Hardware leases are separate contracts
Terminal rental is frequently a distinct agreement with a third-party leasing company, on a longer term than the processing contract. Cancelling processing does not cancel the lease — a surprise many merchants only discover afterwards.
The clauses to read twice
Before signing anything, get clear written answers on the following.
- Total contract length and auto-renewal period
- Notice period and the exact window to serve it
- Early termination charge and how it is calculated
- Whether rates can be varied unilaterally, and with what notice
- Minimum monthly service charge if turnover falls
Negotiate before, not after
Providers have far more flexibility at the point of sale than at renewal. A twelve-month rolling term with 30 days' notice is achievable for most merchants who ask for it upfront.
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