Accept MasterCard? A Very Important Message
Mastercard will begin to issue credit and debit cards that start with the number 2 starting October 1, 2017. Mastercard currently issues credit and debit cards that start with a number 5. It is imperative to accept these new cards as it is mandatory by MasterCard.
What exactly is changing?
Mastercard is now beginning to issue credit and debit cards with a BIN starting with the number 2. Mastercard currently uses the BIN range of 510000-559999. Starting in 2017, anyone accepting Mastercard payments will also need to accept the new “2 series BIN” of 222100-272099. The new BIN range will be used in the same way as the existing range.
What is a BIN?
Bank Identification Numbers (BINs) are the first six digits of the credit card account number. They identify the issuing institution for the account and ensure that each transaction is routed correctly. Mastercard is expanding its BIN range to accommodate future growth.
How will this affect my business?
Depending on how you are processing your credit card transactions, you may need to take action. Some terminals may need a download to update their equipment. Older equipment may need to be replaced. Please contact us today to ensure your business is compliant and ready to accept these new cards.
Where can I get more information?
For more information on how this impacts merchants, please visit MasterCard’s website at https://www.mastercard.us/en-us/issuers/get-support/2-series-bin-expansion.html
What happens if I don’t take action?
Merchants who fail to comply with Mastercard’s requirements may be subject to monetary assessments ranging from $100 to $2,500 for each noncompliance occurrence. The amount assessed will be based on the extent and severity of the issue and in accordance with Mastercard’s Rules for Merchants and Credit Card Processors. Mastercard has confirmed they will be testing for terminal compliance and your account may be flagged by Mastercard if a customer attempts to make a purchase and your business’ equipment cannot process the transaction.
How can I test to confirm if I am set up to accept the new MasterCard 2 bin series?
MasterCard is providing test cards. Merchants who would like to request 2-series test or production cards can send an email to firstname.lastname@example.org
What do I need to do to accept these cards?
- If you process transactions directly through the Paya gateway (Virtual Terminal, Shopping Cart, Donate Now, Paya Exchange, Payment Center, PaymentsJS), you are ready to accept MasterCard 2 BIN series cards. There is no action required on your part.
- If you process transactions through a countertop terminal, please click here for a list of all compliant credit card terminals.
- If your terminals are listed here; you may need to download updated software into the terminal. Please consult with your tech support.
- If your terminals are not listed; you may need to replace them, especially if they are not currently PCI Compliant. Please consult with your tech support.
- If you process transactions through third-party software, point of sale, or eCommerce application; please contact your application vendor to confirm whether you will be able to accept 2 BIN series cards.
If you have any questions or want to confirm you are compliant, give us a call today at 800-552-8227.