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But it is your responsibility to ensure the codes being used for your business are accurate. If they’re not, you could run into problems like higher transaction fees. How MCC codes impact your business Your merchant category code is like a data tag for your business. You want to check th...
You may also see the category written out as opposed to signified by a code. There may also be scenarios where you want to know a business’s MCC before you buy something. For example, it makes sense to check a business MCC if you want to make sure to use the right rewards credit ...
Investing a little bit of time into finding the store that rewards you the most can deliver an excellent return with cash back. To get started, simply do an MCC code lookup and determine how you think purchases at a certain store may be coded. Then, make a small purchase to see if ...
For example, an MCC for a petrol station would be different from an airline. This classification helps financial institutions understand what a business offers and how to handle the payments and fees. For businesses, transaction classification can also help with expense reconciliation. Transactions can...
transaction location, channel (in-person or online), andMerchant Category Code(MCC). For example, a transaction made with a rewards credit card would incur higher network fees than a transaction with a non-rewards card since banks often use these fees to subsidise the cost of the rewards prog...
At the least, being able to troubleshoot the issue can help alleviate awkwardness at checkout when a declined transaction occurs. Why It’s Important to Be Properly Classified Now that you know how your MCC and SIC codes can affect your credit card processing, it goes without saying that ...
transaction location, channel (in-person or online), andMerchant Category Code(MCC). For example, a transaction made with a rewards credit card would incur higher network fees than a transaction with a non-rewards card since banks often use these fees to subsidise the cost of the rewards prog...
Location: If you have multiple branches or offices, you might include the location of the transaction in the business description. Merchant category code (MCC): The MCC is a four-digit code that identifies the type of business you operate. It's used by credit card networks to categorize tra...
Box 1b: Card not present transactions:This box details the total amount of payments where the card was not physically present (think online purchases). Box 2: Merchant category code (MCC):This code classifies the type of business you run (retail, food services, etc.), if applicable. ...