Mastercard Convenience Base
Mastercard recognizes a few specific industries that cater to low-dollar value transactions, and offer reduced rates for these “Convenience” transactions.
Mastercard has a special “Convenience” rate program designed for a few specific types of merchants. You must be categorized as a quick-service food establishment, movie theater, taxicab/limousine, or convenience store to gain access to these rates. The intention of this program is to give lower rates to merchants who regularly process many small-ticket sales. These interchange rates have no “per-transaction” fees, which often add up quickly for low-average-ticket merchants!
- Be classified as Fast-Food (MCC 5814), Movie Theater (MCC 7832), Convenience Store (MCC 5499), Taxicab (MCC 4212) or Variety Store (MCC 5331)
- Magnetic stripe, contactless, or chip data read, or customer initiates a Cardholder Activated Terminal (CAT), obtain customer’s signature.
- If transaction is under $25 no signature is required
- Authorize and settle within 1 day
- Obtain and pass 1 valid electronic authorization.
- Authorization and settlement MCC must match.
- $25.00 transaction limit for Taxicabs & Limousines (MCC 4121)
- Misc. Food Stores (MCC 5499) and Movie Theaters (MCC 7832) can settle within 10% of the authorized amount for transactions over $10.00. Fast Food Restaurants (MCC 5814) and Taxicabs & Limousines (MCC 4121) are exempt from transaction tolerance.
What are the rates?
The only businesses who can receive these rates are fast food restaurants, movie theaters, taxis, and convenience stores.