MCC 6050 - Quasi Cash 
The Merchant Category Code (MCC) 6050, known as "Quasi Cash," is used to classify transactions that involve converting credit to cash or equivalents. This MCC primarily covers businesses that offer financial services related to cash conversions, such as issuing money orders, travelers' checks, or other payment instruments that are equivalent to cash.
Types of Services
- Money Orders: Services offering the purchase of money orders as a means for secure financial transactions without using direct cash.
- Travelers' Checks: Businesses issuing traveler's checks that act as a safe alternative to carrying cash while traveling.
- Foreign Currency and Bank Drafts: Locations providing the sale or exchange of foreign currencies and issuing bank drafts.
- Payment Instruments: Services offering other financial instruments that act as cash substitutes, like prepaid cards or virtual currency.
Related MCCs
- MCC 6011: Financial Institutions - Manual Cash Disbursements: Differentiates by focusing on physical cash withdrawals typically from manual operations at financial institutions.
- MCC 4829: Money Transfer - Merchant Specific: Covers electronic money transfer services, which may include online and cross-border remittance services.
- MCC 6538: Payment Transaction - Money Transfer: Related but focuses more narrowly on electronic, non-cash money transfer services.
FAQs
- What is a quasi-cash transaction?
- Quasi-cash transactions are payments representative of cash, such as money orders, travelers' checks, and foreign currency purchases. - How does MCC 6050 benefit businesses?
- It allows financial service providers to categorize their transactions accurately, facilitating regulatory compliance and financial reporting. - Can credit cards be used for quasi-cash transactions?
- Yes, but it often depends on the credit card provider's policies, and such transactions may incur higher fees or cash advance charges. - Are there additional charges associated with quasi-cash transactions?
- Typically, there could be additional fees like cash advance fees from credit card companies or conversion rates from currency exchange services.
MCC Categories
Agricultural Services Airlines Business Services Car rent Cars and vehicles Clothing stores Contract services Entertainment services Government Services Hotels / Resorts Mail / Telephone Sales Membership оrganizations Miscellaneous Stores Not categorized Personal services Professional services Repair services Retail Outlet Services Service provider Transportation Services Utility Services Wholesale suppliers and manufacturers