Originally Posted by Neil D
A lot of the banks will charge a minimum monthly fee and will charge you a service fee on top.
With all respect this is not true. Minimum monthly fees will only kick in if greater than service fees. For example: minimum monthly fee is $40 and service fee $35. Merchant will be charged $40. If service fee is $50, merchant will pay $50, not 50+40 or 35+40.
If your processor charging you minimum on the top of service offer them to stop and reimburse all mistakenly charged fees in order to retain your business. If not, itís time to find another processor.
Itís never a good idea to sign contract with early termination fees of any kind and minimum monthly fees in the first place. Just make it a deal breaker and most processors will waive it. Get it in writing.
Itís also possible to remove all these fees even if you already signed contract. If your service fees are not constantly less then minimum tell your processor that you like their service and low rates (if you like it) and not planning to leave, but mentioned above fees are keeping you from being completely happy with them. If not removed right away let them know that many processors will be glad to reimburse your termination fees if switched to them and provide you with contract without any such fees. Get it in writing.
Every situation is different and depends on many factors. Do not do it yourself if you donít feel confident.
To cancel service I would recommend sending certified letter return receipt. Keep a copy for your records.