First of all, what does Terminated Merchant File (TMF) mean? More commonly known as MATCH list these days, it is used by credit card processing companies to ward off merchant accounts that are deemed to have problematic histories. The most popular credit card companies that used TMF are MasterCard International, Visa USA, and American Express.
Here are some important facts you need to know about TMF
Your merchant account can be placed on list for any of a number of reasons such as violations on terms agreements and chargebacks, credit/debit card fraud conviction, excessive deposits for counterfeit transactions, fraudulent collusive activity, identity theft, among others.
You can be placed on the match list up to about 5 years if you do not take the necessary action to remove your merchant account from it.
How do you remove your account from the MATCH list? Typically, paying your balance due can do it. However, if the listing is due to chargebacks, you will need to wait about 6 months or until all the possible chargebacks have been cleared. In case of mistake, you may just need to explain your story; rectifying will help remove you from the list.
Can you still get a merchant account? The short answer is YES; the longer answer is, it might be more difficult as those who accept you usually require proof that you do not owe any funds to the prior processor. It is important to note as well that you have better chances to have a new account enabled for card payment processing from providers that specialize in high-risk merchant processing.
To be included in the Terminated Merchant File or MATCH list can be a drawback for your business; in fact, they say, it’s a death sentence for your business. Therefore, you need to see to it that you do your best in order not to be included in such list. In other words, be an honest and scrupulous merchant. In case your business belongs to a high-risk industry, it makes sense to find a merchant account provider that specializes in high-risks accounts.
Contact Swipebox today at (720) 277-0648 for high risk merchants card processing inquiries.