Everything You Need to Know About MCC Code!

MCC codes are financial codes that are used to identify a specific type of business or industry. Merchant Category Codes (MCCs) were created by credit card companies to categorize different types of businesses for the purpose of tracking spending habits, charging appropriate fees and verifying payment eligibility. These codes can be found on each customer's statement from their bank or credit card company.
 
MCC codes are four-digit numbers that range from 3000 to 7999 and can be assigned to any business that accepts credit cards. The numbers indicate the type of goods or services sold by a merchant and classify them into different categories for easier tracking and reporting. Each MCC code has a specific definition, such as travel (3000) or retail clothing store (5621).
 
MCC codes are important for merchants and customers alike. For merchants, the codes help to properly categorize their transactions for tax and accounting purposes. They also provide insight into customer spending habits and can be used to identify areas where discounts may be offered to attract more business. For customers, the codes help to prevent fraud and ensure that their credit card is being used according to the merchant's rules.
 
MCC codes are constantly changing as new businesses enter the market or existing ones change categories. Therefore, it is important to keep an up-to-date list of MCC codes so that merchants can accurately report their revenue and customers can be sure that their credit card is being used appropriately.
 
Overall, MCC codes are important tools for merchants, customers and credit card companies alike. They help to provide an easier way to categorize businesses based on the type of goods or services sold, as well as provide useful insight into customer spending habits. Keeping an up-to-date list of MCC codes is essential for any merchant or customer who wants to make the most of their transactions and protect themselves from potential fraud.
 
Thank you for taking the time to learn about MCC codes! We hope this information was useful. If you have any additional questions, feel free to contact us for more information.