Tag: merchant category code
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The Complete Guide to Merchant Category Codes (MCCs)
Merchant Category Codes shape how businesses process payments, manage taxes, and operate in the digital economy. These four-digit numerical codes classify every type of business imaginable, from coffee shops to construction companies. This comprehensive guide covers everything about merchant category codes. You’ll discover what they are, how they work, why they matter, and how they…
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Lawmakers Call for Credit Card Companies to Decide on Firearm Merchant Category Code
In recent months, the implementation of a new merchant category code (MCC) specifically for gun and firearm sales has sparked a complex debate among financial institutions, lawmakers, and the firearms industry in America. This development, initiated by the International Organization for Standardization (ISO) in September 2022, is poised to bring significant changes to how credit…
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One Account, Two Businesses? Exploring Business Bank Accounts, Merchant Accounts, and LLCs
If you’re anything like me, you’re continually looking for ways to streamline your operations and optimize your business financials. One question that seems to pop up frequently is, “Can I use the same bank account for two businesses?” And it’s no wonder this query surfaces so often. After all, wouldn’t it be simpler to handle…
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Find, Change, and Optimize Your Merchant Category Code
MCC codes (Merchant Category Codes) are assigned to every merchant upon the approval of their merchant account application. As important as these codes are, they aren’t always readily apparent, leaving merchants in the dark. Each MCC code comes with varying rates, fees, benefits, and drawbacks. It’s not always easy selecting the best MCC for your…
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How to Prepare for the New MCC Code for Firearm Sellers
Visa said Monday it will start using a new merchant category code for businesses that sell firearms. The new code will label online gun retailers more specifically, instead of the “general merchandise” category. “This change will allow us to monitor individual sellers and also help flag any potentially high-risk transactions,” a Visa spokeswoman told Reuters.…
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