Flex Spending Accounts (FSAs) include a number of different types of financial accounts that allocate a certain amount of money toward certain types of purchases. The most common of these accounts are Health Savings Accounts (HSAs), which are eligible to be used at medical service locations.
For a merchant to be able to accept credit and debit cards that are linked to an FSA or HSA, you must have an appropriate SIC code. An SIC code classifies the types of products and services that the merchant sells.
If you provide medical services, but are not able to accept credit cards linked to an FSA or an HSA, then your company’s SIC code may need to be updated. Please contact the MINDBODY Merchant Account Support at 877-755-4279, or merchant firstname.lastname@example.org to have the code updated with your credit card processor.
FSAs and HSAs can have strict regulations stipulating how much money the cardholder can use at a particular merchant: within a week, month, or year; or per transaction. If you are receiving declines even after updating your SIC code, then you will have to ask your customer for another form of payment.