Complaint / review text:
I own a small retail business.in September 2006 I swithed to First Data Merchant Services to process credit card transactions. I did not incurr any penalties when I switched from my previous vendor to First Data.
I have now sold the business after owning it for 7 years. First Data has informed me that they I will incurr a $500 early termination fee. I was not aware that the term of the agreement was for 3 years until I studied the Merchant Processing Program Guide.in their 33 page Merchant Processing Program Guide there is a sentence that refers to a 3 year term. No where does it mention a $500 fee. It was also not mentioned by the customer service person when I started the service. I had no reason to expect a termination fee of this magniude. I have not yet cancelled the service as a result of this fee.