A year ago I signed up with North American Bancard to use their wireless terminal at my inspections. I thought having a credit card machine on site would make credit card payments go smoother. After a year of using the machine I determined that the system wasn’t working very well for me. Booting up the wireless machine and completing a transaction while agents and my clients wanted my attention to review the inspection report just wasn’t working.
I decided to cannel my service. I found out that buried in the fine print of my contract that I am obligated to a three year contract (never mentioned by the salesmen!) and if I terminate they will accelerator the service and equipment rental fees for the remaining two years ($800.00). The sales person told me that this policy was universal in the industry. That is a lie, it is not! I had no such obligation with my last vender and I have no such obligation with my new vender.
Since I have to return the equipment and there is no loss to the credit card company there is no justification in charging the excessive cancelation fee.
I was a fool!
I recommend avoiding this company
Do you have any subscription fees? Monthly? Yearly? Or just transaction fees? If you are only charged for transactions, keep the equipment, and don’t use it, then return it after the three years are over.
OR
Process the payment while your client reads/reviews the report prior to going over it with them.
My first merchant account I had screwed me over like that to. I use a virtual terminal now. I like the processing company but the bank they make me use charges for every little thing. I am going to be looking for a different merchant account provider, this Spring.
