Understanding MCC Codes
MCC stands for Merchant Category Code. It is a four-digit number assigned to businesses by credit card companies to classify the type of products or services they offer. This code is crucial as it helps in identifying and tracking transactions made by credit and debit cards.
Direct Credit Card Transactions
7278 - Buying or Shopping Services
FavePay Transactions
7278 - Buying or Shopping Services
These codes are used to categorize the nature of transactions and ensure proper processing by financial institutions.
Why are MCC Codes Important?
MCC codes are vital for businesses and consumers alike. They:
Help in determining transaction fees.
Ensure the correct application of rewards and benefits.
Aid in the proper classification of merchant industries.