With Canada First – You Can Cancel Anytime!
Watch Out for Cancellation Fees
Cancellation fees can add up, often costing a business hundreds of dollars. Most processors still have a 3 to 5 year processing contract, with cancellation fees ranging from $250 to $5,000 or more. There are generally two types of cancellation fees you need to watch for when you sign up with a credit card processing company. The first is for the cancellation of the credit card processing service, and the second is for the credit card processing equipment if you chose to lease, rent or accept “free” equipment. The best way to avoid paying expensive cancellation fees is to sign up with a company that offers month-to-month service, as Canada First does, and purchase your equipment outright. We will never lock you into a non-cancellable equipment rental or lease agreement. Renting or leasing equipment is expensive. Learn why you should avoid renting or leasing your processing terminals.
The problem with signing up with a credit card processing company that locks you in, is that if the service no longer meets your needs or you find a better deal elsewhere, it’s extremely frustrating to be stuck waiting for the contract to end or paying an expensive cancellation penalty. Additionally, many contracts have “auto renew” clauses requiring you to follow specific cancellation procedures within a short timeframe if you want to cancel. As a result it can be tricky to cancel your account in time and without triggering cancellation fees.
Most credit card processing sales reps aren’t going to tell you about cancellation policies unless you specifically ask, and information about how to close your account and what cancellation penalties you may incur can be difficult to find. In fact, it is often the case that cancellation fees aren’t called cancellation fees at all. Instead, they are referred to as:
- Exit Fee
- Early Termination Fees (ETF)
- Lost Profit Fee
- Early Deconversion Fees (EDF) or a Restocking Fee
Some sales representatives may use these terms in an attempt to convince you that they don’t charge an early cancellation fee, so be sure to ask and check your contract whether these terms are mentioned anywhere
Some credit card processors have cancellation policies which include a liquidated damages clause that allows the processor to charge you for the revenue it expected to earn during the life of your contract; in some cases, this amount could add up to thousands of dollars. The best credit card processing companies, like Canada First, will never charge you a cancellation fee.
With Canada First – Cancel Anytime!
At Canada First we are proud to offer month-to-month service on all of our processing solutions. We never impose any contract closure or early termination fees should you wish to cancel your merchant account. All we ask is that you provide us with a 30-day notice of your desire to cancel your merchant account, and your account will be suspended with no additional fees. It’s that simple.
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