Always know the terms and conditions of the credit card contract!
Businesses need to have a knowledgeable, honest and transparent rep to handle their credit card processing, before signing a new contract or cancelling an existing one. Credit card processing contracts can be complicated to understand. It is easy to misinterpret or overlook the fine print.
If you have an experienced credit card processing broker look at your current processing contract, they should begin by reviewing your current application and determine next steps based on the terms and conditions such as:
Length of the contract,
How to get out of the contract,
List any any special terms you need to comply with.
There may be terms of cancellation that should be considered:
Requirement to cancel in writing within a specified period of time.
Not following terms properly could result in termination fees.
Liquidated damages if the contract is broken too soon or improperly.
Did you know some processors have you set to automatically renew for 1 to 3 years if you do not cancel properly?
If you are signing a new application, make sure you review and understand all of the terms and conditions for the company you are signing up with and know what is in store for you. Not fully understanding or missing any of these terms or conditions can lead to 1 - 3 years worth of high fees and lost income.
What to Look for:
Preferably, there try to avoid cancellation fees, however often there are reasons (like free equipment) and the fee should be reasonable and not keep you under contract unnecessarily if you cancel in writing at the end of the contract, if desired.
I have worked with multiple credit card processing companies over the years. I am familiar with terms, conditions, and the fine print. I have read, witnessed, and handled just about any credit card contract terms and conditions imaginable. Trust me, finding a broker to help you navigate this tricky complicated financial decision is worth it.
Be sure and have a knowledgeable rep explain the contract to you!