TagMastercard

MasterCard’s New 2 Series BIN Initiative – Why It’s Important to be Compliant

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.

Important Change for Merchants Accepting MasterCard – Don’t Get Slapped with Fines up to $25,000 Per Month!

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.

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