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After weeks of fueding, they placed my company on the Match List/ Terminated Merchant File (TMF). This blacklist further cements my inability to attain another merchant account through my own bank (who refused after they heard about the TMF).
Can anyone here offer specific remedies toward the attainment of a new merchant account? I'm not talking about third-party transactors here - I already do offer PayPal on our site. What I need is the functionality of a legitimate merchant account for use in our Authorize.net gateway.
Any and all assistance would shed needed light on one of the most vexing problems inherent to doing business in today's online world. Fraud is growing worse each year and I know my story is becoming less unique among the e-commerce community.
(Incidentally, my company has been recently retasked as a North American-only seller and customer fraud has essentially fallen to zero).
Their stance was that they wanted funds returned, would also hold all other funds - and STILL close the account. They then intended to wait 6 months to a year before deciding whether they'd 'feel' like removing my company from this blacklist. It was an outrageous situation.
I'm not sure how any of this helps me find another account. My merchant account issuers were not reasonable then and I'm sure they would not be reasonable today. Unless there is some legal recourse for being blacklisted this way - when no fraud was committed by my company.
Otherwise, third party processing maybe the only option for you untill you have proven that you are in fact a good merchant. Just show the bank your history from the 3PP after 6 months and maybe they will help you.
Another option may be to contact MasterCard directly, but from my experience, they are very hard to negotiate with.
What might help is to rename the company and go to another bank and apply under that different name.
Incorrect. Any processor worth dealing with will require a social and a personal guarantee on card not present account. Business name and EIN has little/nothing to do with approval or decline of the account or with tracking TMF merchants. The social of the owner is what matters.
Your best option is to remove yourself from the loop. I would suggest finding a silent partner with good personal credit history (family member) and naming them as a silent partner. When you apply for a merchant account be sure to leave your social security # off of the application and supply only the partner #1, who in this case is your new partner.
You definitely do not want to rename yourself, etc. There is a lot more information on a TMF record than just your business name. Renaming yourself and then having the processor finding out could just have your account terminated and cause a lot more problems.
I do not even recommend the silent partner unless you are a corporation. Depending on your type of business, you might not even need a personal guarantor. Plus your SSN will be required for US processors unless that consider foreign applicants. And then having this, your discount rate will be a lot more.
Most processors will work with you once you explain your situation. They might require a hold back and then once you establish yourself, they will release that money as well. It will take some time and patience.