MasterCard is now beginning to issue credit and debit cards with a BIN (Bank Identification Number) 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.
HOW WILL THIS CHANGE AFFECT YOU?
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. Announced fines for non-accepting merchants will be substantial.
Starting June 30, 2017, MasterCard will conduct field testing to validate 2-series BIN acceptance and enforce compliance. Failure to accept a 2-series BIN card may result in non-compliance assessments. The fee schedule for non-compliance is as follows:
• Up to $2,500 per occurrence for first 30 days
• Up to $5,000 per occurrence for days 31-60
• Up to $10,000 per occurrence for days 61-90
• Up to $20,000 per occurrence for subsequent violations
What equipment is affected?
The reason the terminals listed below require replacement is because the manufacturer of these terminals has made them end of life and no longer services them. Updated software is no longer provided for these terminals.
MOST OLDER POS WILL BE AFFECTED
EQUIPMENT REQUIRING REPLACEMENT:
• Verifone Ruby/Saphire/Topaz without Commander
• Gilbarco PX50 or older, as well as versions of software 10 or less
• FD 100 (non TI)
• FD 200 (non TI)
• FD 300 (non TI)
• VX 510
• VX 570
EQUIPMENT REQUIRING A SOFTWARE UPDATE:
• Comdata Trendar
• 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)