What is MCC codes?
Merchant Category Code (MCCs) are used to identify the type of business in which a merchant is engaged. MCC is a four-digit code and it is used by credit card companies (Visa, Mastercard, American Express mm.) to classify and divide companies into market segments. In other words, MCC codes helps identifying the type of business and which services and goods that the company provides. There exist hundreds of different MCCs.
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Achieve a more efficient process related to expenses, outlays and general management of costs by automatic data capturing from the transaction.
Examples on MCC codes are:
• 5411 – Supermarkets/Grocery stores
• 5814 – Fast food restaurants
• 8041 – Chiropractors
• 7512 – Car Rental Companies
How does Acubiz use MCCs?
In terms of cost entry in Acubiz are MCCs incredibly useful. Acubiz can help employees with entering costs into accounts on credit card transactions. This is because that Acubiz reads the MCCs when the credit card transactions flows into our system. If there exist a cost account in Acubiz with a matching MCC, the credit card transaction will be entered into that cost account.
An example could be an employee who has used his/her credit card to pay for a taxi. The MCC for taxi is 4121. If there is a cost account in Acubiz where there is written 4121 in the MCC field, Acubiz will automatically make sure that the credit card transaction is posted with the taxi cost. This means that the employee does not have to spend time entering costs into accounts himself.
Want to know more?
Contact Acubiz if you want to know more about how your company can work smarter with your expense management processes.