Your processor has terminated your account.
Or a new provider has declined your application and mentioned something called the MATCH list. Either way, you need answers.
Being on the MATCH list is serious. It is not, however, the end of your business. Many merchants in this position feel blindsided, and the terms TMF and MATCH being used interchangeably only adds to the confusion. This guide explains what the list is, why you might be on it, how long it lasts, and what you can realistically do next.
Key Takeaways
MATCH and TMF are the same list. TMF, the Terminated Merchant File, is the older name for what Mastercard now runs as MATCH.
Listings are filed by the acquiring bank, last five years, and follow both the business and its principal owners.
Early removal is rare and limited mainly to listings filed in error or cured PCI DSS non-compliance. For most merchants, the realistic path is managing the listing period rather than fighting it.
MATCH-listed businesses can still get card processing from specialist providers, on tighter terms and at higher cost.
What Is the MATCH List?
MATCH stands for Member Alert to Control High-risk Merchants. It is a database run by Mastercard that records merchants whose acquiring bank terminated them for specific reasons. Acquirers are required to check it when a business applies for a new merchant account, so a termination by one bank can affect applications across the industry.
Mastercard maintains the system, but it does not add merchants itself. The acquiring bank that terminated the account files the listing. Only acquirers and registered service providers can query MATCH, which means you cannot log in and check your own status.
A listing records far more than a business name. It captures legal and trading names, website addresses, business addresses, tax IDs, and details of directors and principal owners. That is why changing a trading name rarely hides a listing.
Common triggers include:
Excessive chargebacks
Excessive fraud
Account data compromise or a data breach
Money laundering or illegal transactions
Identity theft
PCI DSS non-compliance
MATCH vs TMF: Are They the Same Thing?
Yes. TMF, the Terminated Merchant File, is the older name. MATCH is the current Mastercard system. Whether someone says “TMF list” or “MATCH list”, they mean the same database.
Mastercard moved away from the TMF name years ago, but many people in payments still use it out of habit, which is why “TMF” still turns up in emails, contracts and termination letters. There is no separate TMF database running alongside MATCH. A TMF check today is simply a MATCH inquiry run by an acquirer, and if a provider tells you that you are on TMF, they mean a MATCH listing exists. The current version of the platform is called MATCH Pro.
Anyone describing MATCH and TMF as two different lists is mistaken.
Why Merchants Get Added: The MATCH Reason Codes
Every MATCH listing carries a reason code that tells future acquirers why the merchant was terminated. Knowing your exact code matters, because it decides your removal options and how underwriters will read your application.
01 Account Data Compromise. Cardholder account data was accessed or disclosed without authorisation.
02 Common Point of Purchase. Card data was stolen at your business and then used for fraud at other merchants.
03 Laundering. You processed transactions for another business, or submitted transactions with no genuine cardholder behind them.
04 Excessive Chargebacks. Your chargebacks in a month exceeded 1% of sales transactions and totalled USD 5,000 or more.
05 Excessive Fraud. Your fraud-to-sales ratio reached 8% or more in a calendar month, with 10 or more fraudulent transactions totalling USD 5,000 or more.
06 Unused. Not currently in use.
07 Fraud Conviction. A principal owner or partner was convicted of criminal fraud.
08 Mastercard Questionable Merchant Audit Program. Mastercard identified the business as a questionable merchant under its audit programme.
09 Bankruptcy, Liquidation or Insolvency. The business cannot meet its financial obligations.
10 Violation of Standards. You broke card network rules, for example by misrepresenting what you sell or using the wrong merchant category code.
11 Merchant Collusion. You took part in fraudulent activity together with others.
12 PCI DSS Non-compliance. You failed to meet the Payment Card Industry Data Security Standard.
13 Illegal Transactions. You processed payments for products or services that are illegal.
14 Identity Theft. The account was opened using stolen or false identity information.
Note that the thresholds under codes 04 and 05 define when an acquirer may list a merchant. They are not an automatic trigger. The code also shapes what happens next. PCI non-compliance under code 12 is curable. Excessive chargebacks under code 04 still leave room for specialist underwriting. Laundering, illegal transactions and fraud convictions make recovery very difficult.
How Long Does a MATCH Listing Last?
Five years. Records stay in MATCH for 60 months from the date of listing and are then removed automatically. The clock does not pause or reset, even if you only discover the listing years later.
For example, a merchant listed in June 2024 would expect to drop off around June 2029, as long as no new listing is filed in the meantime.
Listings apply to both the business and its principal owners. Setting up a new company with the same directors, or reusing the same bank details, will usually be detected. Selling the business does not clear the listing either, because it stays tied to the principals named at the time.
Most valid listings simply run their course. Only a small minority are removed early, for the specific reasons covered below.
What Being on the MATCH List Means for Your Business
A MATCH hit during underwriting is disruptive, but plenty of high-risk merchants keep trading. Knowing the practical consequences helps you plan.
Mainstream processors and aggregators will usually decline your application as soon as they see the listing.
Underwriting with any provider takes longer, needs more documentation, and comes with higher processing fees.
Rolling reserves, where a share of each transaction is held back for a period, become standard and tie up working capital.
Providers you already use may review their exposure if they learn about the listing.
Scaling volume, launching new products or entering new markets becomes harder.
Specialist high-risk acquirers look at context. They consider your industry, your history before and after the termination, whether the problem has been brought under control, and how strong your compliance posture is today. Listed merchants with a clear remediation story and solid controls do find reliable processing.
How to Get Off the MATCH List
Early removal is possible, but only in narrow situations. The decision sits with the acquiring bank that filed the listing, not with Mastercard. You cannot request removal from Mastercard directly.
Valid grounds for removal:
The acquirer accepts that the listing was filed in error, such as the wrong merchant, wrong data or wrong reason code.
You were listed for PCI DSS non-compliance under code 12 and have since become fully compliant, supported by the right compliance documentation.
Steps to request removal:
Confirm your exact reason code and listing date. These are usually in your termination letter, or you can ask the acquirer’s risk or compliance team in writing.
Gather evidence that addresses your specific code. For code 12, that is proof of PCI compliance. For identity theft, proof that you were the victim. For a data compromise, a forensic report.
Send a clear, dated written request to the acquirer that listed you, asking it to review the listing and submit a removal if appropriate.
Keep copies of everything and expect a response to take several weeks.
For most codes, especially genuine fraud or serious rule breaches, early removal is unlikely. The realistic plan for most merchants is to fix the underlying problems, rebuild a clean processing record, and work through specialist providers while the five years run out.
Beware of MATCH Removal Services
No third party can remove a legitimate MATCH listing if the acquirer that filed it refuses. Services promising guaranteed removal for an upfront fee should be treated with extreme caution, particularly if they will not explain in writing how removal actually works under Mastercard’s rules.
Your time and money are better spent fixing the causes, whether that means reducing chargebacks, achieving PCI compliance or tightening fraud controls, and building your case directly with the acquirer. Outside help can be useful when it is advisory, such as compliance consulting or legal advice. It cannot be a shortcut off the list.
Visa's Equivalent: VMAS and VMSS
Visa runs its own terminated merchant database, separate from MATCH. It was known as VMAS, the Visa Merchant Alert Service, and Visa now operates it as the Visa Merchant Screening Service, or VMSS. As with TMF and MATCH, both names are still in use. Visa acquirers check it when assessing a new application, in the same way Mastercard acquirers check MATCH.
Being on MATCH does not automatically mean being on Visa’s list. A merchant can appear on one, both or neither, depending on which networks and acquirers were involved. The commercial consequences are broadly similar: harder approvals, higher costs and tighter terms.
Getting a Merchant Account While You Are on the MATCH List
Mainstream processors usually decline listed merchants, but specialist high-risk merchant account providers assess them case by case. What they want is transparency and evidence that the root cause has been dealt with.
Underwriters typically look for:
A frank explanation of what happened, including your reason code.
Evidence that the root cause, such as excessive chargebacks or a data compromise, has been fixed.
Recent processing statements showing low dispute levels.
Fraud prevention tools now in place, such as 3D Secure, AVS and CVV checks, device fingerprinting and KYC processes.
Full PCI compliance documentation.
What to expect:
Higher rates than a clean applicant.
A rolling reserve to cover the processor’s risk.
Volume caps, closer monitoring and more detailed reporting.
These are the cost of rebuilding trust, not a punishment. FASTO may review applications from MATCH-listed merchants depending on the reason code and current risk profile. Read our guide to getting approved after a MATCH listing, and prepare a short processing file with recent statements, your policies and a chargeback reduction plan before you approach any acquirer.
How to Avoid Ending Up on the MATCH List
Prevention comes down to controlling chargebacks and fraud, staying compliant, and being honest with your acquirer about what you sell.
Keep your chargeback ratio comfortably below network monitoring thresholds. Refund early where appropriate, use a billing descriptor customers recognise, and respond quickly to complaints so you can resolve disputes before they escalate.
Use fraud screening and chargeback protection tools suited to high-risk sectors, including device fingerprinting, velocity checks and 3D Secure.
Stay PCI DSS compliant to protect card data and avoid both code 01 and code 12 listings.
Make sure the product descriptions, terms and business classification you give your acquirer match what you actually sell.
Never process transactions for another business or let anyone else use your merchant account.
Accurate records and clear ownership details also reduce the risk of being listed by mistake. FASTO works with high-risk merchants to keep chargebacks and fraud under control, which is the most reliable way to stay off the list in the first place.
FAQ
How do I know for sure if I am on the MATCH list?
You cannot check MATCH yourself. Confirmation usually comes from the termination letter sent by the acquirer that closed your account, from a new processor that ran a MATCH check during underwriting, or from asking your previous acquirer’s risk team in writing whether a listing and reason code were filed. Repeated, unexplained declines from mainstream processors are a strong sign that you should ask your former acquirer directly.
Can opening a new company or changing directors hide a MATCH listing?
Rarely. MATCH tracks both the business and its principal owners, using legal names, addresses, ownership details and sometimes bank account data. Changing the trading name, forming a new company at the same address or adding new directors seldom fools experienced underwriters, and it can raise fresh compliance concerns. Being transparent about what happened, backed by evidence of better controls, is the safer route.
Can I still accept card payments while I am on the MATCH list?
Yes. Many listed businesses keep taking card payments through specialist high-risk acquirers willing to underwrite them at higher cost. Expect higher fees, rolling reserves, volume limits and stricter settlement terms. Keeping chargebacks very low and showing strong fraud and compliance controls is what keeps those relationships stable over the rest of the listing period.
Is the MATCH list public?
No. MATCH is an internal tool available only to acquiring banks and authorised payment providers for underwriting and risk control. Customers, suppliers and partners cannot search it or see your status. The effects can still show up indirectly, for example if payments fail often or you have to switch providers at short notice.
Should I hire a lawyer if I think my MATCH listing is unfair?
This article is not legal advice. If a listing looks clearly mistaken or is causing serious commercial harm, a lawyer who specialises in payments or financial services can review your merchant agreement, correspondence and the relevant network rules, and help you structure a formal challenge to the acquirer. Weigh the cost against how much of the five-year period is left.
