The Merchant Services Contract – How Long Are You Locked Down?
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It’s easy to overlook the contract terms with your merchant account provider. Many of us sign on the dotted line without fully understanding all terms and conditions. Irrespective of the payment processor, we cannot stress how crucial it is to comprehend your merchant services contract fully.
In today’s mobile apps, we automatically hit ok when the long scrolling screen of terms pops up. We forget Terms and Conditions are legally binding documents. Your merchant services contract is no exception. Failing to review this document can devastate your business growth if locked into services for a stipulated amount of time. What happens if you need to expand your payment options and your current provider doesn’t have the tools you’re looking for? Or you’ve qualified for a lower rate elsewhere and want to move your processing?
The Importance of Reviewing Your Merchant Services Contract
- Clearly understand the services provided and all associated costs
- Safeguards your business from entering into a contract the sales agent didn’t fully disclose adequately or misrepresented
- Allows you an opportunity to negotiate particular terms you are uncomfortable with
- Review the penalties associated with moving payment services before the contract term expires
- Gives you one final chance to back out of the contract if you don’t feel your needs will be met
Experience the Freedom of a No Contract Payment Solution
Payment Savvy was founded in 2010 with a radical approach to high-risk payment services. Entering into a service agreement for any specific period is an old way of thinking. In today’s modern world, the customer should determine how long they wish to receive a service. Whether providing a fully integrated payment solution or merely a stand-alone virtual terminal, your provider should not tie you down to their services with a time constraint as a high-risk merchant.
One thing to understand is that not all payment processors are equal. First and foremost, should the payment solution be mediocre or not what you expected to receive, all you can do is complain or face a costly early termination fee to move your business elsewhere.
As a customer, the freedom to choose is essential. Should your provider deviate from what they initially promised to provide, you need to move your payment processing – no matter if you’re one day into their services or 1,044. Another perk of not signing contract terms is you gain the ability to negotiate freely. There will always be leeway for you to ask for lower fees or add additional payment services without having to wait for a contract term to expire.
With favorable terms, your merchant provider and your business can build an equal partnership. A contract-less payment processor also means you can quickly scale up and add more tools to your payment arsenal without agreeing to additional timeframes or volume requirements.
Break Free from Contracts
At Payment Savvy, providing innovative payment solutions AND customer satisfaction are our top priorities. One is not more important than the other. Our objective is for our clients to stay with us because they know we are the superior provider, not because we are forcing them to stay with us due to a merchant services contract. We specialize in providing a wide variety of payment solutions – from our often imitated Fee-Free Payments™ solution to our All-in-Done Self-Service payment tools. If you are a high-risk merchant looking for a better way to receive electronic payments, give us a call today.