Know the "MCC" in the POS receipt
Do you often hear people mention "MCC"? What kind of knowledge is there behind the words that sound so high? Do you know? Today, we will come together to understand the past and present life of "MCC", let it also "connected to the ground"!
Is this a "å•¥"?
The so-called "MCC" is the abbreviation of Merchant Category Code, which is called the bank card merchant category code, which is used to indicate the actual business classification of bank card merchants. For example, 5411 means “large warehouse supermarket†and 5311 means “department storeâ€. 4,814 means "telecom service", 5722 means "home appliance store" and the like.
Wow, this cow! The little concept originates from the international and faces the world!
As you can see from the name, MCC is not original in China. In fact, whether it is the International Card Organization or China UnionPay, the MCC standard is issued in accordance with the ISO international standard “Financial Retail Business Class Codeâ€, which ensures that the bank card marks the merchant industry in the same way when it is used across borders.
Oh, it turned out to be like this! So what is this doing?
The role of the MCC, first, is used for differential pricing. Then, according to the classification of this code, the real business industry and application scenarios are identified to facilitate risk control, statistical analysis, and the like. Its role is described as follows:
The differential pricing acquirer will determine the credit card rate based on the merchant's MCC type. The credit card rates in different industries in the domestic market range from 0.38% to 1.25%. There are even zero-rate charity classes and RVs and wholesales that perform cap rates.
Risks control different industries with different risks. For example, department stores and snack bars are definitely different. MCC is therefore an important factor in trading risk control and the basis for the implementation of relevant national risk control policies. For example, some issuers pay close attention to the credit card transactions of wholesale merchants, and even apply a single transaction ceiling control to designated merchants.
Statistical analysis is used to analyze customer spending behavior or the trading characteristics of an organization. Through the trend of transactions under different MCCs, you can analyze the business conditions of different industries, and even predict the industry sentiment index, and even specific to a customer; you can also accurately understand customer spending habits and identify potential risk transactions such as fraud and counterfeiting in a timely manner. .
Marketing promotion In the era of big data, based on the analysis of different transaction characteristics of customers, targeted promotion can be made to customers, such as pushing decoration information for customers who have just purchased real estate.
The basis of points and cashback is currently priced according to the MCC difference in China. The issuing bank will implement different points and cashback policies for cardholders due to different MCC rate differences.
Tax returns According to the requirements of the US IRS, taxpayers should file tax returns on transactions that occur in some MCCs.
After understanding this information, do you think that the merchants feel that they have long knowledge, and that a small "MCC" has such a great knowledge! Moreover, MCC has long existed as an important information element of transactions. Therefore, in order for MCC to better play the above roles, it is hoped that each acquirer of the acquiring industry can accurately fill in and truthfully send transaction information such as MCC.
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