You may have had enough with your current payments provider or you may just be looking at options should the option to switch arise. If you’re looking into how to cancel your merchant account it may seem a bit trickier than you may have thought. Canceling Merchant Accounts maybe a difficult process if you are not familiar with the technical terms that are involved in the process. Also, it is important that you understand your rights and obligations and follow cancellation procedures carefully outlined by your processor before canceling the Merchant Account.
So, here is a step by step guide to making it simpler for you! Read on…
1. Think About Penalties and Fees
Termination date for the merchant account is always mentioned in your contract that can be canceled without penalty. But most people are not aware of it so, you might end up paying penalties and bills to the service provider. Always check your contract date and speak with the representative before your contract finishes.If the time period is merely a month or two away then your payment provider may auto-renew your agreement into another 1-3 years as well, So it is important to have awareness of when your agreement is due.
2. Talk To The Service Provider
Every service provider is special and has their differences. You will have to contact your service provider for canceling the account. You might need to contact customer care service or the cancellation department/Loyalty department since you no longer want the account. Upon calling, you will have to tell your business details and verify your identity. Always make sure to note down the reference number of the call and details of the representative for further assistant or in case you have issues later on.
3. Describe Your Occurrence
All service providers will ask you about the reason for cancellation. Explain them the reason for discontinuation and that you no longer require the account. Many service providers will offer you better deals to win over your business and prevent you from canceling. Tell them why you no longer need the account and stick to your decision and make no amendments.
4. Positive Returns
You will have to return the equipment before the cancellation of the contract. Draft an official mail or fax for the cancellation of the account. Make it a point to get confirmation letters or emails regarding the handing over of the equipment. After your cancellation has been confirmed, you just need to make sure that you are no longer being charged for anything on your account. If you are, then call the service provider again and inform them that the account should be canceled.
While all this might seem like a frenzied task it is quite the other way. You just need to make a call to your service provider and follow the steps that have been mentioned above. Always make sure to keep records, receipts, and track of the confirmation letters. Should you want reconciliation on your penalties and fees for canceling your payments account or assistance with cancellation strategies. Contact us today.