It’s absolutely possible to have never heard of the Mastercard MATCH list until you’ve been placed on it. And being placed on it can be a merchant’s worst nightmare. The MATCH list, formerly known as the Terminated Merchant File (TMF), is a sort of blacklist that financial institutions often check before extending services to merchants.
Businesses, especially high-risk businesses, are placed on the MATCH/TMF list by engaging in fraudulent activity, defaulting on debt, accumulating too many chargebacks, or violating the terms of their merchant agreement.
Below, learn exactly what the MATCH list is, how to know if you’re on it, how it affects merchants, and how to get off of it.
What Is the Mastercard MATCH List?
Mastercard created and manages the Member Alert to Control High-Risk Merchants list, more commonly known as the Mastercard MATCH list. It is a detailed electronic database of merchants that Mastercard has determined to be high-risk. This list is accessible through Mastercard Connect, 7 days a week, 24 hours a day.
Why do banks use this data?
To avoid partnering with merchants considered high-risk, banks and registered third-party processors screen merchants through the MATCH list. This is a quick way to verify whether a merchant has a history of poor business activities or has ever had their ability to process payments revoked. Financial institutions rely on this list to control the level of risk they expose themselves to when providing services to merchants. However, it is solely up to the financial institution whether or not it rejects an application based on the information found on the Mastercard MATCH list.
Mastercard and other financial institutions can either add or remove businesses from the proprietary MATCH list database. However, only the entity that puts a merchant on the list can remove that merchant from the list. Mastercard also has this power, but rarely manages other banks’ merchants.
Payment processors may contact the bank or servicer that put the merchant on the list and ask why. With this information, they will determine whether to accept or reject a merchant’s application. They may also decide to accept a merchant under certain restrictions.
What Is the Terminated Merchant File (TMF)?
The Terminated Merchant File (TMF) is a database of merchants that financial institutions have marked as high-risk. The Mastercard MATCH list is essentially just a newer, rebranded version of the TMF; thus, many use these terms interchangeably.
Being on TMF makes it very difficult for a merchant to find another servicer willing to process their payments. The main reason why your business may end up on the TMF is repetitive or excessive chargebacks.
During underwriting and due diligence, processors run a check against the TMF/MATCH list, also known as a TMF inquiry. If the merchant is on the list, then the application will be declined.
Reasons Merchants End up on the MATCH List
A financial institution may add a merchant to the Mastercard MATCH list for a variety of reasons. Each added merchant is assigned a code, which indicates the reason they were added to the list. The most common reason merchants end up on the list is due to too many chargebacks, so it’s best to learn how to prevent chargebacks.
Below is a list of MATCH reason codes:
01: Account data compromise
02: Common point of purchase
03: Money laundering
04: Processing excessive chargebacks
05: Excessive fraud
06: Reserved for future use
07: Fraud conviction
08: Questionable merchant audit program
09: Filing for bankruptcy, liquidation, or insolvency
10: Violation of standards
11: Merchant collusion
12: Noncompliance with PCI data security standards
13: Illegal transactions
14: Identity theft
Is it possible to have your account flagged by accident?
Yes, but it’s uncommon. While the MATCH List is intended to protect banks and payment processors from high-risk merchants, errors or misunderstandings can happen, leading to a business being unfairly flagged. Merchants can be added to the list due to clerical errors, outdated information, or misunderstandings. In many cases, business owners don’t realize they’ve been listed until their payment processing stops or a new application is denied.
If you believe your business was added by mistake, you can start with these avenues for recourse:
1. Contact your acquirer or processor directly
- Request documentation of the reason code and supporting evidence tied to the decision.
- Ask for instructions for disputing or appealing the listing.
- Provide proof of resolved chargebacks, corrected account information, or compliance updates.
If the investigation confirms an error, the processor can request that Mastercard remove your business from the MATCH List.
2. Request a review or appeal
- Some acquiring banks have internal dispute or appeal processes for challenged listings.
- Submitting a formal appeal can sometimes result in the removal or correction of the record.
3. Regulatory avenues
- While there isn’t a federal agency that directly manages MATCH disputes, merchants can consult regulatory guidance from the Consumer Financial Protection Bureau (CFPB) or state banking regulators if their case involves contractual or financial misconduct.
Tip: Keep detailed records of all communications, account history, chargebacks, and disputes. Clear documentation is critical for any appeals, legal claims, or regulatory inquiries.
What Industries are More Likely to End Up on the TMF or MATCH List?
Certain industries are naturally more susceptible to being added to the MATCH List due to having higher chargeback ratios, stricter regulations, or reputational concerns. Understanding these risks and how to mitigate them can help merchants stay compliant and protect their processing privileges. The table below highlights some of the industries most likely to be placed on the MATCH List, along with common reasons and steps to reduce risk.
| Industry | Why It’s Considered High-Risk | How to Avoid Being Flagged |
| Travel & Hospitality | Frequent cancellations and delayed service delivery often lead to refund disputes and chargebacks. | Maintain transparent refund policies, confirm bookings promptly, and communicate cancellation terms clearly. |
| Nutraceuticals & Supplements | Subscription billing models and health-related claims attract chargebacks and regulatory scrutiny. | Use compliant marketing, avoid false claims, and provide clear billing descriptors and cancellation options. |
| Adult Entertainment | Elevated chargeback rates and reputational risk make banks cautious. | Verify customer consent, maintain strong data security, and ensure compliance with age and content laws. |
| Gaming & Betting | Regulatory complexity and high transaction volumes increase risk. | Implement robust KYC (Know Your Customer) processes and ensure compliance with state and federal gaming laws. |
| CBD & Cannabis | Legal status varies by state, creating compliance uncertainty. | Partner with a compliant processor, maintain proper licensing, and provide detailed product information. |
| Subscription Services | Recurring billing and renewal confusion often cause customer disputes. | Send renewal reminders, simplify cancellations, and ensure transparent billing practices. |
| Telemarketing | FTC and TCPA violations or unauthorized charges can trigger flags. | Maintain call consent records and ensure all communications meet federal and state compliance standards. |
| Online Coaching & E-Learning | Chargebacks from unmet expectations or non-delivery of digital goods. | Recurring billing and renewal confusion often causes customer disputes. |
How Does Being on the TMF or Match List Affect Merchants?
The Mastercard MATCH list is a gatekeeper of sorts that keeps detailed records on each merchant on the list. The business, its owner’s name, address, and other details, including when and why it was added to the list, can all be found on the MATCH list.
Financial institutions consider some reasons for inclusion on the MATCH list to be worse than others. In particular, many financial institutions will hesitate to provide services to a business that has had its merchant account terminated. That business may have difficulty offering credit card payment options to its customers.
“Merchants who have been flagged have difficulty finding banks and payment processors who will work with them. Businesses might fold under this financial strain long before reaching the five-year mark when the entry is removed,” says Suresh Dakshina, president and co-founder of Chargeback Gurus.
Reportedly, Mastercard issued roughly one card for every resident of the United States in 2021.[1]Statista.“ “U.S. Credit Cards – Statistics & Facts”. Accessed April 28, 2022. In 2019, the total value of credit card transactions was 3.9 trillion U.S. dollars.[2]Statista. “Value of Credit and Debit Card Transactions in the United States from 2012 to 2019”. Accessed April 28, 2022. Losing the ability to process credit cards can cripple a merchant reliant on offering this form of payment to its customers.
How to Avoid Being Placed on the MATCH List
To avoid being placed on the Mastercard MATCH list, merchants should comply with their merchant agreement’s standards and regulations. Monica Eaton-Cardone, COO of Chargebacks911, says, “The simplest solution to ensure you don’t end up on the MATCH list is to immediately address whatever concerns led the acquiring bank to add your business to the list in the first place. This will go a long way toward stabilizing your reputation with cardholders and banks, and help repair your relationship with payment processors.”
Avoid partnering with payment service providers
Payment service providers, such as Stripe and Square, have become an increasingly popular payment processing solution due to their simplicity and speed with which they allow you to begin accepting payments. But that speed sometimes comes at a high cost. Many payment service providers immediately approve merchants to begin processing, only to review their application after the fact. When the review is finally conducted, sometimes months later, they may reject an application for a variety of reasons. In such an event, the termination of your Stripe account may land you on the MATCH list and/or TMF, all because the company didn’t perform its due diligence upfront.
It’s easy to avoid an unnecessary Square account deactivation and the possibility of being added to MATCH/TMF simply by partnering with a traditional payment processor that reviews your application and underwrites your account before issuing its services.
Practice Effective Chargeback and Fraud Prevention
Chargebacks are one of the most common reasons merchants end up on the MATCH List. Reducing them requires a mix of smart technology, transparent communication, and proactive monitoring.
Here’s how to stay protected from chargebacks:
- Verify customer identity and address for every transaction
Utilize AVS (address verification service), CVV (card security code), and 3D Secure authentication to verify legitimate customers and prevent fraud before it occurs. - Use clear billing descriptors
Make sure the business name and contact info on customers’ bank statements match your brand. Confusing or vague descriptors often lead to “unauthorized transaction” disputes. - Set clear terms and refund policies
Display prices, cancellation windows, and refund policies prominently on your site and receipts. Transparency prevents many disputes from ever being filed. - Ship quickly and track deliveries
Provide tracking numbers and delivery confirmations for physical goods to dispute “item not received” claims effectively. - Provide responsive customer support
Make it easy for customers to contact you by phone, chat, or email. Quick issue resolution can stop a chargeback before it starts. - Monitor your chargeback ratio closely
Track your monthly chargeback rate. If it nears 1%, analyze the cause immediately and address the issue before card networks take action. - Leverage advanced fraud prevention tools
Use AI-driven fraud detection, device fingerprinting, and geolocation tracking to flag suspicious transactions automatically. - Maintain accurate customer records
Keep documentation for each transaction, including invoices, delivery proof, and communication logs, to strengthen your defense in the event of disputes.
How to Check if You Are on the MATCH List
Because the MATCH List (formerly part of the Terminated Merchant File, or TMF) is a closed database accessible only to acquiring banks and payment processors, merchants don’t have direct public access. If a financial institution determines there’s reason to add a merchant to the list, it must do so within five days of the associated event.
In most cases, however, merchants won’t even know they’ve been added. The best way to find out is to contact the payment processor or acquiring bank that terminated your account to ask whether your business was placed on the list, and, if so, how you can rectify the issue.
While there’s no public database for direct access, there are trusted ways to verify your status or confirm whether you’ve been listed:
- Contact your current or former payment processor or acquiring bank
Your acquirer can confirm whether you’ve been placed on the MATCH List and share the associated reason code (for example, excessive chargebacks or PCI noncompliance). While not all providers disclose details, many will tell you if your account was declined due to a MATCH listing. - Ask which bank placed you on the list
Only the acquiring bank that originally added your business to the MATCH List has the authority to update or remove the record. Knowing which acquirer submitted it is the first step toward resolution. - Keep detailed records and communicate professionally
Maintain documentation of your merchant account history, chargeback data, and correspondence. This helps if you need to dispute or clarify your listing with the acquirer that placed you there. - Understand who can access the MATCH database
Mastercard’s MATCH Pro system is used only by acquiring banks and registered payment providers for screening purposes; merchants cannot access this tool directly. - Beware of websites claiming public MATCH searches
Some third-party sites may claim to let you check your status, but these are not legitimate. The only valid source of information is your payment processor or acquiring bank.
How to Get off the MATCH List
If, for example, a merchant is added for reason code 12, Noncompliance with PCI data security standards, they may be removed once they achieve compliance. However, a merchant must wait roughly five years to get off the list for all other violations unless it was added by mistake.
Note: Only the processor who placed your business on the MATCH list can take you off of it.
Alternative Payment Options for Merchants on MATCH
If you’re found to be in violation of your merchant agreement, and traditional credit card processing isnt available to you, you have a few alternative payment methods to explore. Below are options, each with benefits, drawbacks, and tips for high-risk use.
eChecks (Electronic Checks)
An eCheck is a digital version of a paper check: the customer authorizes an ACH debit from their bank account. eCheck payment processing has many benefits, especially for businesses utilizing recurring payments and/or subscription services. Regarding high-risk businesses, eCheck payments do not require a merchant account, as the transaction funds are deposited directly into their business bank accounts. If you are having difficulty obtaining a merchant account, eChecks are an excellent payment option.
Benefits
- Lower cost per transaction compared to credit cards in many cases.
- No chargebacks in the same way as credit cards (though there can be ACH returns).
- More accessible to customers without credit cards.
Drawbacks / Risks
- Returns and insufficient funds are possible, especially for first-time users.
- Fraud risk if bank account information is stolen or misused.
- Slower settlement or verification delays for new users.
eCheck Costs
- Flat-rate eCheck processing: Typically around 1% of the transaction amount.
- Flat-fee eCheck processing: Usually $0.25 to $1.50 per transaction, regardless of amount.
- High-ticket transactions: Flat-fee eChecks can be especially cost-effective. For example, a $15,000 sale could cost only $1.50 with flat-fee pricing versus $150 with a 1% flat-rate fee.
- High-risk merchants: Fees are often higher than standard rates.
Tips for High-Risk Merchants
- Keep tight records and proof of customer authorization.
- Use account validation (micro-deposits or instant ACH verification).
- Monitor for ACH return codes (e.g., “NSF”) and flag repeatedly failing accounts.
- Require a backup payment method (such as digital wallets) for recurring billing.
Cryptocurrency
Cryptocurrency transactions are a peer-to-peer transfer between users’ wallets. They allow customers to pay using cryptocurrencies (Bitcoin, Ethereum, stablecoins, etc.) via a crypto payment gateway. As such, cryptocurrency funds aren’t deposited into a merchant account, but directly into the merchant’s crypto wallet. Like eChecks, this bypasses the need for a merchant account. Of course, the downside of cryptocurrency is that it’s subject to more volatility than national currencies. But for businesses unable to obtain a merchant account, especially those with a target demographic that has embraced cryptocurrencies, this modern payment method may be the way to go.
Benefits
- No conventional chargebacks; they are typically irreversible once confirmed.
- Global reach and easier cross-border execution.
- Potentially lower fees (depending on gateway).
- Faster settlement in some cases, especially with stablecoins or instant conversion.
Drawbacks / Risks
- Volatility risk: crypto value can fluctuate between transaction and settlement.
- Liquidity and conversion challenges.
- Regulatory compliance can be complex (especially in different jurisdictions).
- Some customers may not be comfortable or familiar with crypto.
Cryptocurrency Costs
Most crypto gateways charge about 1% per transaction, though total costs can vary. Some services add minor fees when converting digital assets to cash or transferring funds. In addition, blockchain network fees, set by the network, not the processor, may apply depending on transaction volume and congestion.
Tips for High-Risk Merchants
- Use gateways that auto-convert crypto to fiat currency to limit volatility exposure.
- Stick with stablecoins (e.g., USDC, USDT) where possible.
- Ensure full compliance, including KYC and anti-money laundering checks.
- Be clear in your checkout flow that crypto payments are final and non-reversible.
Other Alternative Payment Methods
Bank Transfers / Wire Transfers
- Pros: Reliable, immediate for high-value transactions, especially for B2B.
- Cons: Less consumer-friendly, manual reconciliation required.
- Tips: Offer discounts or incentives for bank payments, automate reconciliation, and require verification.
Digital Wallets / ACH-type wallets
- Some regions support instant bank-to-wallet transfers or wallet-based payments (e.g., via debit pull).
- Pros: Familiar to consumers, relatively low costs.
- Cons: Risk of returns or fraud in some implementations.
- Tips: Use wallets with strong fraud tools and real-time verification.
Prepaid Card Processing / Stored Value Systems
- For some industries, issuing prepaid or stored-value cards (or internal credit) can sidestep standard processing.
- Pros: Limits exposure to external processors, gives control.
- Cons: You absorb risk and must manage the system.
- Tips: Use this in conjunction with other options and ensure regulatory compliance.
Closing Thoughts
The Mastercard MATCH database and Terminated Merchant File are tools to help merchant service providers avoid partnering with high-risk merchants. Once on the list, it is difficult to get off, even if a merchant cleans up its act to remain in compliance with every rule of its merchant agreement. Working with a payment processor experienced in handling high-risk merchant accounts is a good way to avoid getting on the MATCH list in the first place. We understand the unique challenges of high-risk industries and offer tools to prevent fraud and chargebacks to keep your business compliant. Reach out today to see what we can do for you!
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FAQs
How does the Mastercard MATCH list work?
Acquiring banks and processing companies register for an account on Mastercard Connect. During the merchant onboarding process, they submit an inquiry to see if the merchant has violated any terms of service in their agreement. If so, the entity can further research the merchant and decide to approve or deny its application.
What does MATCH stand for?
MATCH is an anagram for Member Alert To Control High-Risk Merchants.
Who puts merchants on the MATCH or TMF List?
Mastercard created and manages the MATCH and TMF lists. Acquiring banks, third-party payment processors, and Mastercard can put merchants on these lists.
How long will a merchant remain in the MATCH or TMF database?
It can be very difficult to get off the MATCH/TMF database. In most cases, merchants are on the list for at least five years. The only exception is if a merchant added for code 12 becomes compliant with PCI data security standards.
