MasterCard announced that a new BIN 2 series will be rolling out and that all merchants needed to be in compliance by June 30th, 2017. Now that we’re in January 2018, we’re still seeing a huge amount of non-compliant hardware and software in the marketplace. With this in mind, merchants will need to update their payment terminals and point of sale systems, otherwise they may be in for some unexpected penalties as high as $20,000.
Here’s what you need to know:
- Traditional countertop terminals may need to receive a software update. You will need to contact your processing provider to see if you need and update.
- Point of sale solutions and /or the payment gateway may need to be updated. This may, or may not need involvement from the merchant and payment processing provider.
- Equipment & payment gateways that are NOT affected:
- Authorize.net
- Bridgepay
- Cayan
- CenPOS
- Clover
- Ingenico w/ EMV
- First Data w/ EMV
- Future POS (version 5.0.96.30 or higher)
- Gravity Gateway/Gravity Link
- Lavu
- Merchant Link
- Micros
- Microsale w/ EMV
- NMI
- Payeezy
- Paytrace
- Shift 4
- Shopkeep
- Swipe Simple
- USA ePay
- Credit Card Terminals That Need to Be Replaced:
- All Hypercom Terminals
- FD 50 (non TI)
- FD 100 (non TI)
- FD 200 (non TI)
- FD 300 (non TI)
- Verifone Vx510
- Verifone Vx570
- Penalties for non-compliance with the release of MasterCard Bin 2:
- Transactions with the newly issued cards will be declined.
- If your software is not updated before the deadline (June 30th, 2017), you will be in non-compliance. A non-compliant occurrence is any attempted and failed transaction that is confirmed as failed due to lack of readiness to support Bin 2 transactions.
- Fines of $2500 per occurrence in the first 30 days of rollout, escalating to $10,000 in the next 60 days.
- Up to $20,000 per occurence for subsequent violations.
- These fines may be assessed per merchant location, per failed transaction.
If you are unsure whether or not you are in compliance with the new MasterCard BIN 2 series, feel free to contact us and we’ll be happy to assist you.
Source: https://www.paymentssource.com/news/do-stores-need-new-hardware-to-keep-taking-mastercards-the-answer-is-not-so-simple
