Updated by 09.07.2023
E-Complish’s Suite of Innovative Merchant Solutions Ready for MasterCard Bank Identification Number Upgrade
Payment Processing Leader Beats Industry Expectations
New York, NY, November 15, 2016 — An important change is coming to the credit card industry: in January, credit card giant Mastercard® will launch a new range of 2-series numbers to add to the 5-series that are already used for its bank identification numbers, or BINs, which are the first six digits of a cardholders account number.
Fundamental to payment processing, BINS ensure that each transaction is routed correctly and identifies the issuing institution. The upgrades and 2017 launch — initiated to increase security safety and anticipate future industry growth — follow several months of preparation for the new standard and is an enhancement that has left some in the payment processing industry playing catch-up.
But E-Complish, a leading payment solutions provider, is pleased to announce that its suite of innovative merchant solutions and related products is already fully upgraded to accept the new card standard and is ready to continue its mission of assisting businesses large and small help their customers improve the speed, efficiency and security of their electronic and card-linked mobile and pay-by-phone payments.
“With more than 1 in 4 credit card-owning Americans paying with MasterCard, the upcoming 2-series change represents a significant development as so many card users will be receiving and quickly using their new cards,” said Stephen Price, E-Complish’s CEO. “The urgency for a smooth transition is even more pressing considering the January launch will occur during the first few weeks of the new year — a time when consumers exchange and purchase new items following the holiday season spending spree. It’s during these high-demand times when a business must be able to count on their credit card payment processing capabilities.”
E-Complish helps businesses achieve this goal with a variety of their payment needs offering customer-facing e-commerce solutions, representative facing payment portals, back-end check and credit card processing, and interactive voice response telephone payment tools.
Through VirtualPay, the company’s all-in-one payment processes system, E-Complish customers can integrate their custom payment solution to accept payments with simplicity and ease. And with nearly 2 billion credit cards in use and about one quarter of the credit card owning public using a MasterCard, it becomes clear how much revenue could be lost if businesses aren’t able to process the new cards.
MasterCard is America’s second-most popular credit card whose use and the number of people who use them continues to rise. According to recent data from The Nilson Report, in 2015 American consumers spent an impressive $5.8 trillion, an increase of 7.4 percent from the year before, for a total of 104 billion transactions. Additionally credit card spending edged out debit card spending 53.5 percent to 45.6 percent, respectively — a fact that helps propel the holiday season rush.
Adding to the good news for the payment giant, MasterCard’s third quarter earnings were also robust. Last month the company reported $1.08 per share with revenue of $2.88 billion. Both numbers beat expectations.
“Come January 2017 major changes are undoubtedly coming to the United States and the world,” Price added. “But it’s encouraging to remember that what’s important is that business fundamentals of our country remain sound. Upending the ability for businesses and consumers to transact effectively could spell real trouble. Fortunately this is not the case and the payment processing industry — led by E-complish and by our innovative merchant solutions — stands ready to make this as smooth a transition as possible.”
Founded in 1998, E-Complish’s mission is simple: Help businesses find the problems in their payment processes and design exactly what they need to fix those problems. We call it a “Customized Vested Solution” where we maintain transparency to our client’s customers. Instead of setup and maintenance fees, E-Complish provides full integration and programming at little to no-cost and is compensated by way of a transaction fee model.
This approach puts the onus on E-Complish to develop high-quality custom products that produce results. Quite simply, if the merchant is not paid, neither is E-Complish. Visit http://www.e-complish.com or call 888-847-7744.
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