Having your name placed on the Terminated Merchant File is a nightmare for any merchant. This means that he will be unable to accept any credit card payments, which will cut down his business substantially since card transactions form a majority of sales in present day context. Further no reputed bank like Solid Trust Pay will permit him to open another merchant account with them in future.
The fact that a merchant’s name appears on the Terminated Merchant File does not per se mean that such merchant will automatically be excluded him from opening another merchant bank account and continue accepting credit card payments, but any merchant bank including solidtrustpay will decline an application from such merchant to open an account with them considering the risk posed to the bank. Only a disreputable bank might authorize him to open an account with them.
Therefore considering the dire consequences a business would face following such listing, what subsequent steps should the listed merchant take?
Generally persons can have their names placed on the list for a host of reasons ranging from fraud, unwarranted chargebacks and violating agreements with the merchant bank. But there are some instances where the merchant is not even aware that his name is on the Terminated Merchant File like the one kept by Solid Trust Pay, but had been added for the reason that he has failed to pay the final bill, (which may only be a few dollars) upon the termination of his contract with the merchant bank which has resulted in him being so listed.
In most instances the merchant finds out about the listing on the TMF when making an application to open another merchant account. When aware of the situation, the person should contact the merchant bank that placed his name on the TMF, since they are the only persons who can remove your name from the TMF. You could log on to solidtrustpay.com if that is your bank. Find out why you have been listed and what you can do to remove your name from it.
If the reason for the listing is the non-payment of the last payment, the payment of the bill to settle the debt will have your name removed. If the charge includes committing fraud through your merchant account, the possibility of having the listing reversed will be nearly impossible as you will pose a risk to any merchant bank like solidtrustpay and they would not want to have any future dealing s with you.
The best way to stay away from TMF would be to do honest business and not commit fraud or breach any contracts with the merchant bank, but you could reduce the chances of being listed for incidental reasons by signing up with a reputable merchant bank. Click on solidtrsutpay.com to find out more about opening an account with this reputed establishment.