By Ava Owen June 11, 2025
When your business loses its merchant status for credit card transactions unexpectedly, you’ve likely found yourself on the MATCH list—also known as the Terminated Merchant File (TMF). Mastercard maintains this database, identifying merchants who have experienced legitimate issues with a previous payment processor. Being listed makes it extremely difficult to open a new merchant account. This article explains what the MATCH list is, why businesses are placed on it, and how to get off it.
What Is the MATCH List for Credit Card Processing?
The MATCH list—member alert to control high-risk merchants—is a card network safety tool utilized by card networks like Mastercard to help acquiring banks gauge whether a prospective merchant poses a great risk. It is a centralized list of businesses whose merchant accounts have been terminated for severe reasons such as fraud, high chargeback rates, or policy violations.
Originally called the Terminated Merchant File (TMF), the phrase MATCH is now more commonly used, but most still use both phrases interchangeably.
What Is the Terminated Merchant File (TMF)?
Terminated Merchant File (TMF) is a robust risk management tool for payment processors and banks to detect high-risk merchant businesses or companies. It is a collaborative database of merchants who have had their accounts terminated due to breaking the terms of serious problems—excessive chargebacks, fraud, or other contract violations most often.
Today, the TMF is more appropriately called the MATCH list—Member Alert to Control High-Risk Merchants. While the nomenclature differs, both describe the same fundamental system that Mastercard created. Everyone still tends to use “TMF” and “MATCH list” interchangeably.
Understanding MATCH List Reason Codes: How Merchants Get Flagged
Below is what each MATCH reason code is for:
- Code 01 – Account Data Compromise: This represents a compromise of data in which payment information of sensitive customers was breached—either through hacking or poor security practices. If a hacker gains access to a merchant’s system, this code is suspect.
- Code 02 – Common Point of Purchase (CPP): When multiple instances of fraud trace back to purchases made at the same merchant, it identifies the organization as the likely source of stolen card information. That’s when this code is used.
- Code 03 – Money Laundering: When a merchant is discovered to be processing payments on behalf of other, possibly unlawful, businesses to hide where the money came from, they can be flagged under this serious offense.
- Code 04 – Excessive Chargebacks: Chargebacks are complaints when customers want their money back. If more than 1% of a merchant’s monthly transactions are being disputed—especially if the dollar figure exceeds $5,000—it is a reason for alarm.
- Code 05 – Excessive Fraud: This is used when a company’s fraudulent transactions are exceptionally high—either more than 8% of sales per month or at least $5,000 in amount of fraud. It suggests that the company isn’t properly checking transactions or maybe is fraudulent as well.
- Code 06 – Reserved for Future Use: Currently inactive, this code is held in reserve for any future codes Mastercard may issue in the future.
- Code 07 – Fraud Conviction: Previously used for business owners legally convicted of fraud. While it appeared on previous MATCH lists, it does not appear on the current one as of 2023.
- Code 08 – Questionable Business Practices: Used when a business is found operating in a way that doesn’t meet Mastercard’s standards of conducting business—e.g., unclear billing, misrepresentative advertising, or questionable patterns of transactions.
- Code 09 – Financial Distress: When a company is bankrupt or in liquidation—or appears not to be able to meet its financial commitments—it may appear under this code.
- Code 10 – Network Rule Violation: Buyers who are non-compliant with card network rules—e.g., refusing to accept all forms of cards or setting inappropriate limits on transactions—may be added to the MATCH list.
- Code 11 – Collusion or Conspiracy: If a merchant is involved in illegal arrangements with other entities, they can be covered under this code. It’s more of organized fraud and not isolated events.
- Code 12 – PCI Noncompliance: Merchants have to meet PCI DSS (Payment Card Industry Data Security Standard) regulations to keep customer data secure. Non-compliance will get them added to the MATCH list for lack of sufficient security measures.
- Code 13 – Unlawful Transactions: This code is used when a business has handled transactions that are illegal according to the law—either through willful or careless actions. This could be anything from sales without licenses to illegal products.
- Code 14 – Identity Fraud: The acquiring bank can use this code if they believe that a business or its owner made use of forged identification documents or misrepresented themselves when getting a merchant account.
What Happens If You’re on the MATCH List?
Getting placed on the MATCH list can seriously impact how your business operates—especially when it comes to accepting credit card payments.
Being listed is the fact that your old payment processor closed down your account due to a major reason. Your company is now high-risk as a result. While there are some providers who deal with high-risk merchants, most will not be willing for the added risk or compliance.
Getting a New Merchant Account Proves to Be Difficult
Most traditional payment processors will either reject your application outright or scrutinize it thoroughly. Even those that do handle high-risk accounts are highly selective, so there is no guarantee of approval.
If You Do Get Approved, Be Prepared for Hurdles
Being approved for a high-risk merchant account if you become MATCHed isn’t without strings attached. Here’s what you can typically look forward to:
- Longer contract durations – You’ll likely be locked into long-term agreements, with fewer options to switch providers.
- Higher charges – From processing charges through chargeback fees to early termination fees, all of it can cost significantly more.
- Additional compliance obligations – You could be asked to put on more stringent fraud controls or chargeback management.
- Forced reserve accounts – The company might keep a portion of your money as an insurance, in the event of any future disputes or financial losses.
MATCH Is a Warning—Not a Ban
It should be kept in mind that the MATCH list is not a blacklist which immediately restrict you from ever being allowed to get another merchant account, but rather an advisory notice to other processors that there was a major issue with your last account.
Some payment processors which are high-risk are still willing to work with MATCH-listed firms, but you will have to prove that you are currently compliant and financially secure, and agree to stricter terms.
How to Remove Yourself from the MATCH List
If your business has landed on the MATCH list, removing yourself isn’t easy—but it can be done. There are a few legitimate means of clearing your name and being able to go back to standard merchant services once again. Here is how it can be done:
1. Wait It Out (Automatic Removal)
The simplest—but longest—method off the MATCH list is waiting. Mastercard removes businesses from the list after five years automatically. It is on the last MATCH entry date, and the removal cycle happens on a monthly basis. While it’s a long time to be listed as high-risk, the best part is you won’t end up being on the list forever. This way, waiting will eliminate the list.
2. Fix Mistakes (If You Were Incorrectly Listed)
A business might inaccurately end up on the MATCH list. Mastercard doesn’t double-check each MATCH listing itself—it depends on acquiring banks to submit accurate information.
If you believe your company was listed in error, the first thing to do is contact the acquiring bank that listed you. You must make your case and ask them to re-screen your listing. If the bank accepts that it was in error, they can ask Mastercard to de-list your business from the database.
This is not a quick process, and it will take papers, follow-ups, and perseverance—but it can work if the listing was not justified.
3. Become Compliant (For PCI-DSS Compliance Issues)
If you were added to the MATCH list due to non-compliance with PCI-DSS standards (which would be reason code 12), you can be removed—if you do the right thing.
Here is how the process works:
- First, bring your business into full compliance with PCI-DSS (Payment Card Industry Data Security Standards).
- Then, the acquiring bank or payment processor that originally submitted your name must notify Mastercard and confirm that you’re now compliant.
This includes providing:
- Your merchant number and business name
- Physical business address
- Information about the primary owner
- A certificate or validation letter from a Mastercard-approved examiner verifying your PCI compliance
After that’s been submitted and authorized, your company can be delisted from the MATCH list.
How to Manage Chargebacks and Prevent the MATCH List
To protect your company, you must get ahead of chargebacks. Here’s how to remain ahead of the game and maintain your reputation clean:
1. Use Tools That Identify Issues Early
Use fraud prevention measures such as Address Verification Service (AVS), CVV verification, and order verification systems. These can be used to alert you to suspicious activity before the transaction is complete.
2. Stay Ahead with Alerts
Chargeback alert services can alert you to an impending dispute, allowing you to fix the problem before it becomes a full-blown chargeback.
3. Watch Your Data
Don’t respond—analyze. Search for patterns in chargebacks, spot repeated issues, and correct them at the root. Whether it’s a misbilling or a misfulfillment, information can empower you to act before issues recur.
4. Be Transparent and Honest in Your Advertising
Steer clear of deceptive ads or overhyping. Establish genuine expectations with truthful messaging and honest product descriptions. When buyers receive what they anticipate, complaints plummet.
5. Write Customer-Friendly Policies
Keep your refund, return, and cancellation policies simple, clear, and easy to find. Confusion is a chargeback recipe. Clarity can dissuade them.
6. Adhere to Local Laws and Industry Regulations
Whether selling online or running a subscription business, always remain compliant with local consumer protection laws and card network rules. Staying in compliance reduces your chargeback risk exposure.
7. Highlight Responsive Customer Service
Make it easy for your customers to reach you—and fix problems fast. A happy (or at least listened to) customer will be less likely to rush off to their bank to demand a refund.
8. Flag Suspicious Orders Early
Monitor for suspicious behavior like changing shipping addresses, huge orders, or sequential declined attempts. An early manual review of suspicious behavior will save you more headaches later.
9. Clearly Communicate with Customers
From delivery times, invoicing terms, to subscription renewal—communication is the key. Let customers know ahead of time what to expect and when, and they’ll be less inclined to dispute.
10. Follow Through on Deliveries
Ship products on a timely basis, in their best condition, as described. Incorrect or delayed deliveries are among the most common chargeback reasons.
11. Keep Product Listings Current and Correct
Outdated product descriptions, price disparities, or information gaps cause confusion—and chargebacks. Keep your listings up to date so you’re listing what you’ll actually be delivering.
Conclusion
It can feel like a dead end for your business to get listed on the MATCH list—or TMF—but it does not necessarily have to be the case. Understanding why you were listed, correcting what led to the problem, and staying with the right partners can get you back on the upswing and bouncing back. If it’s improved chargeback processing, getting PCI compliant, or an error, there are strategies to rectify. The secret is acting quickly, staying compliant, and being transparent with payment processors going forward.
FAQs
1. What is the MATCH list?
The MATCH list, which Mastercard administers, warns merchants that previously had their accounts suspended due to serious issues.
2. How long does a business remain on the MATCH list?
Usually, a company stays on the list for five years from the last entry date.
3. Is it possible for me to be removed from the MATCH list early?
Yes, but only if the listing was an error or you correct specific issues like PCI non-compliance.
4. Being on the MATCH list means that I cannot take payments at all, right?
Not necessarily—high-risk providers may still do business with MATCH-listed merchants, but it occurs rarely and at greater cost.
5. What are the most common reasons for being put on the MATCH list?
Among the typical reasons are high levels of chargebacks, fraud, data breaches, or failure to comply with industry standards.