The TMF list, better known as the Terminated Merchant File, is not necessarily the end of the line for a merchant account. First, you must identify if you deserve to be on the TMF list, and if you don’t, then you have some major work ahead.
First things first
You will need to return to the scene of the crime, more or less. You’re going to have to contact the bank or merchant account servicer that you had and find out what and why you have been placed on the list. After that, many things can happen.
If you have too many chargebacks from customers, you’re going to need to clear all that up, along with anything else you left dangling. If you really want a new merchant account or start this one up again, you are going to need to walk a tight line of honesty to return to the good graces of the bank or servicer.
If a code is the only thing showing up on your report when you start your investigation, you can go here- http://bit.ly/1alMkr5. It shows a list with the codes that will help identify what has happened.
Getting away from the list
It’s not going to be easy. Much like purgatory, you have a lot of work ahead of you, and things are going to get hot. You will need to follow their guidelines and jump through some hoops. You may even get your account back, or apply for a new one. The waiting will be the worst; after all, you just spent a whole lot of time clearing things up. They more than likely will deny you, but if they do, you still have options.
Meet with them and go over everything. Maybe ask for some stipulations for you to follow. Maybe ask for a six-month probationary period, or raise the percentage rate you pay to them for a short-term period. Whatever it is, if you REALLY want this merchant account, you are going to have to work for it.
There are others
Even if you follow the rules and the old account can’t be resuscitated, there are still merchant accounts out there to be had like The High Risk Guys. Be wary and do your investigation on any account that you are looking into. You don’t want to be a victim of fraud. Which is exactly what the bank or servicer was trying to prevent, to begin with.
So if you have a merchant account, take care of it. If you are having issues, it would behoove you to work extra and keep it. You really don’t want to end up on the TMF list. And you are already working hard to run your business and keep income coming in.
Follow the rules and keep things up and up. Fraud is not something you want to be accused of and if you land on the TMF list, that is exactly what you will be fighting against. Good luck with your choices.