Any business taking customer payments must focus on merchant category codes because your MCC can impact the interchange rate and the cost of card processing. MCC also impact taxes and the way the Internal Revenue Service (IRS) categorizes your business. The merchant category code is simply a 4-character number that credit card firms use to organize businesses into segments. The...
Your MCC code has vast implications on your high risk credit card processing . In your business, you may have come across a term called the merchant category code or (MCC). What exactly is a merchant category code and how does it affect your business? We are going to tackle and demystify the term and how it directly affects your...
All businesses that apply to take credit card payments are assigned a four-digit number by the major credit card companies (Visa, MasterCard, Discover, and AmericanExpress). This number is called a Merchant Category Code or MCC. It serves as a designation to identify the type of business or service it is in. In 2004, merchant category codes became a requirement by...
Worldwide, the number of merchants accepting credit/debit card payments increased by 13% in 2017, thus making up 69.2 million. Each time you process a transaction, your merchant ID number or MID guarantees your payments will reach where it’s intended to be. This simple, little code plays an extremely important role in any kind of payment processing. Do you know where...
Many businesses may not know, but an MCC code can you reduce chargebacks. What is a MCC? Credit card networks, such as Visa and MasterCard, assign A merchant category code (MCC), which is a four-digit number, to every business when it applies to accept credit cards. MCC codes are assigned based on the information about the products and services that...
An MCC, or Merchant Category Code, is a four-digit number that is assigned by credit card companies to merchants when they first start accepting credit card payments. This code essentially classifies a business according to the type of goods or services it provides. Originally established by the IRS to streamline 1099 reporting, MCCs now impact everything, from chargeback resolution to...
A Merchant Category Code (MCC) is a four-figure number used to categorize business entities according to the type of products or services the company offers. Credit card associations have set up rules dictating merchants in specific high-risk MCC codes to pre register with these associations to ensure monitoring of risks. These high risk categories include industries which primarily cause the...
