A multitude of merchants may suddenly find themselves on the MATCH list. This can create a big obstacle when it comes to securing a merchant account for reliable payment processing. What is the MATCH list and how does a merchant end up on it? How can a vendor get approved for a merchant account when on the MATCH list? Read on to learn more, as well as why USA Payments can provide merchants on the MATCH list with the merchant account and secure credit card processing solutions they need!
What is the MATCH List (TMF)?
The MATCH (Member Alert to Control High-Risk Merchants) list was first established by Mastercard, and refers to a list of merchants who have had their payment processing privileges revoked. This can mean the merchant has had a merchant account terminated, or they are considered a high-risk merchant by payment processors. This list was previously referred to as the Terminated Merchant File (TMF). Merchants on the MATCH list are often denied merchant accounts with banks and other payment processing institutions. All businesses deserve reliable and effective payment processing solutions, and without a merchant account, this can be extremely difficult.
How Does a Merchant End Up On this List?
Many merchants are not aware they are on the MATCH list until they are applying to a bank or other institution for a merchant account. Businesses who end up on the MATCH list must wait 5 years to be removed, or prove their addition to the list was done in error. Similarly, a merchant who was added to the MATCH list for noncompliance with PCI standards may be able to be removed if they prove to be compliant again. Merchants who end up on this list can do so for many reasons, some including:
- Excessive chargebacks
- Fraudulent transactions
- The merchant has enabled an unauthorized party to access secure account data
- There was a violation of rules/procedures for card usage (i.e. ignoring the minimum/maximum transaction amount restrictions)
- Non-compliance with PCI (Payment Card Industry) Data Security Standard requirements
- Bankruptcy
- Illegal transactions
When a merchant is added to the MATCH list, this can lead to other banks and payment processors immediately denying their application for a merchant account. While a vendor may have the opportunity to be removed from this list, the chances are usually very rare. In fact, only the bank or institution who added the merchant to the MATCH list can remove them. This list can affect many hard-working businesses, and it may feel like acquiring the right payment processing services becomes nearly impossible while on this list.
Can I Check if I’m on the MATCH List?
Unfortunately, there is no page or portal a business can check to see whether they’re on the MATCH list. The way a merchant can find out if they’ve made it onto this infamous list is when their application for a merchant account is denied. Or they can ask a bank or other payment processor who is handling their account. However, it’s safe to say that merchants on this list often have larger hurdles to face in comparison to other businesses when it comes to obtaining credit or debit card processing for their business.
How Can a Vendor on the MATCH List Be Approved for a Merchant Account?
When you are a merchant working in a lucrative industry, you need the payment processing solutions to match the customer base you connect with on a regular basis. In today’s modern age, many consumers are choosing to go cashless in favor of using a debit or credit card for payments. While going cash-only may be an option for companies who are on the MATCH list, a solution like this isn’t feasible in the long run. So what are the options for a business that has found themselves on the MATCH list? The best option now is to connect with a high-risk payment processing provider.
High-risk payment processing companies specialize in working with high-risk merchants. They have the experience and knowledge to provide these vendors with the proper payment services they need. While being on the MATCH list may feel like the end of the world for some companies, this is not the case. Working with a high-risk payment processing company, like USA Payments, connects merchants with knowledgeable high-risk specialists who can provide payment processing solutions, and also help with fraud and chargeback solutions, in order for businesses to continue to thrive and grow.
How Can My Merchant Account Application with a High-Risk Payment Processor Be Approved?
When applying for a merchant account with a high-risk payment processor, transparency is key. You will usually be asked to provide documentation in the form of tax forms, bank statements, and more. Being upfront with the products and/or services provided is also highly important, as well as being able to verify the products sold, business owners of the company and any related partners associated with the merchant as well. Many high-risk payment processors will want to see a lowered number of chargebacks and fraudulent transactions as well, as these can be especially damaging to the merchants and payment processing institutions that work with them.
Fortunately, being compliant and transparent with a high-risk payment processor can be fairly easy. At USA Payments, merchants are required to have less than 3% of chargebacks. Chargebacks can be an incredibly vital factor that goes into ensuring a merchant account application is approved, because high-risk payment processors still want to ensure they are working with merchants who don’t run into this problem constantly and end up facing a bigger loss of revenue or profit. Reducing chargebacks and fraudulent transactions can be accomplished by a few practices:
- Available and easily accessible customer service
- Having a comprehensible website that lists all products accurately and is easy to navigate
- Clear refund policies
- Secure payment processing
- Being clear with all product descriptions
- Managing shipping expectations
Other factors a high-risk payment processor may take into consideration are details like a good credit score and whether a merchant has filed for bankruptcy in the past. Are you on the MATCH list and still looking for the right payment processing solutions for your business? Working with a high-risk payment processor may be the smartest option! Whether on the MATCH list or not, all merchants deserve the right to safe and effective payment processing options.
Connect With USA Payments to Begin the Merchant Account Application Process!
Even if a business is on the MATCH list, payment processing solutions are available when working with a high-risk payment processing company. The application process can vary depending on the company, but being upfront and transparent can be crucial in order to determine your application is accepted for a merchant account. Are you a business on the MATCH list looking to work with a high-risk payment processing company? USA Payments is here to help!
At USA Payments, our team of high-risk specialists is dedicated to working with businesses and ensuring they have the right credit card processing services to crush their business goals and ensure customer satisfaction! Whether you need point of sale solutions, mobile solutions, e-commerce solutions, and more, USA Payments has the solutions for any business that is looking to meet the needs of consumers and thrive within their industry. We don’t see a risk when it comes to high-risk merchants and are transparent about fees and our custom solutions for businesses. Contact us today to get started on your application!