MCC 5935 encompasses businesses engaged in the buying and selling of salvageable materials and vehicles from wrecking and salvage yards.
Interchange Fee
Transactions for wrecking and salvage yards typically carry interchange fees ranging from 2.0% to 3.5%, varying based on card type (e.g., debit vs. credit) and specific card issuer policies.
Cashback Rewards
Cashback rewards for purchases made under this MCC are often minimal due to the nature of the services, typically around 0.5% to 1.5% depending on card provider promotions.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors for transactions classified under MCC 5935.
Tax Reporting
Transactions for wrecking and salvage yards may be subject to state and local taxes. However, the IRS does not directly impose taxes on buyers for purchases made under this MCC unless specified otherwise by tax codes.