Where do I find my termination fee?
In the terms and conditions attached to the merchant agreement rather than the pricing schedule most people read. Look for headings covering term, termination, or liquidated damages. If you cannot locate the agreement, request a copy in writing — you are entitled to the terms you signed.
How does auto-renewal work?
Many agreements renew automatically for a further term unless written notice is given inside a defined window before the anniversary. Miss the window and a new term begins, restoring the termination fee that was about to expire.
Diary the notice date, not the renewal date.
What about the equipment?
Terminals may be owned outright, rented month to month, or leased under a separate finance agreement. Leases are the ones that cause problems: they frequently run longer than the processing agreement, are non-cancellable, and continue billing after processing has moved elsewhere. Establish which of the three applies before signing anything.
What should I ask before signing a new agreement?
What is the term and what happens at the end of it. What is the termination fee and how is it calculated. Is the equipment owned, rented or leased, and under which agreement.
Clear answers to those three questions are a reasonable expectation.