MCC 7629 covers businesses that specialize in repairing electrical and small household appliances, offering services ranging from general fixes to specialized repairs for a variety of appliances.
Interchange Fee
The interchange fee for transactions under MCC 7629 typically ranges between 1.6% and 3%, depending on the card network and specific agreements between merchants and payment processors.
Cashback Rewards
Cardholders may earn cashback rewards ranging from 0.5% to 3% on purchases in this category, subject to their individual card's rewards program.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors specifically for transactions under MCC 7629. Standard guidelines for service-based transactions apply.
Tax Reporting
Tax treatment for services provided under MCC 7629 may vary depending on state and federal laws. It is recommended that buyers consult the IRS guidelines to determine any applicable taxes for these services.