Even the most profitable businesses can be placed on the TMF. The Terminated Merchant File can devastate a business, and once your merchant account has been terminated and you are placed on the list you can have a nearly impossible time finding another merchant account. While it is possible to find a TMF merchant account with a company familiar with the issues involved (i.e. EMB), you still need to question why you are on this list.
First off, you need to find out why your initial merchant account was terminated. Was it too many chargebacks or perhaps you are just in a risky business. Every merchant account whom you apply with after you are placed into the TMF will know about the issue, and it is always a good idea for you to first address it. It shows that you are upfront and knowledgeable about your business workings. Honesty is key to any business relationship, especially with a merchant account processor. By being upfront with these issues, you can start off on the right foot.
You also need to locate your account statements for the previous six months. Thisem as soon as possible. When applying for a TMF merchant account you also need to be patient. While some can approve you in a little as thre is typically required when searching for a new merchant account, and having this on hand can quicken the process. You can only access these statements for a limited time, so be sure to obtain the business days, others can take weeks. Even if you are approved quickly, your previous account will be heavily scrutinized, and by being upfront with everything, you can better your chances of obtaining a TMF merchant account.
Many businesses are at risk of being placed onto the TMF at any time, thanks to their “high risk” labeling by the industry. All merchants, especially high risk merchants, should keep abreast of the goings on in their company. A merchant who isn’t aware of any issues can quickly end up on the TMF file, and without a merchant account.