First Data GLobal Leasing First Data Merchant Processing Services Small business owner decieved and held hostage over exorbitant monthly fees Atlanta, Georgia

Dear FTServiceLLC - Lake Geneva,

As a profession and CPP that works in this industry trying to help business owners and reading countless program guides and terms or agreements, there is no such clause in the leasing agreements that if you close you business that a business can be "let out" of the contact.  In a very few older merchant agreements there is such a clause, but not in the First Data agreements.

Ray at Tampa Bay Merchant Services. http://truthsaboutmerchantservices.blogspot.com/

If I'm not mistaken, there are clauses in your contracts that state if your business closes that does not constitute as a breach and you may end the service for no fees.  You will have to request a copy of the 'program guide' from first data and scan through it. 

This is the 38 page fine print you will find MIND numbing to read, but you should find it somewhere in that packet.  They don't just hand them out though, you have to be a merchant to get it, any sales agent will have one available.

And for fun, since your closed and just looking to educate yourself about it check this non biased site out it will fully educate you on how the payment card industry works http://www.merchantcouncil.org/

I do agree that you should read and understand as best as you can what you are signing.  If the rep tries to rush you or gloss over it, then you are dealing with the wrong person / company. Beware you will have a contact for the processing part and the leasing part.

What most people / business owners do not realize is the leasing company is nothing more than a financing company for the merchant service provider who uses them to help place terminals and make bigger commissions.   In this case your bank, Tri City Bank is the problem by directing you to their vendor First Data Sales.  They should not have leased the equipment when they can sell it to you.  Why would they do this, its called more revenue.   I would let your local branch banker know how their vendor they recommend screwed you put pressure on them.  If they will not help you, vote with your feet and bank someone else.

Next time do not go with your bank for processing credit cards.  Buy the equipment and insist on a no penalty contract for the processing part as well.  Look for a independent representative. Get references and look for a Certified Payments Professional (CPP).

I hope this helps.  Ray at Tampa Bay Merchant Services.

i see this all the time and most of the time its because the sale rep don't inform the business owners of any cancellation fees and also business owners also never ask about until they are charged with the fee.if this cancellation fee was listed in the contract then it shouldn't be anything new to you that is if you read the contract.i see business owners sign contracts all the time without even reading the contract.sometimes they don't even ask for it. don't trust these sales people, they all seem nice at first and always tell you they will be there if something happens but once you sign that contract and the deal is sealed you wont see them again because all they care is getting the deal and getting paid !