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By TRANSAX -
It is a standard practice in the industry to charge an early termination fee. This is understandable - considerable time and effort goes into underwriting and boarding a new account, time is spent on customer service, etc. An early termination fee is a way for a merchant account provider to make sure they will recoup their initial investment into a new merchant account. These fees are usually range from $200 - $500 depending on the provider. However, some entities enact extremely unethical early termination fees. For example, some merchant account providers will charge a mutliple on the earnings from the largest volume month over the past 12 months. Some providers will go so far as charge a multiple on their profit + interchange + dues and assessments! Two examples that I have encountered: 1) Big Bank - I had a merchant processing with this bank. They wanted to cancel, and were prepared to pay what they thought was a $295 early termination fee. They receive a communication from the
By Tim Mason -
Merchants like hosted payment pages because they avoid security risks as the PCI standards are supported by the gateway itself. What makes our hosted payment page different is the flexibility of included fields and the ability to reach a customer within seconds. Using only their phone, a merchant can log into their account, create a new payment page and then email a direct link to any customer. The email is immediately sparked to the inbox of the customer and with one click a mobilized payment page is available on their phone. Our system also generates a unique QR Code that can be used for marketing collateral, invoices, or anything they desire.