You may have heard rumblings around MasterCard issuing cards with a new bank identification number (BIN), or BIN 2. What is all the fuss about?
MasterCard is growing exponentially and to support the growth they are developing initiatives that will allow them to handle the increased volume of transactions. Currently, all of MasterCard’s cards are 5 series BIN meaning that the card number starts within the range of 510000 to 559999.
What is a BIN?
Each card brand has a different BIN range, which helps identify the card type. The BIN can identify everything from the card brand (Visa, MasterCard, AMEX), card type (debit or credit), and the level of card (Classic, Student, Platinum).
If you were to enter a card number outside of one of the known BIN ranges, then your card would read as invalid to the payment tool.
However, beginning January 1st, 2017, MasterCard is going to start issuing cards with the BIN range 222100-272099, aka. BIN 2. This is a brand new range. Therefore, MasterCard has mandated that the payment ecosystem needs to be ready to start accepting these cards by October 14, 2016.
What does this have to do with you? It depends.
If you are a merchant…
You will need to confirm with your payment provider that they have enabled you to start accepting BIN 2. Everything you use to accept a payment needs to be updated, from payment forms to your mobile point of sale.
If you are using one of Beanstream’s standard solutions, you are prepared. We have updated all of our payment tools to accept BIN 2, and you will process them the same way you currently process MasterCard.
If you are using an integrated partner, like a shopping cart or registration software solution, you will need to confirm with them that they have made the adjustments within their system.
If you are a partner, developer, or if you have built a custom integration using one of our APIs…
You will need to ensure credit card input fields will accept the new BIN 2 range. You may have to make updates before October 14th so that BIN 2 cards are considered valid numbers.
If you are a consumer
It will be business as usual. If you do get issued a BIN 2 MasterCard in 2017, you will be able to use your card normally. If for some reason a company has not updated their tools to accept within the range, you may see a decline for an invalid card. This should not happen as MasterCard has mandated that everyone needs to be able to accept BIN 2 cards by October 14, 2016.