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An MCC reflects the primary category in which a merchant does business and may be used: to determine the interchange fee paid by the merchant, with riskier lines of business paying higher fees; by credit card companies to offer cash back rewards or reward points for spending in specific categories [4] [5]
Merchant code range. Business type. 0001–1499. Agricultural services. 1500–2999. Contracted services. 4000–4799. Transportation services. 4800–4999. Utility ...
In the 1930s, the government needed standardized and meaningful methods to measure, analyze and share data across its various agencies. Thus, the Standard Industrial Classification system was born. SIC codes are four-digit numerical representations of major businesses and industries.
ISO 18245 is an ISO standard concerning the assignment of merchant category codes (MCC) in retail financial services. These are used to control usage of corporate credit cards . MCCs are assigned by merchant type (e.g. one for hotels , one for office supply stores, etc.), with each merchant being assigned an MCC by the bank .
The NIGP Code can be accessed in several ways. The most common is via the NIGP Code web search tool, the NIGP Living Code, which hosts a search engine for the Code for end users. The site also has a download section, which provides for end user download of the entire codeset or modifications to the codeset since the last download by the user.
Merchant category codes are used by credit card companies to classify businesses. That four-digit number is a type of merchant category code (MCC), which credit card companies use to classify ...
Classification of Individual Consumption According to Purpose (COICOP) is a Reference Classification published by the United Nations Statistics Division that divides the purpose of individual consumption expenditures incurred by three institutional sectors, namely households, non-profit institutions serving households, and general government.
It has largely replaced the older Standard Industrial Classification (SIC) system, except in some government agencies, such as the U.S. Securities and Exchange Commission (SEC). An establishment is typically a single physical location, though administratively distinct operations at a single location may be treated as separate establishments.