If you’re a merchant that providing parking services, you may be classified by a payment processor under Merchant Category Code (MCC) 7531. It designates explicitly businesses operating as automobile parking lots and garages. By ensuring that your business is correctly categorised with MCC 7531, you will benefit from accurately processed transactions.
Businesses Under MCC 7531
The designation of “MCC 7531: Automobile Parking Lots and Garages” includes:
- Automobile Parking Lots: Paid parking areas open to the public or specific clientele, where fees are charged for vehicle parking.
- Garages: Facilities offering vehicle parking for a fee, sometimes with additional services such as vehicle washing or annual parking permits.
MCC 7531 is recognised by major card networks like Visa and Mastercard, and specifically influences how these businesses handle card payments.
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