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What is merchant code used for?

What is merchant code used for?

Merchant category codes (MCCs) are four-digit numbers that describe a merchant’s primary business activities. MCCs are used by credit card issuers to identify the type of business in which a merchant is engaged. MCCs are used to track spending habits and to allot credit card points for qualified purchases.

What is our MCC code?

MCC codes is a code attached with your merchant accounts and are assigned to you when in the application phase. These are used to identify between business’s and industries. Every website and business has a unique MCC code based on risk and transaction patterns as well as business group.

How do I find my merchant category code?

You can find the MCC for different purchases/stores on your credit card statement, so your best bet is to go back into your statement and see exactly how the merchant description is coded so you know for future reference.

Why is MCC code important?

Though many merchants likely do not understand MCC codes, it is important to find out whether your business is classified properly. An MCC code impacts the rates you pay to process payments and it can help prevent chargebacks, both of which can make or break your business.

What MCC 6012?

What is MCC 6012? Merchant category code 6012 is for businesses who are classified as financial institutions. If your business falls into this sector you will be classified as MCC 6012 and required to submit additional information with your transactions.

What is a MCC entry on Paypal?

Merchant Category Codes (MCC) are 4 digit numbers used by the payments industry to classify businesses by market segment.

What is a merchant code?

A merchant category code is a four-digit number used by credit card companies to classify businesses. A business MCC indicates the types of services or goods being sold to customers.

What is MCC in Shopify?

MCC is your merchant category code!

Are merchant category codes universal?

MCCs are used to identify the type of business in which a merchant is engaged. Payment brands use merchant category codes (MCCs) to classify merchants and businesses by the type of goods or services provided. Often, MCCs are recognized by all payment brands; however, not all codes are recognized by all brands.

How many MCC codes are there?

500 different MCC Codes
The are approximately 500 different MCC Codes used by Visa and it is important for a merchant to make sure they are assigned to the appropriate code.

What MCC 5812?

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5812 Eating places and Restaurants
5813 Drinking Places (Alcoholic Beverages), Bars, Taverns, Cocktail lounges, Nightclubs and Discotheques
5814 Fast Food Restaurants
5912 Drug Stores and Pharmacies

What MCC 5499?

Merchant category code for 5499 MCC 5499 is used for and other similar services. NOIRE can support eCommerce merchants with these requirements within this Merchant category code.

What are the merchant category codes in ISO 18245?

Merchant category codes. We use the following four-digit ISO 18245 merchant category codes (MCCs) to classify your business. Merchant category code Description; 0742: Veterinary services: 7997: Membership clubs, country clubs, and private golf courses: 7998: Aquariums, seaquariums, dolphinariums: 7999: Recreation services (not elsewhere

When does a merchant category code come into use?

The merchant category code comes into application in the US only after $600 US Dollars (USD) in business has been transacted within a calendar year by a business. The credit card holder that assigns the merchant category code is also allowed to use an industry equivalent code in its place.

What’s the merchant category code for veterinary services?

Merchant category codes have been used to classify businesses by specific market segments since the Internal Revenue Service published IRS Revenue Procedure 2004-43 in Internal Revenue Bulletin 2004-31. For example, a veterinary clinic would be assigned a merchant category code of 0742 for “Veterinary Services.”.