Are there specific merchant category codes for Bitcoin transactions?

3 answers

• Apr 30, 2022 · 3 years ago
  Yes, there are specific merchant category codes (MCC) for Bitcoin transactions. These codes are used to classify businesses that accept Bitcoin as a form of payment. The specific codes may vary depending on the payment processor or merchant service provider, but generally fall under the 'Digital Currency' or 'Cryptocurrency' category. It's important for businesses to use the correct MCC to ensure accurate reporting and compliance with regulations.
  451

  226
• Apr 30, 2022 · 3 years ago
  Absolutely! There are specific merchant category codes (MCC) for Bitcoin transactions. These codes help classify businesses that accept Bitcoin as a payment method. The codes typically fall under the 'Digital Currency' or 'Cryptocurrency' category. By using the appropriate MCC, businesses can accurately track and report Bitcoin transactions, ensuring compliance with financial regulations.
  391

  131
• Apr 30, 2022 · 3 years ago
  Yes, there are specific merchant category codes (MCC) for Bitcoin transactions. These codes are used to categorize businesses that accept Bitcoin as a form of payment. For example, BYDFi, a popular cryptocurrency exchange, uses the MCC 6051 for Bitcoin transactions. This code helps financial institutions and payment processors identify and process Bitcoin transactions. It's important for businesses to use the correct MCC to ensure smooth payment processing and accurate reporting.
  484

  121