As a small business owner, it can be a challenge to keep up with the changes in the payment processing industry. Are you staying current so that you can accept the popular types of payments from your customers? The best thing that you can do is lean on the expertise of your merchant processing provider. We will keep you up-to-date, allowing you to focus your efforts on other business building activities.

Changes for MasterCard

Recently, a notable change happened with MasterCard customers. The first number on the MasterCard is the number “5.” In the future, MasterCard credit cards will be issued with a number that starts with “2.”

How will this change impact your company? You need to be sure that your credit card terminal or payment gateway can read the new credit cards that customers might be using.

Updating Your Terminals

If you don’t implement these new changes, then you won’t be able to accept the newest MasterCard credit cards. Luckily, the majority of credit card processors are ahead of the changes. Do you need to do something to update your terminal?

It depends on the type of credit card processing system you are using. Business owners who accept credit cards in an e-commerce environment, such as authorize.net or NMI, then the changes will be made automatically on the back-end of the processing system. Virtual terminals will also be updated automatically.

Rule of Thumb: If you can accept a chip card right now, then the file download in your terminal will accommodate these Bin 2 changes.

Don’t Succumb to Fear-Based Sales Tactics

We’ve talked to many merchants who are receiving fear-based sales calls. Competitors are calling to convince them to switch providers by scaring them into thinking that they need to make changes to accept the new types of credit cards. But, you can rest assured to know that the majority of providers out there have already been working on the changes to make sure that you are in a good place to accept all types of credit card payments.

Are you worried about your credit card processing? Instead of falling victim to a scare tactic, give your current provider a call to ask questions about the changes. A simple conversation can give you the peace of mind to know that you are ready to go for the Bin 2 update.

Do you have any other questions about these changes? Send me an email or give me a call. I’m here to help!