“I’m locked into a contract and can’t get out of it”
Being in a term contract doesn’t necessarily mean that you must fullfill the length of the term. If you find a processor that offers you more appealing rates and service, you should make the switch. In this case the “angel”, not the devil, is in the details. If you take a few minutes to view the small print of your contract you will likely discover the clause of “early termination”.
Most merchant processing contracts that I have seen are bought out at a very reasonable price ranging between $150 to $300. Why would a merchant stay locked into a contract for such a small amount of money? They can easily save that money by switching processors. Legitimate processors will often times cover the buyout expense in exchange for receiving your business.
My company has no term contract. You stay with us as long as you’re happy. If you ever wanted to leave, there’s no buyout fee. My policy has been to pay the buyout fee for the merchant I’m dealing with who has an existing contract with their current processor. Escape the contract prison, you’ll be glad you did!
