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Does Your Merchant Account Have An Early Termination Fee?

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Hsin-Wei Luang

Hsin-Wei Luang

Hsin-Wei is a freelance writer focused on small business and technology writing. Before becoming a writer, she worked as a techie lawyer for many years until she came to her senses. Now, in her spare time, she plays frisbee with her Mini Australian Shepherd dog.

We've done in-depth research on each and confidently recommend them.

We've done in-depth research on each and confidently recommend them.

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16 Comments

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.

    Harvey L Butler

    Thanks for the information it was helpful

      This comment refers to an earlier version of this post and may be outdated.

      Harvey L Butler

      My deposits are not in my account the next day what can i do to change this?

        This comment refers to an earlier version of this post and may be outdated.

        Jessica Dinsmore

        Hi Harvey,
        Check out our merchant’s guide to getting your funds fast!

          This comment refers to an earlier version of this post and may be outdated.

          Kathryn Juin

          this was a very education In the business of CC processors. It happened to me with the termination fees.
          The rates are so high and it cost 750.00 to get out of the contract. I am stuck for another two years.
          The document they sent was not the real contract. The real contract is on line once you agree to there terms as spoken to you on the phone. North American BankCard is the worst I have ever dealt with.

            This comment refers to an earlier version of this post and may be outdated.

            Terri

            Amad,
            I am a very small craft sales business. No online sales; just craft shows. Can you recommend something very basic? I want to accept credit card payments on my iPad.
            I am reading a lot about services, but none seem to be geared toward a business as small as mine. Any suggestions? Thanks in advance.

              This comment refers to an earlier version of this post and may be outdated.

              Chloe Bahal

              Hi Terri,

              I would recommend Square. If you have further questions please let us know.

                This comment refers to an earlier version of this post and may be outdated.

                chester wilson

                what can I do when a i payment charges me a cancellation fee of 350 dollars when they never explained that there was even a fee in the first place.

                  This comment refers to an earlier version of this post and may be outdated.

                  steve grimm

                  what can transtech merchant group do if i cancel early

                    This comment refers to an earlier version of this post and may be outdated.

                    Kandy kwok

                    I signed a contract POS system for my restaurant for four years,but I Sold the restaurant within a year,should I responsible for the other three years ?

                      This comment refers to an earlier version of this post and may be outdated.

                      Brenda

                      Hi Amad.
                      Since you are considered somewhat of an expert in this industry, do you have any advice and or direction I may take to get help with the current scamming processor I am with. Are there any avenues to take get out of contracts and fees etc…I would love to hear from you.

                      thank you.

                        This comment refers to an earlier version of this post and may be outdated.

                        Amad Ebrahimi

                        Brenda,

                        Generally it’s difficult to break a contract with an existing processor, unless you can find a new processor to buy it out for you. If your business is worth it to the new processor, they may do it.

                          This comment refers to an earlier version of this post and may be outdated.

                          Emily

                          I just got hosed on mine- I canceled my account with Swipe Now because they kept adding random new charges to my account every month. When I signed up, the rep told me there was no long term contract and no early termination fee. I asked him specifically because it had been an issue with my previous provider. Guess what? Swipe Now just charged me $395 for early termination. I feel like an idiot for believing the rep. However, the contract where the term is outlined is in a totally separate document from the application and I NEVER received a copy. So yeah. I am a big idiot, but they were very misleading.

                            This comment refers to an earlier version of this post and may be outdated.

                            Kevin

                            Wow, that is a great reference from Eric — like lending tree for Merchant Service Providers, great idea and looks like a great service.

                            –Kevin

                              This comment refers to an earlier version of this post and may be outdated.

                              Eric Olson

                              Another way to avoid a cancellation fee is to use TransFS.com to shop for, and find, your merchant services provider. We ensure that any of the merchant services providers that participate on our site will not levy a cancellation fee on anyone who finds them using TransFS.com.

                              Cheers,
                              Eric Olson
                              Co-Founder: TransFS.com

                                This comment refers to an earlier version of this post and may be outdated.

                                The Merchant Maverick

                                Thanks for the reference Eric.
                                Great to know that you guys are working for the merchant on this one.

                                  This comment refers to an earlier version of this post and may be outdated.

                                  Aaron

                                  no they can just raise rates when ever they want, thats why they have no agreement is what its called and when explained right it makes since, lock the rates in for 2-4 years, but it helps when I run across not agreements and show them how they have all those hidden fees! Lol!

                                    This comment refers to an earlier version of this post and may be outdated.

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