Is Your POS Ready for Mastercard's BIN-2?

Written by  on 04 December 2017
 

Your ability to accept credit cards is critical to your business, and your POS software is at the center of it all. Its ability to process credit cards is the difference between a smooth customer experience and a difficult one. In the case of MC BIN-2, poor customer experience isn't the only risk associated with running an out of date POS. Non-compliance could cost your business thousands of dollars.

Contact RSS Today - we can help ensure your compliance!

What is MC BIN-2?

MC BIN-2 is an additional bank of credit card numbers allocated to Mastercard® and announced May 2015. BIN (Bank Identification Number) refers to the first six digits of any credit card. Formerly, Mastercard® produced credit cards with BINs in a range of 510000-559999, all of which they have used.
 
We call the first digit of the BIN an MII (Master Industry Identifier). This number indicates the industry of the issuer. MII 2 is associated with airline and diner's club cards.

How Does MC BIN-2 Affect Me?

Master Card's new range of BINs (222100-272099) creates a challenge for a POS unable to associate them with Mastercard®. They work exactly like the current series 5 BINs, but only if your POS is able to recognize and process them. Merchants unable to process them face heavy penalties from Mastercard®.
 
Mastercard® started testing for compliance on July 1, 2017. Chargebacks 911 states the level of penalty corresponds to the number of days out of compliance.
  • Less than 30 days - $2,500
  • 31-60 days - $5000
  • 61-90 days - $10,000
  • 91 or more days - $20,000
You can't afford to be out of compliance. You can't afford to use a POS that doesn't stay current with regulations and issuer policy changes.

What to do to be Compliant with MC BIN-2?

The good news is, if you are an RSS client using one of our supported POS solutions, you are already compliant.
 
If you are not an RSS client, we recommend that you contact your POS software manufacturer today and ask if their software is MC BIN-2 ready. You really can't afford to wait.
 
For additional information visit these links and watch the video below.

 

Read 780 times Last modified on Friday, 29 June 2018 10:46

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