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Read Merchant Account Agreements
When
applying for a merchant account it is very important to read the entire
Merchant Account Application and Agreement. For retail accounts the Merchant
Account Application and Agreement is in the paperwork you sign when applying.
For Internet merchant accounts the Merchant Account Application and Agreement
is in the application you fill out online and agree to when you press
the accept button. Please
read the entire agreement as it outlines the terms and conditions of
your merchant account.
Internet merchant accounts are month to month after the first six month term. To cancel your account, you will need to give 30 days written notice. For all retail merchant accounts that purchase new equipment there is a two year minimum term and then it is month to month. For retail merchant accounts that select the free equipment program the minimum term is 3 years and then it is month to month.
If you cancel before the end or your term, there is an early cancellation fee that is an amount equal to your Monthly Minimum Fee of Mastercard®/Visa®, Monthly Customer Service Fee and Monthly Account Fee multiplied by the number of months remaining in your term, as designated in the Initial Term of the Merchant Agreement.
For retail merchant accounts there is a standard $75 closure fee when the merchant account is closed. If you cancel before the end or your term, there is an early cancellation fee that is an amount equal to your Monthly Minimum Fee of Mastercard®/Visa®, Monthly Customer Service Fee and Monthly Account Fee multiplied by the number of months remaining in your term.
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