MCC 7322 - Collection agencies

The Merchant Category Code (MCC) 7322 is designated for collection agencies. These businesses primarily focus on recovering overdue debts owed by individuals or entities on behalf of creditors. Collection agencies play a vital role in the financial ecosystem by helping to maintain cash flow for businesses through the effective collection of outstanding debts.

Types of Services

• Financial Sector: Often used by financial institutions such as banks and credit unions to recover defaulted loans and credit card debts.
• Healthcare Industry: Employed by hospitals and medical practices to collect overdue payments from patients for medical bills.
• Utility Companies: Utility providers engage collection agencies to retrieve unpaid bills for services like electricity, water, and gas.
• Retail Businesses: Handle collections of unpaid invoices or accounts receivable from customers.

Related MCCs

• MCC 7333: Debt, Marriage, Personal Counseling Services: Instead of focusing on collections, this MCC covers services offering financial advice and counseling.
• MCC 7299: Miscellaneous Personal Services: A broader category that may include personal services but not specifically debt collection.

FAQs

• What types of businesses typically use MCC 7322?
  - Creditors, such as banks, hospitals, utility companies, and retailers, often use this MCC when hiring collection agencies to recover unpaid debts.
• Are collection agencies regulated?
  - Yes, collection agencies must comply with regulations, such as the Fair Debt Collection Practices Act (FDCPA) in the United States, which outlines rules for ethical debt collection practices.
• How does MCC 7322 affect credit card transactions?
  - Transactions with collection agencies under MCC 7322 are typically considered financial services subject to specific credit card network rules and may be treated differently than standard retail transactions in terms of fees and processing.

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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