A large company with at least $10 million in revenue can apply for a unique code through a technical committee formed by the ISO. Final Thoughts MCCs are four digits that affect many aspects of your business, from your credit card processing options, fees you’ll pay, to the way you ...
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However, you might not know that there’s a formal classification system for businesses that can impact their credit card processing. Businesses are mapped to their respective industries through an Standard Industrial Classification Code (SIC) and Merchant Category Code (MCC). SIC codes are managed ...
In addition, if a credit card issuer fails to give you the correct amount of points or cash back despite an MCC that should have triggered the proper bonus, you can use that information to ask that it rectify the error. How Can You Find the Merchant Category Code for a Business?
While it can be challenging for businesses within some industries to obtain payment processing services, there are many merchant service providers that cater tohigh-risk businesses. If you choose the right provider, you will not only obtain credit card processing, but you’ll also gain the tools...
For more information on special interchange rates that businesses can qualify for with the right MCC code, check out ourcomplete guide to B2B credit card processing. How To Do A MCC Code Lookup Doing a merchant category code lookup isn’t always convenient. You may or may not find it on ...
Let’s say you’re a cardholder, and you have a credit card that offers 2% cash back on dining. Any transactions you make with a merchant designated with MCC code 5812, representing “restaurants,” should earn you that extra 2% reward. ...
calculate how much a customer is earning toward a credit card’s promotional rewards, such as loyalty or bonus points. An incorrect code assignment could prove frustrating for a customer who prefers to make purchases from a business that can add to their credit card issuer’s reward incentives....
etc.) maintain their own MCC lists based on the ISO standard code values. Card brands regularly update their MCC lists by adding new codes, removing obsolete MCCs, and updating guidelines based on the latest risk assessments. They also impose processing rules and restrictions for individual merchan...
4814 UTLITY TelecommunicationServicesincludingLocalAndLongDistanceCallsCreditCardCallsCallsThroughUseofMagneticStripeReadingTelephonesAndFaxServices 4815 UTLITY TelephoneServices 4816 UTLITY ComputerNetworkInformationServices 4821 UTLITY TelegraphServices 4829 CASH WireTransferMoneyOrder 4899 UTLITY CableAndOtherPayTelevisionSe...