MCC 7531 pertains to businesses engaged in automotive body repair services, including collision repair, painting, and other vehicle body services.
Interchange Fee
The typical interchange fee for transactions under MCC 7531 ranges from 1.0% to 2.75%, depending on card network policies and the nature of the transaction.
Cashback Rewards
Cashback rewards for automotive repair services generally range from 0.5% to 2%, based on the card issuer’s reward program and ongoing promotions.
Rules and Restrictions
There are no special rules or restrictions for processing transactions under MCC 7531 beyond standard processing requirements by most payment processors.
Tax Reporting
Tax obligations may vary based on local and federal laws applicable to automotive repair services. Buyers should consult with the IRS for specific tax liabilities regarding services under MCC 7531.