MCC 0763 encompasses agricultural cooperatives that provide services and resources to support farmers and agricultural production, often operating as member-owned entities focused on community-driven growth and sustainable practices.
Interchange Fee
The interchange fees for MCC 0763 transactions may vary based on the payment processor and card network involved. Typically, agricultural cooperatives are considered moderate risk, and interchange fees can range from 1.4% to 3% depending on the transaction amount, method, and risk level associated with the specific cooperative or service.
Cashback Rewards
Certain card issuers may provide cashback rewards or loyalty points for purchases made at agricultural cooperatives. These rewards are often part of broader rewards programs covering agriculture, rural community support, or similar categories. However, eligibility and reward percentages will vary based on the specific terms of each card issuer.
Rules and Restrictions
There are no special rules or restrictions enforced by payment processors specifically for transactions under MCC 0763. Standard rules applicable to both card-present and card-absent transactions apply, as defined by the respective card network policies.
Tax Reporting
For tax purposes, payments made under MCC 0763 are generally categorized as payments for services or agricultural products. In the United States, this may require certain payments to be reported to the IRS by the payor, depending on the nature of the transaction and reporting thresholds. Buyers are not typically taxed directly for these transactions, but proper tax compliance is essential for the cooperatives involved.