In today’s episode of B2B Vault: The Payment Technology Podcast 📻🎙️, we talk about why your merchant account was shut down. There are ways to avoid this from happening to your business, which Justin and Allen are talking about today.
Merchants – business owners call us frustrated that they are on the match list or the TMF list.
✔️ M.A.T.C.H. – stands for Merchant Alert To Control Fraud
✔️ TMF – Terminated Merchant File
You do NOT want to be on this list!
We discuss how to avoid getting shut down❗, and we go over what questions to ask when applying for a merchant account, reading what is allowed and not allowed when it comes to supported or not supported products.
Many common mistakes are made because business owners want to avoid speaking to a sales rep and sign up online with companies. They do not read the list of prohibited practices and business/product types.
Shout out to our sponsor Nationwide Payment Systems! Thank you for sponsoring the podcast. Nationwide Payment Systems provides all types of merchant accounts, from low to high risk and everything in between.
We talk about things that can keep you from getting in trouble and how to set up monitoring on your account so you do not get shut off.
Some of the most common reasons for being shut down are:
✔️ Not returning calls or emails from the processor
✔️ Selling items that were not approved
✔️ Selling from a website that was not approved
✔️ Lying about what your business sells
✔️ Excessive chargebacks
✔️ Excessive fraud
Depending on your volume 📈, there are several services we refer our clients to that can help with chargebacks; 🕵️♂️fraud and friendly fraud are difficult to deal with. If you sell a product or a service, that is another component to consider.
Enjoy the podcast and if you need help with merchant services – let us know.
Carpe Diem – Have a good day!
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