What is a Merchant Category Code? And why it Matters to Business Owners

The use of cash to make payments was something which was already in decline on a global basis before the COVID-19 pandemic forced businesses to change the way they operate.

According to McKinsey, global cash transactions dropped from 89% of all transactions, to 77% in the five years leading up to 2018. While, over the five years between 2012 and 2017, the use of credit and debit cards as a payment method, almost doubled – rising from 5% to 9%.

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Challenges faced when navigating card scheme requirements

If you’ve been working in retail this 2020, then it’s likely you’ve been able to take advantage of a genuinely global marketplace.

The power of digital communication and the potential of ecommerce as made it easy to sell to people thousands of miles away, as well as close to home, and this has helped to fuel the massive boom in online retail during the pandemic.

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