I've heard that there are penalties for cancelling merchant accounts. I'm just curious to know what will happen if I get a merchant account....and 6 months later the business bombs and I want to get out. Are there penalties usually? Does anyone have any knowledge on this?
watercrazed
4:23 am on Jun 16, 2004 (gmt 0)
on average $100-200 but there are those that do not have cancelation charges.
digitalv
4:28 am on Jun 16, 2004 (gmt 0)
There are no fees to close a merchant account, it's just like a bank account.
The only fees you may encounter are Gateway fees, if you lease access to your payment gateway instead of buying it outright. You would still be responsible for that fee even if the business went under.
