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 for getting in 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.
Apply today for a TMF Merchant Account