How can I cancel my merchant agreement without incurring fees? fee or that you won't be charged for a certain fee, get that promise in writing. fax a letter stating your request to cancel the contract for the cancellation to be.
In one account I read, a merchant was charged more than £ to If you want to cancel your card machine contract early, you'll usually Here is one letter a reader sent us from Merchant Rentals Ltd that a definitive answer in writing that 1) the CCA does apply and 2) that clause (7) does not apply.
If you have a merchant account associated with your business, at some point it is likely that you will need to cancel or close your merchant account. This may be due to a sale of the business, or finding a different merchant account provider that offers better rates or service than your current provider. Whatever the reason for closing your current merchant services account it is important to understand your rights and obligations to ensure a successful cancellation. This article helps explain how to close a merchant account, but be sure to follow the cancellation and closing procedures outlined by your merchant account services company.
Review— Your contract could have some hidden penalties and fees that must be paid if an early termination is requested. By reviewing your contract you will be aware of any fees for early cancellation along with equipment fees for leasing, restocking, or buyouts.
Call your account representative— Calling your account representative is a critical step when closing your merchant account. Answer any questions your representative may have in relation to your reasons for closing the account. Be sure to provide all the information surrounding your business so the closing can be completed accurately. During this phone call the representative will detail any specific guidelines for you to follow such as submitting a cancellation statement via fax or mail.
Discuss— If there are early termination fees, discuss with your representative the options for waving the fees. If the fee for cancellation is too large, it may be worth it to hold off on closing the account until your contract has been fulfilled.
Confirm procedures for returning equipment— If you have leased your credit card terminal and POS system from your current merchant account provider, you will will need to return all equipment to avoid incurring a large fee. This may be arranged by having a technician come to your business location to remove and uninstall any software programs, or simply returning all the equipment by mail.
Frequently check your bank statements— Once all equipment has been returned and any early termination fees have been paid, double check your bank statement to avoid any recurring charges from your old payment processing provider. Often times merchant service providers will charge for undisclosed or waived fees. In addition, review your final merchant service account statement to rule out any discrepancies.
Look for a merchant services provider that offers premium customer services, competitive rates with no hidden fees, technologically advanced software and equipment, along with the ability to customize and tailor payment solutions to fit the specific needs of your business.
Cancellation letters are usually written for canceling certain services or orders. These letters have to be specific with respect to what one has to say.
Use this sample to draft a letter disputing a debit card charge.
[Your Address, City, State, Zip Code]
[Your Account Number]
[Name of Debit Card Issuer]
[Address, City, State, Zip Code]
Dear Sir or Madam:
I am writing to dispute a debit in the amount of [$______] on my account. The amount is inaccurate because the merchandise I ordered was not delivered. I ordered the merchandise on [date]. The seller promised to deliver the merchandise to me on [date], but I never got it. [If appropriate, include: When I placed my order, the seller did not tell me my account would be debited before shipping.]
I am requesting that the error be corrected, that any finance charges related to the disputed amount be credited to my account, and that I get an accurate statement.
Enclosed are copies of [use this sentence to describe any enclosed information, like sales slips, payment records, documentation of shipment or delivery dates] supporting my position and experience. Please correct the debiting error promptly.
Enclosures: [List what you are enclosing.]
[Name of merchant] [Address]. Dear Sir/Madam Cancellation of direct debit. I refer to my authority to you to directly debit my account [insert your bank account.