Operating a high risk merchant account is quite different from that of a normal account and thus the need to keep it secure is vital. In most cases, if such merchant accounts are not well secured then they will be at risk of being terminated by the partner bank. A majority of banks are not too quick to pick up merchant accounts that show high volume transactions thus making it important to keep the one approved protected. In case you have a replacement account, there is still a need to ensure that it is as safe as possible enabling you to continue using it for business and in essence more sales.
Security guidelines for merchant accounts are quite varied but those that apply to high risk ones or those that have been replaced after termination include:
Work with a genuine service provider
The number of service providers that offer merchant accounts is increasing by the day but not all are reliable. It is important to engage the services of account providers that are experienced in high risk accounts as they need special services in order to be effective. Companies that have a good track record in handling such accounts are also able to provide adequate security that helps avoid online fraud that normally needs termination. If possible, do research on such service providers before committing to opening an account on their site.
Minimize charge backs
Charge backs are one of the downsides of operating high risk merchant accounts and should be avoided as much as possible by account holders. To keep safe and avoid such charge backs there is a need to have some extra money in the account to help the bank view it as less risky. In addition, running a business professionally also makes a merchant account much more secure as you are able to lessen chances of fraud taking place through your account.
Client management system
Using the management system put up for clients so that they can have an easier time when using the site also ensures that transactions are secure. Most times, the system has checks which ensure that any illegal activity is detected and nipped in the bud before it leads to termination of the merchant account. Systems to help manage clients are even more important for merchant accounts that are considered to be high risk as it reduces chances of fraud while giving them credibility with partner banks.
What is TMF or Terminated Merchant File? MF or terminated merchant file refers to a list of merchants whose accounts have been terminated for a reason. TMF does not exist but the term is still used commonly in reference to MATCH file.View More