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Have you been surprised with a terminated merchant notice? You’re not alone. Each year, tens of thousands of business owners get the same notice for both legitimate and unnecessary reasons. Terminated merchants have several options available. Landing in “Terminated Merchant File” (TMF) doesn’t mean you’re out of business. While these designations are confusing and even infuriating now, rest assured that A+ rated First Financial can help get you back to accepting credit cards fast.
For a long time, the term “terminated merchant list” served as a casual designation indicating that a merchant has become “black-listed” with even high risk merchant account service providers. MasterCard made the system official by creating a database about businesses and their owners whose merchant account services providers had terminated them. They gave the new system the acronym MATCH for “Merchant Alert to Control High Risk.” At this time, most in the industry use this terminology.
When terminated merchants get in contact with us, their designation “MATCH-listed” has come as a surprise. Many only realize their business is on this list after seeking a new credit card processor. The MATCH list was the first place the new processor went when considering this new high risk merchant account. Presence on the MATCH list is the quick and easy way the new processor finds rationale to turn a business down—AFTER collecting the application fees. If you’ve been placed on the MATCH list, the only way of removing your name is by contacting the processor or bank that put you there. Only that entity has the legal authority to remove you. Disputing the designation with the bank or merchant processor may require a lawyer’s help, and some lawyers specialize in this niche. Legal expenses can be worth it considering the MATCH listing remains active for five years. Understanding why your processor placed you on the MATCH list will prevent this hassle from happening again. Generally, the acquiring bank or processor finds out that while you were with your previous processor, you committed one or more “disqualifying acts” that exceeded the level of risk they contracted to undertake. Typically, your contract listed these acts and informed you that committing them qualified as a breach of contract and justification to end the relationship. Disqualifying acts include:
On the other hand, keep in mind, too, that banks and card processors SOMETIMES MAKE MISTAKES. If you feel your MATCH listing is an error, by all means fight it. Beware “Guaranteed Acceptance” Offers for Terminated Merchants In an effort to bring in application fees, some shady businesses imply or even claim that their high risk merchant account processors accept all terminated merchants. Merchants apply and wait a few weeks or even a month, only to learn that they didn’t qualify after all. First Financial’s carefully screened and selected processors specialize in terminated merchants in high risk industries. These processors are aware from the beginning that the merchant is on the MATCH list. They strive to make the relationship work. Further, A+ rated First Financial merchants get:
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