MCC 6010 is used for transactions involving manual cash disbursements, often related to cash advances and financial services offered by banks and certain institutions.
High Risk; Restricted
This MCC is considered high-risk due to the nature of manual cash disbursements, which are susceptible to fraud and misuse. As a result, transactions under this MCC may be subject to additional scrutiny and restrictions by card issuers and financial institutions. Merchants dealing with this MCC must adhere to strict compliance and operational guidelines to mitigate risks.
Interchange Fee
Interchange fees for MCC 6010 can range from 1% to 5% depending on factors such as the transaction amount, card type, and issuing bank's policies. This MCC is often subject to higher fees due to increased risk associated with cash disbursements.
Cashback Rewards
Cashback rewards are typically not applicable for MCC 6010 due to its classification as a high-risk, cash-oriented transaction. Some card issuers may provide minimal or no rewards for these transactions.
Rules and Restrictions
There are no special rules or restrictions for processing transactions under MCC 6010, apart from compliance with applicable anti-fraud and regulatory guidelines set by banks and card networks.
Tax Reporting
Tax implications for MCC 6010 may vary depending on the specific cash disbursement transaction. It is recommended that buyers and users consult with tax professionals to ensure proper reporting and compliance with IRS regulations.