MCC 8062 is designated for hospitals, covering a range of medical services provided at hospital facilities.
Interchange Fee
Interchange fees for transactions classified under MCC 8062 generally range from 1.5% to 3.5% depending on the type of card (debit, credit, or premium) and policies set by the card issuer.
Cashback Rewards
Some credit cards may offer cashback or rewards for healthcare and hospital-related spending. Rates typically range between 1% and 5% based on the card issuer’s program specifics.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors for processing transactions under MCC 8062.
Tax Reporting
Medical expenses incurred at hospitals under MCC 8062 may qualify as deductible medical expenses under IRS guidelines, subject to specific conditions and individual tax situations.