Do you know about the June MasterCard Mandate? At the end of June (June 30, 2017), MasterCard will be enforcing a mandate requiring merchants to update their Bank Identification Numbers (BIN) tables to support the new 2-Series BIN cards.
Here is what you need to know about these important new mandates:
1. What is a 2-Series Bank Identification Number?
Bank Identification Numbers (BINs) are the first six-digits located on a credit or debit card used to identify the issuing bank. Each brand of credit card begins its BIN range with a different number. MasterCard starts its series with the number 5 (510000-559999) . In order to support an expanding payments industry, MasterCard will begin accepting and processing cards that also begin with 2 (222100-272099), which is why they are referred to as the “new 2-series cards.”
2. When and how will the mandate be enforced?
Effective June 30, 2017, your POS terminal MUST be able to accept and process these new 2-series MasterCards. If software is not updated by the deadline, some MasterCard transactions will be declined.
If you are in violation of the mandate, you will be considered noncompliant and may face the following fines:
- Up to $2,500 per occurrence for the 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
3. What should I do if my POS terminal Software hasn’t been updated yet?
Contact your point of sale partner immediately! Don’t hesitate.
Learn more about this important mandate HERE.
Falling into noncompliance status after the mandate deadline can be extremely costly for your business.
The point of sale specialists at Leebro POS can help you understand the best solutions for your restaurant and hospitality POS needs. Stay up-to-date. Stay compliant. Contact Leebro POS today.