Innovative Merchant Solutions Unclear termination fee Calabasas California

The contract has not been altered. You completed a Merchant Application via facsimile. On the Merchant Agreement, in the section where you signed, the following is written: "By signing this Merchant Application either physically or electronically, I acknowledge that I have also received the Merchant Agreement either by receiving a physical copy or by viewing the Merchant Agreement at www.innovativeagreement.com or otherwise viewing and electronic copy."

In the instance of your Merchant Application, completed via facsimile, this information is particularly important because you do not see the representative face to face and must view the contract online. Facsimile applications have become a convenience to the customers and offer you additional time to review to documents and obligations at your own pace.

Next on your contract, just above your signature it states "Only sign this application if you are applying for new credit card processing with IMS. If Merchant is approved and the Merchant Account is signed and approved by Bank, and Merchant exercises its option at Merchant's sole discretion to terminate the Merchant Agreement on or before the six (6) month anniversary or approval, Merchant will be charged a $395 termination fee. If merchant excercises its option to terminate the Merchant Agreement at any time after the six (6) month anniversary of approval, Merchant will be charged the standard termination fee."

A copy of this signed contract will be sent to the customer for review.