What is the High-Risk Merchant MATCH List?
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The dreaded MATCH List is a national database of companies that have had their merchant accounts terminated for to a multitude of reasons. MATCH is an acronym for Member Alert to Control High Risk Merchants. The database is sustained by the major credit card associations. The banks they work with report the information. Some people refer to it as The Terminated Merchant File List. Merchant account providers review the MATCH List when deciding upon approval of new applicants. Being placed on the MATCH List is a nightmare for any business.
Is Being Added to the MATCH List Irreversible?
Unfortunately, it is not a predicament easily overcome. It means a company has lost its’ merchant account and will be frozen from being able to process credit and debit card transactions. The MATCH List also alerts all banks, lenders, and payment processing specialists that something is seriously wrong with the business. At this point, obtaining a new merchant account is extremely difficult. Most merchant account providers are not willing to take the risk, and that leaves the business in a precarious position.
Currently if a merchant does not have the ability to process credit and debit card transactions, they are doomed to fail. The good news is that all is not lost. If you find yourself being placed on the MATCH List, there are some things that can be done to remedy the situation. It will take hard work and a significant amount of patience. The first thing to do is ask your old provider for the exact reasons why your merchant account was terminated. You will need to provide this information when applying for a new merchant account.
High-Risk Merchant Account Providers
The next step is to start searching for a high-risk merchant account provider like Payment Savvy. You must keep in mind that traditional banks and lenders are not willing to work with companies that are on the MATCH List. Always be one hundred-percent honest about the situation when communicating with a payment processor that may be interested in working with you. Payment Savvy specializes in partnering with merchants that have lost their payment processing capabilities due to extenuating circumstances.
However, it is next to impossible to help companies on the MATCH List move forward without the full story of what put them there in the first place. It is just as important to provide the payment processor with all the paperwork that they require, and implement all changes that they request. Following these simple suggestions greatly increases the probability of obtaining a new merchant account. It will also prepare you to avoid making the same mistakes in the future.
How to Apply For a High Risk Merchant Account
Being placed on the MATCH List is truly a big deal. Some companies are never approved for a new merchant account because they fail to handle the situation properly. Most of them go out of business. Do not let that happen to you. Payment Savvy is here to help you get through this difficult period.
Payment Savvy specializes in providing businesses with the ability to accept credit and debit card payments even if merchant accounts were terminated. If your business is on the dreaded MATCH List, please contact Payment Savvy today to review your options, apply for a high-risk merchant account, and to obtain answers to your questions. We look forward to hearing from you and working with your company.
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