Did you know that Mastercard is rolling out new cards? You might not be aware but Mastercard has received an additional range of 2-series bank identification numbers (BINs) to add to the 5-series.
The 2-series BINs (range 222100-272099) will operate in the same way as the 5-series (range 510000-559999). Bank Identification Numbers (BINs) are the first six-digits of the credit card
number, and are fundamental to payments. They identify the issuing card bank for the account and ensure that each transaction is routed correctly.
The addition of 2-series BINs is intended to fuel future payment industry growth by ensuring the best safety and security measures are in place. The new cards have already started to roll out, so keep an eye out for them.
What merchants need to know:
All merchant POS (Point of Sale) terminals and related systems, webpage checkout software and anywhere a Mastercard card number is accepted or housed, must be 2-series ready. Merchants should work with their acquirer or merchant service provider to evaluate their systems to determine whether updates are needed to accept 2-series BIN payments.
Potential implications for merchants:
- POS terminals and/or cash register updates
- Educating your employees
- Reporting, processing and reconciliation
- E-commerce/online checkout must be 2-series ready
To prepare yourself, ensure that your employees are educated and aware of the newly expanded BINs. The new cards have already started to roll out, so keep an eye out, and be prepared. Elavon terminals have already been updated to accept the new Mastercard.
Still have questions? Contact us and we can work with you to ensure that you are able to accept all debit and credit card payments with no problems.