MCC 7631 encompasses services related to the repair and maintenance of watches, clocks, and jewelry, including intricate craftsmanship for both traditional and modern designs.
Interchange Fee
Transactions under MCC 7631 typically have interchange fees ranging from 1.5% to 3%, depending on the card network and merchant agreements.
Cashback Rewards
Cashback offers for purchases under this category generally range between 0.5% and 2%, depending on the cardholder's specific rewards program.
Rules and Restrictions
There are no special rules or restrictions for processing transactions under MCC 7631. Standard processing rules apply for service-based purchases.
Tax Reporting
Tax obligations for services covered under MCC 7631 may differ based on federal and state guidelines. Buyers should refer to IRS regulations to determine applicable taxes.