High Risk Merchant Accounts and the MATCH List
Ever had your merchant account shut down? It can feel like a death knell for your business. Without the ability to accept credit cards, sales can plummet. But what if you find yourself on the dreaded MATCH list? This can make it even harder (or impossible) to get a new merchant account or even a high risk merchant account?
Fear not! This guide explores the MATCH list, its implications, and – crucially – how to keep accepting payments even if you’re listed.
What is the MATCH List?
Think of the MATCH list (Member Alert To Control High-risk) as a red flag system for acquirers. Acquirers are the financial institutions that actually fund your credit card transactions. It’s a central database created by Mastercard to identify merchants deemed so high-risk that acquirers should avoid providing them merchant services. Reasons for landing on the list include:
- Illegal activities: Money laundering, identity theft, bank fraud, etc. Seems obvious, right?
- Security breaches: Especially if your business is Non-compliant with data security standards (PCI-DSS). This can result in large fines, account termination and placement on the MATCH list.
- Excessive chargebacks: Businesses that continually exceed the chargeback thresholds could find themselves being reported to the MATCH list. Chargebacks are not illegal, nor are they your fault, necessarily. But excessive chargebacks pose greater financial risk for the processor or indicate fraudulent business practices.
Need a High Risk Merchant Account?
Being on the MATCH list makes it difficult, if not impossible, to open a new merchant account with traditional processors. But don’t despair!
How to Avoid the MATCH List:
The best defense is a good offense. Here’s three simple ways to stay off the list:
- Operate ethically: This goes without saying, but avoid illegal activities, such as misrepresenting the actual product you are selling. Be transparent with your processor and your customers about the products you sell.
- Prioritize security: Implement strong data security measures such as fraud prevention and detection tools and, of course, maintain PCI-DSS compliance.
- Manage chargebacks: Address customer concerns promptly, respond to all chargeback notices quickly, and offer excellent customer service to minimize disputes.
Stuck on the MATCH List? There’s Hope!
Getting removed can be challenging, but there are options:
- Wait it out: The list automatically clears after five years (in theory). In some cases this does require some perseverance as you may not “fall off” the list automatically in which case you will need to contact the processor that put you on the list and request removal.
- Prove a mistake: If you believe you were listed unfairly, contact the acquirer who added you and provide evidence. Much like dealing with the credit bureaus this can be very time consuming but it is worth the effort!
- Take Action to Fix the Reason you were added: Fix PCI non-compliance and Fraud Protection Efforts. Just get PCI Compliant – it truly is important and can protect your business from crippling fines. Talk with a reputable payment processor, like BIG, to see what kind of tools you should implement and make internal documentation on how to use them and what to do in the event of a breach. Review your product offerings and service standards and work with a processor who supports them.
High-Risk Merchant Account Providers:
Even on the MATCH list, it is still possible to accept payments with a high-risk merchant account provider. These specialists understand the challenges faced by businesses like yours. If you can prove that your placement on the MATCH list is not due to fraudulent business practices we are happy to work with you!
Here at Bankcard International Group (BIG), we can help:
- We partner with acquirers who specialize in high-risk accounts.
- We offer transparent solutions with competitive rates.
- We help you manage chargebacks to minimize your risk.
- We have cutting edge fraud prevention tools to protect you and your customers.
- We provide PCI-compliant payment processing to ensure data security.
Don’t let the MATCH list hold your business back. Contact BIG today and let our High Risk Merchant Services Payments Professionals find a solution for you!
Remember, with BIG, you can Experience the B.I.G. Difference!
