Eight Ways to Save Money – Method #3

Make Sure Your Account is Set up with the Right Merchant Category Code (MCC)

Certain industries qualify for special incentive programs that result in better rates. For instance, Visa and MasterCard may feel industries have noteworthy growth potential due to particular business practices and want to encourage greater credit card use. Some examples of these industries are:

Charitable organizations
Insurance providers
Supermarkets
Gas/service stations
Schools

Interchange rates for these industries can be 10 to 30 basis points lower than standard retail rates, saving these merchants between $1.00 and $3.00 on every $1000 processed.

Unfortunately, some businesses that qualify for a better interchange rate do not receive it because their accounts were not originally set up correctly.

What You Can Do

Talk to your merchant account provider to ensure they understand: