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Liquidated Damages: The Most Expensive Early Termination Fee…Ever!

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Amad Ebrahimi
Amad has worked in the eCommerce and online marketing world since 2002. He started as an eBay seller, then slowly graduated to building & marketing his own websites and consulting others to do the same. He founded Merchant Maverick out of frustration with all the misinformation and shady tactics that he encountered when trying to find a merchant account for his and his client's businesses. He's the man behind most of the merchant account reviews, and articles posted on MerchantMaverick.com. Have any questions related to credit card processing? Talk to him.
Amad Ebrahimi
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Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Max Marengo

    I work for a small restauranteur who got forced into signing with Vantiv/fifth third in march of 2014 in order to avoid an ‘integration fee’ by a new POS provider who was setting us up at the same time. Everything was rushed through, we never actually saw the rep who setup our Merchant Account. She faxed us solely the abbreviated merchant agreement with a lot of ‘see sections’ scattered amongst the agreement with no attached full agreement. Our boss is not a legal savy man and was rushed through this process to get the new POS up and running. Now he wants to cancel due to Vantiv showing neglect on servicing our account (we have to manually call and batch out every morning to make sure we get paid) but they are asking for the $395 early term fee plus 1 full year of liquidated damages extending to about $6000. Even though they didnt show us the reference to our abbreviated contract when we signed up are we stuck with this bill?
    Please, let me know if there is anywhere I can look to avoid this, anyone who can help.

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