What is the Payment for?
What is a Category?
A Category is often referred to as an industry, vertical, or business segment. It is used to define the services or goods rendered by a business.
In Plastiq Connect, a
categoryId is a Recipient Category identifier utilized to classify the goods or services provided by a Recipient.
Using Plastiq Connect APIs, Recipient Categories are utilized to help integrating platforms synchronously determine and advise their customers if a Payment to a Recipient in a selected Category is allowed for processing against the selected Payment Method option.
The Payments Ecosystem and Recipient Category Classification
Card issuers and card networks have a broad range of policies outlining supported and unsupported Payments across a vast network of Recipient industries.
A Recipient's classification of the type of rendered goods or services is used to track and restrict transactions.
Merchant Category Codes
Categories are Plastiq Connect's proxy and abridged name for merchant category codes, a government-mandated four-digit number used by card companies and card networks to classify businesses into market segments.
The Special Role of Merchant Category Codes
Merchant category codes have several purposes.
They often determine the rewards that customers receive for using their card products, and determine whether a business transaction needs to be reported to the IRS.
Moreover, they determine the percentage of each transaction a business needs to pay for accepting a card Payment.
Plastiq Connect has a vast range of Categories it can support, and although that translates into more options for your customer, it also means more decisions.
We recommend you evaluate the list of Categories supported in Plastiq Connect and present those Categories that provide the most value for your customers.
Relevant Recipient Categories
For example, if you're operating in the Healthcare space and most of your customers are healthcare patients, displaying a list dropdown with an option to select a Recipient Category as 'Lumber & Building Materials' may not be the most sensical option for your customer.
Nested Recipient Category Options
Alternatively, if your platform serves a wide-range set of customers across various industries and you would like to give your customers as many options as possible, you may be able to the Category list and mitigate decision fatigue by offering parent and child Category dropdown lists.
Plastiq Connect's implementation team can help and co-design this experience with you to cater to your specific need.
You know your customer best.
Below, you can find the full universe of Recipient Categories enabled via Plastiq Connect:
Accounting & Tax Services Advertising Architecture & Engineering Books & Newspapers Business & Secretarial Schools Carpentry Charities Chemicals Childcare Services & Daycare Cleaning Products Cleaning & Janitorial Clubs (Athletic Golf Yacht) Colleges Universities Professional Schools Commercial Footwear Commercial Rent Computer Programming & Data Processing Concrete Work Consumer & Packaged Goods Copy & Reproduction Correspondence Schools Court Costs Credit Card Payments Dance Hall Studios Schools Electrical Contractor Electrical Parts & Equipment Elementary & Secondary Schools Employment Agency Exterminating Florists' Supplies Food & Beverage Franchise Fees & Purchase of a Business General Contractors & Builders Glass Paint Wallpaper Government Fines Government Service Graphics Art Photography Hardware Heating Plumbing Air Conditioning Irrigation HOA & Condo Fees Industrial Informational Retrieval Insurance Investments & Financial Services Labor & Payroll Landscaping & Gardening Legal Services Lumber & Building Materials - Wholesale Medical Masonry Stonework Tile Setting Plastering Insulation Membership Organizations Metal Products & Service Mortgage & HELOC Office Equipment Office Furniture Other Business Services Other Contracting Services incl Painting Other Inventory Other Personal Services Other Professional Services Other Schools & Educational Services Paint - Wholesale Personal Loans Petroleum Products - Wholesale Residential Rent Roofing Siding Sheet Metal Security & Investigative Services Shipping Stenography & Secretarial Support Student Loans Taxes Telecom Equipment Phones Telecom Internet Cable Testing Laboratories Trade & Vocational Schools Uniforms & Commercial Clothing Utilities Vehicle Lease Payments Vehicle Loan Payments Vehicle Purchase Welding
We will let you know when a Payment cannot be supported with a select Payment Method via Plastiq Connect by rendering the Payment Intent
statusCodesassociated with unsupported Payments to select Recipient Categories will likely include: 'CARD_BRAND_BLOCK' and 'CARD_ISSUER_BLOCK'.
Updated about 2 years ago