This story is brought to you by Merchant Savers via the USA Herald Platform
Many business owners are still holding off on upgrading to EMV capable credit card terminals because they do not see any immediate threat from card fraud and business goes on. But there is a coming wave of the new 2-series BIN (Bank Identification Number) cards from MasterCard that may finally force you to upgrade.
MasterCard is coming out with it’s new 2-series card account numbers, with a deadline for merchants to accept them by June 30, 2017. For example: 2XXX XXXX XXXX XXXX.
The new 2-series BIN (bank identification number) cards from MasterCard began the process a year ago, while keeping their 5-series to handle the extreme growth in credit cards.
Tokenization has added to the firestorm of card account numbers.
Pre-paid cards and emerging international markets have also eaten up the numbers available.
The other card brands – American Express, Discover and VISA are in the process of expanding their account number within their BIN ranges. But haven’t forwarded a plan.
MasterCard has implemented a “mystery shopping” program to assess how many businesses are ready for this.
If a business owner doesn’t have this update completed – when a customer tries to pay with the new 2-series card, the terminal will give them a “DECLINE”.
Lost sale to merchant, lost money for MasterCard on card fees.
Some merchants will only require a new software update to process sales if they have recent model credit card terminals. Others will need to invest in new hardware to be able to load the ability to accept them.
Even credit card terminals as new as 2012 may not have the ability to accept the new download.
Visa, American Express and Discover will be following with their new BIN numbers.
Don’t lose sales and don’t get fined! Call or email today to see if your equipment is ready.
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