One of the most important provisions of the Code of Conduct for the Credit and Debit Card Industry was a provision to allow firms to exit their electronic payment processing contracts with ACQUIRERS or RESELLERS without penalty within 90 days of an unscheduled rate change or the introduction of a new fee. Though the Code contains many more measures to protect your business you must still remain vigilant. Here are a few situations you should be aware of:
Processors falsely claiming to be affiliated to CFIB
Separate contracts for leasing equipment with abusive exit penalties
Being falsely told there is no exit penalty because of the code
Unknowingly signing with a reseller
Low advertised rates with exorbitant added fees
Before making any changes or switching providers you should read the attached alert and business tips.