The 2-Series Explained
With new devices and technologies emerging in the payments world, the industry’s supply of Bank Identification Numbers (BINs) is reaching its current capacity and card issuers are facing a change to accommodate the growth of credit card use.
Every credit card brand—VISA, Mastercard, Discover, American Express—has their own unique BIN series that identifies the bank the money is being transferred from. Mastercard announced its expansion to 2-series cards and they will operate in the same way as the existing 5-series cards. The new 2-series numbers range from 222100 to 272099, according to Mastercard.
What Does This Mean for Your Business?
As of June 2017, Mastercard expects merchants to be responsible for upgrading their equipment or software to accommodate the 2-Series rollout or they could face losing support or incur fines, according to Mastercard.
How Can i3 Merchant Solutions Help?
We can get you upgraded TODAY.
Contact i3 Merchant Solutions at 1-800-621-8931 to find out how to install the latest update so your business continues to run smoothly.