Business owners who operate and rely on credit card sales through a merchant account have likely all heard of the initials TMF. What exactly is TMF though, what does it stand for and what does it mean to your business?
The terminated merchant file does not need to be as complicated as you need to make it out to be. In a sense, the terminated merchant file is a banned list. The terminated merchant file is a repository of all merchant accounts that have been blacklisted by a financial institution, meaning that you can not do any credit card processing with the merchant account that is in question and is on this list.
Financial institutions are constantly monitoring everything that they process whether it be a credit card payment processed by Visa and, or Mastercard. Once they detect something that they consider to be against the rules or in violation, they will call you on it. They will not let you know of the wrongdoing though, instead they will simply add you to the terminated merchant file. When they do this, you are on this naughty list in a sense where you can no longer process credit card payments.
Solidtrustpay is known as a merchant account operator, just as other operators will do, who will be sure to operate merchant accounts in such a way that you will not get on this list. If you do, solid trust pay will be reliable as you reach out to the financial institution to get removed.
When it’s time to open a merchant account for your business, it’s important to do your research and ask the right questions. Not all merchant account providers are created equal. In fact, some have much higher rates while others do not offer the services that will benefit your business. Before you can select the company of your choice, make sure to ask the following questions regarding fees.
While there is no way around paying fees, it is important to ask a potential merchant provider about the specific fees they have. For example, SolidTrustPay is known for providing some of the best prices in the industry, and these low-rates are available for both online shoppers and entrepreneurs. However, whether you go with Solid Trust Pay or a different company, it is important to make sure that the company offers a complete list of transaction limits and fees.
Another fee you will want to pay attention to is the activation fee. Try to find a company like SolidTrustPay that allows merchants to open accounts for free. In fact, unlike most merchant account providers, Solid Trust Pay does not charge for many services, including monthly account maintenance and sending transfers to other members or merchants within the Solid Trust Pay network.
Also, keep an eye out for fees for withdrawals and deposits, as many companies cash in high fees for these transactions. However, SolidTrustPay offers extremely low rates for these transactions. For example, withdrawing a check through the company is $4, while a bank wire transfer is only $15 to $50. A deposit of a money order or check through Solid Trust Pay is only $2, while a bank wire deposit transfer is only $10 to $20. These are just some of the low rates provided by Solid Trust Pay and companies like it.