Credit Card Processing, your business, and the new Mastercard BIN-2 Series.
What is changing?
Mastercard is now beginning to issue credit and debit cards with a BIN starting with the number 2. A BIN refers to the first six (6) digits of a credit or debit card number and is used to identify the card issuing institution. Until now, debit and credit cards issued by Mastercard have a BIN starting with the number 5. This has the chance to affect businesses that utilize credit card processing as a means for payment acceptance.
Mastercard has a limited supply of unused or unallocated numbers, so, the industry needs more BINs to manage industry growth.
How will this change affect my business?
It depends on your equipment set-up. However, to protect your business from any fees associated with this change, by June 2017 all businesses that accept credit or debit cards must be equipped to accept any Mastercard BIN beginning with a 2.
What Equipment is Affected?
Equipment NOT affected:
- Apriva Pay Plus
- Ingenico w/ EMV Chip Card Technology
- First Data w/ EMV Chip Card Technology
- Future POS (Version 22.214.171.124)
- Gravity Gateway
- Merchant Link
- Shift 4
- Swipe Simple
- USAePay/Gravity Link
Equipment Requiring a Software Update:
- Apriva cellular terminal
- FD 50 TI (Non EMV Chip Card)
- FD 100 TI (Non EMV Chip Card)
- FD 130 (Non EMV Chip Card)
- FD 200 TI (Non EMV Chip Card)
- Ingenico (Non EMV Chip Card)
Equipment Requiring Replacement:
The reason the terminals below require a replacement to an update model is because the manufacturer of these terminals has made them end of life and no longer services them. Therefore, they do not provide an updated software for these terminals.
- All Hypercomm Terminals
- Fd 50 (non TI)
- FD 100 (non TI)
- FD 200 (non TI)
- FD 300 (non TI)
- VX 510
- VX 570
POS (Point-of-Sale) Systems Possibly Affected:
(Affectedness depends on your current POS version. Please call Gravity Payments or your POS dealer to confirm if your specific system will be affected or not)
- Digital Dining
- First Data Restaurant Solutions
- Focus POS
- PC America
Please call Gravity Payments at 1-866-701-4700 to find out if your business will be affected.
We’re ready to help you with any questions you may have.
What do credit card numbers mean?
- BIN: The first six digits helps the issuing institution identify each customer account and enables transactions to be routed properly.
- Account Range: After the BIN, the account range is the next 1-5 digits. This is how accounts are managed and segmented. Issuers use the account range to support ongoing innovation, safety, and security.
- The customer identification number makes up the remaining digits. It is unknown to Mastercard and is defined and managed by the issuer.