Improvements to Industry Classification

We launched Industry Classification in 2019 to help our customers reduce exposure to risk by automatically identifying which industries businesses fall into, and which are high-risk. We’ve heard great feedback from our customers, and are excited to announce several new improvements launching on June 27th, 2024.

A Single Industry Classification Product

All Industry Classification customers will be upgraded to a single consolidated product which returns classifications across multiple systems — high-risk industries, NAICS, MCC, and SIC. See here for details on how these categories are returned via the API.

Classification Categories

We now also return Merchant Category Codes (MCC), in addition to returning North American Industry Classification System (NAICS) and Standard Industrial Classification (SIC) codes. We will no longer be returning the SECTION_501C3 category. However, we will continue to be able to classify non-profit organizations via other classification systems (e.g., NAICS) — though that will not necessarily be specific to 501c3. We believe our improvements will provide you with significantly more accurate and specific classifications. You can see the full list of categories here.

Order Requirements

To run a website order, which includes Industry Classification, we no longer require the businesses' website URL. We now require the business's name and address, and the website URL can be provided optionally.