Overview

The Business Classification Report (beta) classifies a given business into their industry (or industries) based on business name and website. Industry classification is based on North American Industry Classification System (NAICS) codes or Merchant Category Codes (MCC).

The report relies on real-time scraping of a provided website to determine the business's primary activities. Organizations can use the report to also flag high-risk industries based on factors such as reputational risk, fraud risk, legal risk, etc.

Why is this report type valuable?

Knowing the industry in which a business operates is crucial for various aspects of customer onboarding, underwriting, and monitoring. Often times, customers have compliance requirements for doing business with certain high-risk and regulated industries. For some customers, they want to outright decline businesses that fall in any of these categories.

What information does this report provide?

The Report results includes the following sections

• Risk assessment: this section outlines if the business belongs to a high-risk industry based on specified keywords. Industries flagged as high-risk include the following, but can be customized further by working with your Persona account team.

        'Adult Entertainment'
        'Cannabis'
        'Cryptocurrencies'
        'Drugs and drug paraphernalia'
        'Firearms'
        'Gambling'
        'Prepaid or gift cards'
  

• Predicted NAICS codes: this section include NAICS codes the business may belong to. Note that NAICS codes are listed in their order of confidence and up to 2 may be listed.

• Predicted MCC Codes: this section include MCC codes the business may belong to. Up to 1 MCC code may be listed.

Frequently Asked Questions (FAQ)

What classifications are available?

• The Business Classification Report provides both NAICS and MCC information about a business.

What locales and languages do this report support?

• This report currently supports US businesses or English websites. Please reach out if other languages or locales are of interest.