cards, people with huge cash risked losing them to robbers as they could be waylaid and attacked by thieves. Besides having huge case with you increases the load you have and also attracts attention. With a plastic card, you will be able to avoid attracting the attention of robbers and yet you still have access to your money.
As the use of credit card is becoming more and more popular, a new form of fraud has emerged. This is referred to as payment card fraud. It refers to fraud committed with card. The fraudsters will obtain details of card users and then use their cards to place orders without their authority. Such crimes have terrible consequences not only to the consumers but also to merchants as they will incur chargeback which results in loss of money. Thus, it is important that such fraudulent act be combated. One of the means of combating payment of credit card fraud is the use of BIN checker which is software that provides details of payment cards for the purposes of matching them with the information provided by the users of the cards. There are also online BIN checkers like http://binchecker.com/.
Payment cards are available in a number of types with credit and debit cards being the most popular. There is the tendency for many people to associate BIN checker only to these two most popular payment cards. This is far from the truth. BIN checker can be used to authenticate payment with a number of cards and thus, it can be used to stopped fraud carried out with different payment cards and not just credit and debit cards. Below are some of the types of payment cards that you can look up their details in BIN checker database.
This is a type of payment card that can be used by the holder to purchase items or order for services on credit. Normally a credit limit is created for the holder by the issuer of the card. The cardholder can borrow on the line of credit or credit limit created by the issuer. The cardholder will repair the issuer at the date stipulated which is normally during the payment due date.
Debit card is also known as check card and bank card as well as other names. With this type of card, the holder pays directly with money loaded in the card or from his or her bank account. In other words, purchases or services are not paid with on credit obtained from a bank but with the holder’s money. Debit cards can also be used as ATM cards for instant card withdrawal.
As the name already tells you, prepaid card is a type of payment card that is loaded with money by the card holder. From the money in the card, the cardholder can make purchases. In other words, the card holder make purchases in advance with the loan provided in the card. The card has a number and similar features with credit or debit card.
This resembles a prepaid card. It is a type of payment card issued by a bank or retailer to the cardholder to make purchases in a particular store, chains of stores or businesses that are related. It is also called gift card, gift voucher, gift token or gift certificate.
The above are some of the types of payment cards that you can be validated with BIN checker list.