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If you don’t have a store’s exact MCC, it might take some trial and error to nail down which stores near you offer the best rewards. Try using your card to make a small purchase at the store you want to shop, then check your next statement to see how much you earned in rewards...
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...
For example, it makes sense to check a business MCC if you want to make sure to use the right rewards credit card so your purchase earns boosted rewards within the card’s bonus categories. If you’re unsure of a company’s MCC and you want to know it before you spend money with ...
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...
Before you ask for a higher credit limit, check whether your credit card issuer conducts a hard credit inquiry as part of their review. A hard credit inquiry has the potential to impact your credit score. Too many hard inquiries within a short time could make lenders think twice before iss...
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...
Size of the transaction: Interchange is often a fixed percentage, so the absolute amount of interchange increases as the customer spends more. Merchant Category Codes (MCC): Businesses that process card payments are categorized using an MCC. Purchases made from businesses that belong to specific cat...
Box 2: Merchant category code (MCC):This code classifies the type of business you run (retail, food services, etc.), if applicable. Box 3: Number of payment transactions:The total number of payment transactions processed for you throughout the year. This is useful for your records and migh...
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 ...