After reviewing a couple of dozen charge card processors, I’ve began to determine a design of sticking points that unhappy retailers frequently complain about. Certainly one of individuals points may be the early cancellation, or early termination fee.
I can’t count the number of complaints I’ve read from folks who’ve lost their brains once they’ve discovered that they need to pay a cancellation fee. They swear up and lower that they are never told about this, so that they won’t covering the between $100 to $500 dollars simply to break their merchant processing agreement (MPA).
The title of the publish poses the issue “Does Your Credit Card Merchant Account Possess a Cancellation Fee?” Well, I inquire again…does yours?
I’ll bet that a number of you have no idea, but to become fair, it isn’t entirely your fault.
Sales people are out to earn money, and so i would not anticipate seeing one ruin an offer by verbalizing the presence of a cancellation fee prior to the deal is closed. Point in fact, I’m prepared to bet that they’d do anything they can to really steer clear of the subject entirely. I am not attempting to bad mouth all sales people here, because the great majority are really very honest within their dealings, but I’ll have a quote from Upton Sinclair to describe myself…modified Merchant Maverick style:
It is not easy to obtain your sales repetition to say the first termination fee, when his salary is determined by him not mentioning it!
I urge explore to visualize there isn’t a free account early cancellation fee simply because your repetition didn’t say anything about this. Should you not ask, then odds are, they won’t tell.
The only method to make sure would be to first ask, then ask again, then finally verify by studying your whole contract. It’s boring, I know…reading contracts sucks! But believe me, early termination charges suck much more.