POB Solutions to TMF List Merchants

Mar 01, 2014

Merchants that wind up on the Terminated Merchant File list can find themselves struggling with getting off that list. The only way you can get off a TMF list is if the bank that put you on chooses to take you off. For many merchants who are not involved in any kind of criminal activity, being placed on the TMF list is simply caused by not paying a final bill or a high chargeback rate. Therefore, the only route your business can take is to fix your outstanding issues with the bank.

Credit Processing for TMF Merchants

An obstacle to getting in a position to resolve your status with the bank that put you on the TMF list is simple credit processing. If you cannot open a new merchant account to process credit you can’t get in a good enough financial standing to resolve your outstanding issues. An alternative to credit card processing worth investigating is a Point of Banking (POB) system which addresses many of the challenges you face.

Point of Banking Benefits

Point of banking has a number of great benefits for TMF merchants. The first and foremost is that it saves you money. By operating on a PIN-based system it eliminates that 3% transaction fee on your sale amount for every credit card transaction your business processes. It also charges the customer with the processing fee allowing you to save significant amounts of money over the course of a month. This money can be redirected to reconciling your final bill payments.

The second great benefit of POB is that it eliminates chargebacks by operating on a PIN-based and not Signature-based structure. Without the possibility of a chargeback, your chargeback rates will be drastically reduced which will help convince the bank to restore you from TMF status.

Being placed on a TMF list is not the end of the world. There are still options available to you as a merchant and you can restore your good standing quickly if you are working with a reputable bank. The best way is to make good on your payments and reduce your chargebacks. POB processing is a great way of achieving both of those ends.

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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 on 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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