First Data Merchant Services $500 Early Termination Fee Is Not Reasonable Atlanta Georgia
I own a small retail business. In September 2006 I swithed to First Data Merchant Services to process credit card transactions. I did not incurr any penalties when I switched from my previous vendor to First Data.
I have now sold the business after owning it for 7 years. First Data has informed me that they I will incurr a $500 early termination fee. I was not aware that the term of the agreement was for 3 years until I studied the Merchant Processing Program Guide. In their 33 page Merchant Processing Program Guide there is a sentence that refers to a 3 year term. No where does it mention a $500 fee. It was also not mentioned by the customer service person when I started the service. I had no reason to expect a termination fee of this magniude. I have not yet cancelled the service as a result of this fee.
Roger
Lake Ozark, Missouri
U.S.A.
4 Updates & Rebuttals
Roger
Lake Ozark,Missouri,
U.S.A.
First Data Merchant Service $500 Early Termination Fee is a Calculated Ripoff
#5Author of original report
Tue, April 17, 2007
Apparantly I must pay a $500 Early Termination Fee after I sold my business and no longer need the service. NO OTHER PROCESSING SERVICE HAS A 3 YEAR CONTRACT AND A $500 FEE IS FRADULENT.
Roger
Lake Ozark,Missouri,
U.S.A.
First Data Merchant Service $500 Early Termination Fee is a Calculated Ripoff
#5Author of original report
Tue, April 17, 2007
Apparantly I must pay a $500 Early Termination Fee after I sold my business and no longer need the service. NO OTHER PROCESSING SERVICE HAS A 3 YEAR CONTRACT AND A $500 FEE IS FRADULENT.
Roger
Lake Ozark,Missouri,
U.S.A.
First Data Merchant Service $500 Early Termination Fee is a Calculated Ripoff
#5Author of original report
Tue, April 17, 2007
Apparantly I must pay a $500 Early Termination Fee after I sold my business and no longer need the service. NO OTHER PROCESSING SERVICE HAS A 3 YEAR CONTRACT AND A $500 FEE IS FRADULENT.
A
Maryland,Maryland,
U.S.A.
$500.00 ETF
#5UPDATE Employee
Sun, April 01, 2007
Look at the Additional Fees Section of the Merchant Program Guide. The $500.00 ETF should be quoted there. This section is usually near the back of the booklet.