4 Questions To Ask Before Signing a Contract with a Merchant Processor

Hello merchants! There are many merchant processing companies with different rates, terms, services and much more. It may be difficult to figure out which company will work best for your business. Today we are here to make this decision a bit easier for you. Below are four questions you should always ask before signing a contract with a merchant service provider.

Who do I call if I have an issue?

This should be a very easy question for a prospective company to answer. If they don’t give you a straight answer you may not want to trust your business with them. There are a lot of merchant processing companies out there, that provide different types of support. For example at FlashBanc Sales Partners are trained to be the first line of service to merchants, they are trained to check in on their merchants, and oftentimes become customers of their merchants. For further assistance, FlashBanc is one of the few merchant processing companies with an in house client service support team. While other processors outsource their customer service to their financial service company, you can call FlashBanc 24/7 for support.

What rates and fees will my bill be made up of?

We asked our merchants why they were dissatisfied with their previous service provider, the majority of the businesses said there were “hidden fees” not disclaimed to them at the time of sale. We found that the majority of merchants being previously charged high fees were mostly due to the fact that their salesperson was not clear about the terms of their agreement. When they tried to get in contact with their salesperson after the sale they were hard to get ahold of. That’s why we take client support services very seriously here at FlashBanc. We’re here to support you throughout your time working with us to help resolve any problem that may arise and provide A+ service every time. 

At the time of your contract signing, merchants fees are listed line by line. We do this to ensure that there are no surprises when you receive your bill. Everything about our businesses is upfront because we want you to be happy to come aboard (ahoy!) with FlashBanc! 

What terminal will I be receiving and do I own it?

This is an important question to ask because you want to make sure that you are receiving a terminal that fits your needs and if there are any fees associated with it. When selecting a merchant processing company a lot of times we want to find the best deal, the lowest price or the processor emphasizing ‘no cancellation fees’. Often times we’re so concerned with the bottom line that we don’t give enough attention to our merchant processing needs. Here at FlashBanc we do our best to get you the lowest rates while customizing your package to fit your business’s needs. Everything from your payment plan to your terminal, Flashbanc’s got you covered. If you are unable to pay for all of your needed terminals at the time of sale, there are payment plans & leasing options available. Here at FlashBanc we offer payment plans on the most up-to-date wireless terminals and leasing available on our offered Clover devices. 

Are there any cancellation fees?

Cancellation fees are dependent on the contracted agreement between you and your merchant processing company. Before signing any type of agreement you have to make sure you are clear of the term of the agreement as well as any fees associated with cancellations. If your contract is billed month-to-month you may be able to be relieved of your contract without a cancellation fee. If you are in an annual contract, you are more likely to receive a cancellation fee for canceling before your contract is up. Here at FlashBanc the average contract time is 3 years, though we do offer month-to-month contracts as well. If you’re interested in either please contact us! If you would like to know how cancellation fees may affect you, please contact our client support team for details. 

We know your business is important to you and we ensure it is well taken care of. If you have any inquiries that were not mentioned in this post be sure to contact us!