MasterCard has announced that they will add a new 2 series BIN (Bank Identification Number) range effective October 2016. The new BIN range (222100-272099) will be processed with and in the same manner as the existing BIN range 510000-559999. Merchants must be able to accept and support the new 2-series BIN range in card-present and card-not-present payment acceptance channels by January 1, 2017.
According to a recent article posted by payment processing provider Vantiv, MasterCard will begin conducting field tests in June 2017, and any merchants they find that cannot properly support and accept cards starting with a 2 will be fined up to $25,000 – per month – until they are compliant. Ouch! Avoid these hefty fines by working with your third-party processor, shopping cart, terminal provider, etc. to make sure they are ready to support the new cards.