Mastercard Update: If your business accepts credit cards, you may have been hearing about the new Mastercard Bank Identification Numbers (BINs). BINs, which are the first six-digits of the account number, are fundamental to payments. They identify the issuing institution for the account and ensure that each transaction is routed correctly.
According to the Mastercard website:
"Mastercard® has received an additional range of 2-series numbers to add to the 5-series that we currently provide. The 2-series BINs operate in the same way as the 5-series and we have made changes to our systems to accommodate the new numbers. Readiness for the 2-series across our issuers, merchants and other partners is tracking on target dates listed below. Mastercard customer financial institutions can expect to be issued 2-series BINs starting in 2017.
Software providers may have updates available and internally developed solutions may require enhancements."
Make sure your system is ready to accept cards with the new Mastercard prefix.
For questions on your system, please call us at 907-243-2683.