Hopefully you are reading this without having the misfortune of experiencing a termination of your merchant file. However, if you have just been informed of being added to the Terminated Merchant File (TMF) or MATCH list, then this information should help you understand what it means for you and how to get off of the list as quickly as possible.
First of all, don’t feel too badly about being added to the list. You’re not the only merchant who has been caught completely off guard by this. Unfortunately, most merchants are completely unaware of the situation until they have submitted an application for a new account elsewhere and find out that they have been declined.
This list goes by a couple of different names. It is called either a Terminated Merchant File (TMF) or MATCH (Member Alert to Control High-Risk). Terminated Merchant File was the term used the most in the past, but MATCH has become more commonly used as of late.
MATCH, created and managed by MasterCard, is essentially a database. It houses information about businesses and/or their owners whose credit card processing privileges have been terminated. Some of the reasons why a termination might occur include: too many chargebacks, money laundering or participating in fraudulent activities.
If you have received a “reason code”, you can find the meaning on the MasterCard website. If you have had the misfortune of being placed on the list, you can remain in the system for five years. This then leads to the question of how to get back off of this list.
If you were erroneously added to the file, you will have to meet with the bank that added you to the list. They might agree to have your name removed or change some of the file details. If your name on the list was caused by too many chargebacks, this issue can be corrected over time.
Once all of the chargebacks are rectified and no further chargebacks have been made, you can be removed from the list. If you have tried everything possible and you are still at a loss as to what to do. Your last option may be to seek legal counsel.
If you have found yourself in a bad situation, a high risk merchant account may be a great option for you. Many businesses and industries are labeled “high risk”, making it difficult for them to receive funding from traditional financial systems. Fortunately, providers like eMerchantBroker not only offer high risk merchant accounts, but they also make the process fast, simple and hassle free.