Understanding Merchant Category Code 4829: Wire Transfers and Money Orders
Payment processors assign a four-digit Merchant Category Code (MCC) to classify a business by its goods or services. These codes, established by the ISO (International Organization for Standardization), are universally accepted by most card-issuing organisations.
Merchant Category Code (MCC) 4829 is a classification for businesses primarily involved in wire transfers and money orders. Understanding MCCs is crucial if you send or receive wire transfers and money orders. This code ensures your transactions are categorised accurately, which can impact processing fees and merchant service charges.
Businesses Under MCC 4829: Wire Transfers and Money Orders?
MCC 4829 identifies activities related to the processing of wire transfers and money orders.
Businesses under MCC 4829 typically include:
- Wire Transfer Operators: These businesses manage electronic funds transfers between banks and users.
- Money Order Services: Providers that offer prepaid payment orders which act as a more secure alternative to cheques.
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