TMF Merchant Account Provider: A Complete Guide for TMF Credit Card Processing
If your business has recently been placed on the TMF, also known as the Terminated Merchant File, and sometimes referred to as the “MATCH” list, it’s natural for you to feel a bit lost. Being on the Terminated Merchant File (TMF) can make things very difficult for e-commerce and retail merchants. The listing restricts merchants from accessing credit card processing solutions.
However, with the right TMF merchant account provider, businesses can easily get back on track by using various payment methods. The TMF credit card processing team at QuadraPay has created this extensive guide to provide detailed information about what the TMF list is, how it impacts merchants’ businesses, and how businesses can still process digital payments by utilizing TMF merchant accounts.
How to get delisted from TMF List.
The merchant’s listing can certainly be removed from the database; however, there are certain conditions attached to it. The listing can only be removed by the acquirer for the card brand when they are convinced that the reason for listing the merchant is no longer valid. If the merchant resolves any ongoing issues with the payment processor and the payment processor submits the necessary documents to confirm the resolution of those issues, the card brand can approve the removal of the record.
For the removal of the merchant’s information from the list, the original acquirer who created the merchant’s listing in the database must initiate the removal process. The acquirer is also required to provide valid reasons that convince the card brand the issues have been fully resolved.
It is important to keep in mind that the entity that removes the listing is not the processor but the card brand. After the removal of the merchant’s listing from the database, this information may still remain visible to database users. However, in such cases, the listing will not be flagged, although the older entry will stay visible.
What Is a TMF Merchant Account and Why Does It Matter?
A TMF (Terminated Merchant File) merchant account is specially designed for businesses that have been blacklisted on the TMF or MATCH list. With a TMF merchant account, businesses can accept digital payments even while being listed on the MATCH and TMF lists.
Merchants are placed on these lists if their previous payment processor flags them for serious reasons, including high chargebacks, fraud, or suspicious activity. Once a merchant is listed on the TMF database, it becomes extremely difficult to obtain a regular merchant account. Most credit card processing companies, as well as acquiring banks, are hesitant to onboard businesses that are labeled as high-risk or those listed in the MATCH and TMF databases. Only a select group of specialized TMF merchant account providers offer solutions to such merchants.
How TMF Merchant Account Providers Can Help You?
By finding the right TMF merchant account provider, businesses can experience excellent digital payment processing capabilities. These specialized payment processors have expertise in handling the challenges of high-risk businesses. They cater to the demands of businesses that are often ignored by mainstream credit card processors. TMF merchant account providers offer customized payment solutions, which include built-in fraud detection tools and chargeback management facilities.
How to Choose the Right TMF Merchant Account Provider?
Not all TMF merchant account providers are the same, so it’s important for business owners to carefully evaluate the features and offerings of these providers before making the right selection.
The most important factor to consider is the experience of the merchant account provider. It’s a wise step to be direct with the payment processor and ask how many years they have been providing payment processing services to merchants on the TMF and MATCH lists. Another question to ask is about the provider’s average account lifespan, which will give insight into the stability of their accounts. Any merchant account provider with a proven track record of working with TMF and MATCH list merchants and providing good service can be an excellent fit for your business.
Another factor to consider is transparent fees. A good payment service provider will ensure that the merchant has all the details related to pricing, with full transparency. Merchants should ask the provider about hidden charges and ensure that there are no surprises.
The TMF merchant account provider should offer robust customer support. Businesses may need assistance at any time, so the merchant account provider must offer round-the-clock availability with support professionals. A provider that offers support via email, chat, and phone can be considered a good option.
For any merchant account provider that supports high-risk businesses, especially those listed on the TMF list, it’s important to ensure that the return and chargeback ratio stays within the industry-recommended limits. To do so, the merchant account provider must utilize various fraud prevention measures and implement robust policies to minimize risk to the business.
TMF Credit Card Processing: What to Expect
With these specialized merchant account solutions, businesses can expect to pay higher-than-normal processing fees. The payment processor charges slightly elevated transaction fees to offset the risk involved. Merchants should also be prepared to provide an additional set of documents and face more scrutiny during the approval process. To ensure the account maintains good standing, the payment processor proactively monitors the account. If the merchant experiences an increase in chargebacks and returns, the payment processor will immediately step in and take measures to reduce the risk.
While a regular payment provider mostly offers credit card processing, TMF merchant account providers typically offer alternative payment methods. The availability of various alternative payment methods helps businesses maximize their sales potential.
It’s natural that a TMF merchant account cannot be equivalent to a regular merchant account, but it’s still a viable option. These accounts help businesses get back on track and continue processing payments.
Common Questions About TMF Merchant Accounts
Can I still operate my business while on the TMF list?
Yes, you can still run your business even if you are on the TMF list. Being listed on the TMF does not restrict you from performing day-to-day activities. It only restricts the merchant from processing credit and debit card payments for a period of up to 5 years.
