Since your MCC code affects how credit card processors identify your company, knowing how you tend to be categorized can be helpful when you’re comparison shopping for rates. Why Are Merchant Category Codes Important?Īs the uses for merchant category codes have increased, so has their overall importance. While they are largely similar, there might be some specific differences for certain types of businesses. Keep in mind that each card network - Visa, Mastercard, Discover, and American Express - each has its own list of MCCs. These credit card merchant codes are then used by acquiring banks and payment service providers to set fees, assess risk, and more.
While the International Organization for Standardization (ISO) sets the MCC codes and meanings, credit card processors nowadays assign the codes to merchants. Originally developed to simplify accounting for the year-end 1099 tax form reporting, the MCC code is now a critical piece in the payments landscape. What is an MCC code, and why do you need to know about it for your business? A merchant category code, or MCC, is a four-digit number that indicates your line of business and the types of goods or services you provide to your customers. How Do MCC Codes Affect Payment Processing?.
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