What Is the TMF/MATCH List?

The MATCH list, short for “Mastercard Alert to Control High-Risk Merchants,” is a database created by Mastercard to flag businesses whose merchant accounts have been terminated. If you struggle to get approved for merchant or payment gateway services, there’s a good chance you’ve been placed on the MATCH list.

Placement on this file restricts your payment processing options. However, some alternative merchant services remain available.

MATCH List Overview

The Mastercard MATCH list provides payment processors with historical risk data to help them make informed decisions regarding new merchant applications. Merchant providers will reject your application or enforce strict processing restrictions if your business appears on the list.

The list is the updated version of the Terminated Merchant File (TMF).

The payments industry uses the terms “MATCH list,” “TMF list,” and “TMF/MATCH list” interchangeably, even though the TMF list no longer applies. The file contains identifying data, including business name, physical address, website URL, and the names of all business partners and associates.

Why Are Businesses Placed on the MATCH List?

Banks place businesses on the MATCH list when a merchant breaks network rules or goes bankrupt. Most MATCH-listed businesses have engaged in fraudulent or illegal activity. Yet banks also list honest businesses that fall victim to cyber threats or customer scams.

The processing bank will add a business to the MATCH list for any of the following reasons:

1. Customer data was hacked or compromised by a third party.
2. The merchant knowingly compromised or stole their customer payment data.
3. Involvement in money laundering or fraudulent collusion.
4. A higher-than-average chargeback rate that exceeds 1 per cent in any given month.
5. An unusually high number of fraudulent transactions tied to the account. Merchants can prevent fraud-related account termination by implementing fraud prevention strategies.
6. A fraud conviction against the business owner or a corporate partner.
7. Mastercard flags the company under the terms of the Questionable Merchant Audit Program (QMAP).
8. Bankruptcy, liquidation, or insolvency makes it impossible to meet financial obligations.
9. Complaints filed by one or more financial institutions regarding severe infractions of Mastercard standards. Merchants must adhere to Mastercard’s precise network rules by preventing unauthorised transaction routing or data mishandling.
10. Failure to maintain Payment Card Industry Data Security Standard (PCI DSS) security rules. Merchants must maintain compliance to avoid penalties, protect data pathways, and eliminate catastrophic account termination scenarios.
11. Processing unlawful transactions, such as the sale of illegal goods.
12. Using a false identity to enter into a merchant agreement.

Placement on the MATCH list does not automatically disqualify a business from obtaining merchant services. It does mean that fewer standard merchant providers will work with the company.

How Long Does a Merchant Stay on the MATCH/TMF List?

Merchants stay on the MATCH list for five years. Mastercard automatically removes the business records from the system after this five-year period ends.

How to Check if You’re on the MATCH/TMF List

You cannot check if your business is on the MATCH/TMF list because Mastercard doesn’t publish the MATCH list or send alerts to business owners. Only financial institutions have direct access to the database.

Most businesses discover they’re listed when a current payment processor terminates their account, or a prospective bank rejects their merchant application. To confirm your status, you must contact your current or previous payment processor directly. Only the bank that listed your business is authorised to view your record and provide the specific reason code.

How Do I Get Removed From the MATCH List?

Only the processing bank that added your business to the MATCH list has the authority to initiate a removal or modification. Mastercard will not alter a listing at the request of a merchant.

To pursue early removal or correction, you must contact your listing bank and use one of two specific pathways:

1. Request a Correction for a Bank Error: If the listing was a case of mistaken identity or an administrative mistake, provide documentation proving the error. Once verified, the bank must submit a formal correction request to Mastercard to delete the entry immediately.
2. Resolve Reason Code 12 (PCI Non-Compliance): This is the only valid reason code that permits early removal through corrective action. If your account was terminated for data security failures, you’re allowed to petition for removal once you achieve full PCI DSS compliance and provide a certificate of validation from a certified forensic examiner.

The bank cannot remove you early if your listing is accurate and does not involve PCI non-compliance. The record must remain active for its full five-year duration.

Tip: Once a bank agrees to a correction or removal, check back with them frequently to ensure they have processed the paperwork with Mastercard. If a bank refuses to correct a verified error, consulting legal services specialising in payment processing would be your last resort.

The Reality of Chargeback Listings (Reason Code 04)

A common misconception is that gradually lowering your chargeback ratio earns early removal from the MATCH list. Under Mastercard rules, an accurate listing for Reason Code 04 (Excessive Chargebacks) cannot be undone early by changing business habits. You must wait out the five years.

You can fight the listing if the bank made a mistake. A bank can only place your business on the list for chargebacks if you cross two strict limits within a single calendar month:

1. Your monthly Mastercard chargeback rate must be over 1 per cent of your total sales.
2. The total cost of those chargebacks must be $5,000 or more.

If your records prove your business stayed below either of these numbers, the bank must fix the mistake immediately.

Payment Processing Options for MATCH-Listed Merchants

Being on the MATCH list blocks you from standard credit card processors, but it does not mean your business has to close. Maintain your credit card sales by switching to high-risk MATCH list merchant services or offshore merchant account.

To keep your sales moving during your five-year wait, look into these two choices:

1. MATCH List Merchant Accounts: These processors work specifically with MATCH-listed businesses. They let you accept cards right away, but you will pay higher fees. They will also hold a small percentage of your daily sales as a backup fund for refunds.
2. Offshore Merchant Accounts: If local companies turn you down, setting up an offshore merchant account is your best option. By routing payments through a foreign bank, you bypass local restrictions.

How Do I Keep My Business Off the MATCH List?

The best way to stay off the MATCH list is to follow Mastercard’s processing rules for merchants and keep your chargebacks below 1 per cent. Banks must report merchants who break network rules. Active risk management is your best defence.

Focus on these four core areas to protect your merchant account or clean up your processing habits during a listing:

1. Keep a paper trail to fight fraud. Keep detailed records of every transaction. Use this paperwork to dispute fraudulent chargebacks as they occur.
2. Maintain strict PCI security. Keep your website safe from hackers by using updated firewalls, secure antivirus tools, and a verified PCI-compliant payment gateway.
3. Implement 3D Secure verification. Reduce fraud risk with 3D Secure protocols at checkout to block unauthorised purchases and protect your processing history. Data from the Observatory for Payment Security (OSMP) report shows exactly how 3D Secure has significantly slashed remote payment fraud rates (p. 1).
4. Understand high-risk category scrutiny. Businesses in fraud-heavy fields, like multi-level marketing, adult services, and technical support, face much higher scrutiny from banks. These businesses should partner with a specialised high-risk payment processor from day one to prevent sudden account closures.

Finding a New Payment Processor After a MATCH Listing

Businesses terminated by their payment processor or merchant services provider due to a MATCH listing must work with a specialised provider to keep accepting card payments. High-risk processors look beyond the database to evaluate your current business practices. These accounts allow your business to keep running smoothly while you handle your listing.

Clear choices exist whether you decide to appeal your listing or work temporarily with a MATCH payment processor. Being MATCH-listed does not have to sink your business. These high-risk payment processors give you the stable foundation you need to rebuild your commercial reputation over time.

Published: March 8, 2021
Last updated: July 16, 2026