How to Move & Maintain Business After a Terminated Merchant Account

Jan 19, 2016

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.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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