cramerjohn004
Forum Regular
Join Date: 12.10.2021
Posts: 414
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Posted: 10.3.2022 12:57:43
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Technically, all new merchant accounts have a contract - it''s the contract term and the cancellation fee that you should watch out for. A contract term is the period in which if you cancel a merchant account, you will have to pay a cancellation fee. Month-to-month merchant accounts without a term can be cancelled at any time without a fee.
Don''t disqualify a merchant account just because it has a contract term. Sometimes imposing a contract term will make it possible for a provider to lower rates and fees or lend a piece of equipment free of charge for the length of the term.
If you do end up considering a merchant account with a contract term, here are a couple of things you should be sure to ask about.
Term Auto-Renewal - Some merchant accounts have language in the contract that automatically renews the contract term if the account isn''t cancelled within a certain timeframe. The cancellation period is usually about thirty day, but all accounts are different.
There''s no guarantee - Merchant how to start a payment processing company account contracts with or without a term don''t guarantee that rates and fees will remain the same. Merchant account agreements have out-clauses that make it possible for providers to change rates and fees so long as they give notice of the changes. The notice of any changes will be posted on your monthly merchant account statement - that''s why it''s so important to read them every month.
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