The Standard Industrial Classification (SIC) Code is a four-digit system used specifically in the US (and often alongside MCCs) to categorize the industry of a business. While similar to MCCs, SIC codes are more often used for government reporting and general business classification.

FAQs:

  • Is SIC the same as MCC?
    They are similar but distinct. MCC (Merchant Category Code) is specific to card networks (Visa/Mastercard) for processing, while SIC is a broader government standard.
  • Where do I find my SIC code?
    It is usually determined based on the business description you provide during account setup.
  • Does SIC code affect taxes?
    It can be used by government agencies to determine tax obligations or regulatory requirements for specific industries.

Related Terms: