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merchant account contract terms

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Merchant Account Terms

What risk do you take when you don't read the fine print? Know the difference between the application and the terms of the contract, and avoid the pitfalls by taking time not just to ask questions about the agreement, but to read it yourself.

You may be surprised to learn how many merchants report to us that when they are shopping around for service that competing sales reps will tell them that they don't have contract terms. Many more sales reps have never bothered to read the fine print themselves, but only go on what they heard from other sales reps in their organization. It is in the back drop of this environment that merchants should not be shocked to learn that the Terms and Conditions of the merchant agreement are rarely discussed or accurately disclosed.

With a focus on rates and not on service, the lawyers who write the Terms and Conditions of the merchant agreement seek to lock merchants into a relationship that might not otherwise last when introductory pricing expires and service is mediocre. Three-year contract terms are a norm and early termination fees can run from hundreds of dollars to tens of thousands of dollars.

Now some merchants have become convinced by a well crafted argument from a sales person that the three-year contract is a benefit as a guarantee of the price quote. Before you buy into this claim, carefully read all the fine print to find all the reasons your price will increase. Then remember the freedom to switch carriers is the biggest deterrent of price increases. Avoid the long-term agreement.

Sample Contract Language to Avoid

With contract language like this, you are quoted
"to good to be true" introductory rates.

As you become better educated, you will force the hand of the sales strategy of "say anything, do anything" to get the contract signed. When this happens, you will enter the "waiving" zone. Just be cautious as many will waive line items on the application while the Terms and Conditions say that such acts will not be considered valid or that such changes must be made by an officer of the company.

Don't take our word for it. Read our agreement and get started. Receive our Terms and Conditions by email now.

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