MCC 1771 pertains to businesses offering concrete work services, including installations, repairs, and construction projects involving concrete structures for residential, commercial, and industrial clients.
Interchange Fee
Interchange fees for MCC 1771 typically range from 1.5% to 3.5%, depending on the payment processor, transaction volume, and risk level. Concrete work contractors handling large-scale projects may experience variations in fees based on negotiated agreements and processing conditions.
Cashback Rewards
Cashback or rewards for payments to concrete work contractors may be available through certain credit cards, particularly those focusing on home improvement or renovation categories. Availability and rewards percentages vary by the card issuer's specific terms.
Rules and Restrictions
There are no special rules imposed by payment processors specifically for MCC 1771 transactions. Standard rules for both card-present and card-absent transactions apply, as outlined by the relevant card network policies.
Tax Reporting
In the United States, payments under MCC 1771 are classified as service payments. Certain payments may require reporting to the IRS if they exceed specific thresholds. Buyers are generally not directly taxed for these services, but compliance with tax regulations is essential for contractors.