Back in March we alerted merchants accepting MasterCard of the changes that are necessary to support the new 2 series Bank Identification Numbers (BINs) being released on October 14, 2016.
(To read that post, click the following link: Important Change for Merchants Accepting MasterCard – Don’t Get Slapped with Fines up to $25,000 Per Month!)
As a MasterCard mandated initiative, the credit card company will be monitoring 2 BIN acceptance rates and may impose non-compliance assessments to businesses that are unable to accept 2 BIN cards by the October deadline.
This BIN series will help to support the expanding payment industry and growing number of cardholders globally. Which means non-compliance can also result in a disruption to your business, along with the dissatisfaction of cardholders with a 2 series BIN who wish to do business with you, whose payments you are unable to accept.
With only 3 months remaining, it’s important for all industry stakeholders to take the needed actions to ensure your payment solution is equipped to recognize and process MasterCard 2 series BIN cards, if you haven’t already done so.
If you’re using OrangeCRM, you’ll have one less thing to worry about. Our software is already programmed to support the new MasterCard BINs.
Other systems that should be tested for compliance include point-of-sale (POS) terminals and payment processors/gateways used in both card present and card-not-present environments, such as web applications and online stores.