The Essential Blog

Mastercard Is Changing Their Numbers, It Will Impact Your Business.

Posted by Heather Leekins on May 10, 2017 1:27:11 PM

All merchant POS (Point of Sale) terminals, credit card processing systems, webpage checkout software, and anywhere a Mastercard card number is accepted or housed, must be 2-series ready by June 2017.

What does this mean?mc-world-credit-card_2BIN-contactless-lmc-360x360.jpg

Bank Identification Numbers (BINs) are the first six-digits of a credit card number, and are fundamental to payments. They identify the issuing institution for the account and ensure that each transaction is routed correctly.

Mastercard® has received an additional range of 2-series numbers to add to the 5-series that are currently used. The 2-series BINs operate in the same way as the 5-series numbers and Mastercard has made changes to their systems to accommodate the new numbers. Banks began issuing 2-series BINs in early 2017.

Merchants should work with their service provider to evaluate their systems to determine whether updates are needed to accept 2-series BIN payments.

Download! 2-series BIN impact  checklist for merchants

Potential implications for merchants

  • POS terminals and/or cash register updates
  • Educating your employees 
  • Reporting, processing, and reconciliation
  • E-commerce/online checkout

Essential customers, please contact us for support.  If you're not an Essential customer, please feel free to contact us for any questions about the new Mastercard 2-series BINs.

 

Topics: Industry Information