Most businesses will receive a notice this month of new MasterCard authorization fees. These fees will apply when you pre-authorize a credit card transaction, if you never pre-authorize you will not be affected. If you are looking for an opportunity to cancel your current processing contract and find a new processor you should not be subject to any early cancellation fees providing you give notice within 90 days of receiving the notice.
However be careful and do this right! Many times sales reps will tell you that you have the right to cancel but not stress the importance of giving proper written notice. Here is what we do for our clients:
- Send written notice including all pertinent information of the account and get proof of delivery
- Include a request to inform us if they disagree with the fact that there are no cancellation fees
- Cancel the PAD agreement when the account has been paid out.
For more information Contact Us