Every transaction done with a payment card is coded with an MCC — a Merchant Category Code. The MCC is a four-digit code assigned to each merchant account by the card processor — acquirer — based on what type of goods or services the merchant sells.
It is very important that the correct MCC is used.
Securities, Brokers, Dealers
MCC 6211 is defined by Mastercard as:
Merchants that buy, sell, and broker securities, stocks, bonds, commodities, and mutual funds.Mastercard Quick Reference Booklet—Merchant Edition
And by Visa as:
Merchants classified with this MCC are licensed, in all jurisdictions they sell into to buy, sell and broker securities, stocks, bonds, commodities, and mutual funds.Visa Merchant Data Standards Manual
The MCC 6211 is commonly applied to merchants accounts of businesses engaged financial services such as securities, investments, forex, and CFD. MCC 6211 should not be used for virtual currencies. Instead, MCC 6051 should be used in most cases.
It is included in both Visa’s HBR (High Brand Risk) and Mastercard’s BRAM (Brand Risk Assessment and Mitigation) programmes, which means merchants must be duly licensed for the jurisdiction or jurisdictions they operate and be registered with the card schemes. Your acquirer will handle the registration for you, which costs a minimum of 500 USD.
Failure to comply can have serious repercussions for your business, ranging from warnings to financial penalties to blacklisting of your company and websites.
If you operate a regulated business such as a forex broker, make sure you only work with licensed and regulated payment service providers and acquirers. Nicheknow is happy to help you open a merchant account with MCC 6211 for your regulated business.