Merchant Services Contracts Are Negotiable
Post date: May 13, 2013 11:48:42 PM
It really frustrates me to be referred to a hard working merchant and find out they have been told something that is not true or, they have been the victim of "The Sin Of Omission" and some important details were left out in the merchant services contract discussion. Just last week I was referred to a business owner and he had signed a contract to lease a credit card terminal when he had a perfectly good terminal already. The new credit card processing company said that all merchants got the best deal when they provide the terminal. Well this merchant did not understand that he was signing an irrevocable lease agreement for the new terminal that had costly early cancellation penalties if he decided to quit before the contract was up.
Here is the truth about merchant services and the contracts that merchants are ask to sign. Very important things in the merchant services contract are negotiable such as early cancellation penalties. I am an independent credit card processing representative and I have placed merchants with five different processors and everyone of these processors let me sign merchants to merchant contracts without any early cancellation penalties. Furthermore I have never had one of my merchant clients lease a terminal because that is not in their best interest. It cost to much and those irrevocable equipment lease contracts are one of those costly mistakes I will not let my merchant clients get caught up in.
Remember "Very important things in the merchant services contract are negotiable" so always negotiate and never be pressured to sign any contract with early cancellation penalties and do not lease your credit card processing equipment.
Rickey E. Wright
Cabrera Wright Company