“Industry News” Posts

MasterCard 2-Series Cards: What to Expect

MasterCard 2-Series Cards: What to Expect

MasterCard announced its expansion to 2-series bank identification numbers (BINs). For decades, MasterCards started with the number five. However, MasterCard plans to begin issuing cards starting with the number two in summer 2017. BINs Defined BINs are the first four to six digits of your credit card number. This unique set of numbers are used to identify the institutions that issue credit cards. Each brand has one or more of its own unique BIN series to correctly identify the bank the money is being transferred from. MasterCard 2-series cards will range from 222100 to 272099. BINs are integral for the…

MasterCard Announces New Merchant Location Fee

MasterCard Announces New Merchant Location Fee

MasterCard announced a new assessment fee that will be billed per business location that accepts its cards. MasterCard’s Merchant Location Fee will be charged to Merchant Account Providers for 2016 onward. Providers will pass the fee onto their customers (that’s you). Though this $15 fee is scheduled to be billed annually, providers may choose to bill it monthly or quarterly instead. Because the fee is determined by MasterCard, it should never exceed the set amount. If you are charged more than $15 annually for the MasterCard Merchant Location Fee, your provider is practicing unethical billing. The following information…