What Is Merchant Category Code 5931 Used Merchandise and Secondhand Stores

Understanding Merchant Category Code 5931

Merchant Category Codes (MCCs) are four-digit numbers that classify businesses according to their main goods or services. Credit card companies and banks utilise these codes to set interchange fees and track transaction types. They essentially inform the payment network as to the type of business involved.

MCC 5931 refers to businesses engaged in dealing with used merchandise and secondhand stores. Understanding merchant category codes (MCCs) helps businesses identify their primary function and aids in the processing of their payments.

MCC 5931: Used Merchandise and Secondhand Stores

MCC 5931 is used to categorise transactions for establishments that primarily sell second-hand goods.

Under MCC 5931, these businesses are included:

• Consignment Shops: Stores that sell second-hand goods on behalf of the owner, typically involving clothes, furniture, or electronics.
• Antique Shops: Businesses dealing in collectibles and antiques.
• Thrift Stores: Establishments selling donated items, often benefiting charitable organisations.

Why MCC 5931 Matters for Your Business

Identifying your business under MCC 5931 ensures accurate payment processing and financial reporting. It allows businesses to streamline tax reporting, enables providers to apply appropriate transaction fees, and ensures compliance with industry standards.

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