What is BIN Lookup?
Want to boost authorization rates? Reduce costs? Mitigate fraud? One powerful tool that can help achieve these goals is BIN Lookup. Based on our recent webinar, this blog post will explore how IXOPAY's BIN Lookup service can drive data-driven decision-making in payment processing and risk management. The clips below from IXOPAY experts Jacob Burcham, Senior Product Strategy Manager, and Lesley Harris, Customer Success Manager, provide insight into how BIN Lookup works. You may also view the full webinar replay for more detailed information.
BIN Lookup Explained
BIN (Bank Identification Number) Lookup is a process that retrieves rich metadata about a payment card using the first 6-8 digits of the card number. This data includes information about the issuing institution, card product features, and potential restrictions. IXOPAY's BIN Lookup service provides this valuable data to merchants, enabling them to make informed decisions about payment routing, fraud prevention, and regulatory compliance.
Key Benefits of BIN Lookup
Fraud Prevention
Identify high-risk card types, issuers, and geographic regions to supplement existing fraud strategies.
Cost Reduction
Lower interchange fees by optimizing transaction routing based on issuer information.
Improved Authorization Rates
Route transactions to processors with higher acceptance rates in specific regions.
Enhanced Compliance
Ensure adherence to regional regulations such as GDPR, PSD2, and surcharging rules. When combined with IXOPAY’s universal tokenization product, merchants can take advantage of using the full PAN without that data hitting their systems, allowing for reduced PCI scope.
Data-Driven Strategies
1. Fraud Prevention
IXOPAY's BIN Lookup service allows merchants to identify high-risk card types (e.g., prepaid cards), flag transactions from high-risk geographic regions, and perform velocity checks on repeated transactions from the same issuer. By incorporating this data into existing fraud prevention strategies, merchants can reduce false declines and mitigate fraud risks more effectively.
2. Payment Optimization
BIN data enables merchants to improve authorization rates and reduce costs by routing transactions to processors with higher acceptance rates in specific regions, choosing optimal card networks based on issuer information, and offering dynamic currency conversion based on card origin. These data-driven optimizations can lead to significant cost savings and improved customer experiences.
3. Regulatory Compliance
IXOPAY's BIN Lookup service helps merchants navigate the complex landscape of global payment regulations. By identifying cross-border transactions for GDPR compliance, determining the applicability of PSD2 in the European Economic Area, and applying correct surcharging rules based on card type and funding source, merchants can ensure compliance and avoid costly penalties.
IXOPAY's BIN Lookup
IXOPAY's BIN Lookup service is a powerful tool for merchants looking to optimize payment strategies, reduce fraud, and ensure regulatory compliance. IXOPAY supports 8-digit BINs and can even support 9-digit BINs if needed. When doing a BIN Lookup, the full BIN is used to capture not only the extended BINs but also additional data attributes that may be defined within smaller subsets of those BINs. Our BIN Lookup data is updated weekly and comes directly from the card networks.
By leveraging the rich metadata provided by BIN Lookup, businesses can make data-driven decisions that improve authorization rates, lower costs, and enhance the overall customer experience. As the global payment ecosystem continues to evolve, IXOPAY's BIN Lookup service will remain a valuable asset for merchants navigating this complex landscape.