Do not sign any agreement until you have read the fine print, which is snail-mailed to you after you sign the contract. You'll think you've read everything, but no one tells you about this fine print that is part of the contract. The fine print contains many terms that your salesperson did not discuss with you, or are contrary to the promises the salesperson made, including:
1. The fine print provides for a longer term than the term promised (one year vs three years), and is self-perpetuating (meaning that it will renew automatically).
2. There are severe penalties for cancellation. My salesperson told me I could cancel with no penalties.
3. There are multiple hidden fees that will not be disclosed before you sign the contract.
4. You will never receive the processing rate you were promised, because none of your transactions will fit into that ideal category. This will not be disclosed to you before you sign.
5. You will never again be able to speak with your salesperson, who promises to be available to you after the fact for any questions. Customer service will say you are "not allowed" to talk to your representative.
6. I was ridiculed by representatives: "You're a business person; don't you read what you sign?"
If you have never before contracted with a credit card processing company, BE VERY CAREFUL. It is far more complex than presented to you, and I have learned this the hard way. I am now working with a local bank for my processing needs, and have a personal representative who is accountable for solving my problems (I've had none so far at US Bank). I am paying the monthly minimums (totaling about $50) until my contract with Merchants Choice runs out because the cancellation penalties are so severe. I have had an attorney look at my case, and Merchants Choice has covered themselves legally for all of this. DISREPUTABLE, DISRESPECTFUL, DISHONEST.