If you process debit payments, credit payments or both, you have rights as a merchant and you should be aware of them to better navigate your payment solutions. Matter of fact, back in 2010 all of the big credit and debit businesses adopted the code of conduct for the credit/debit industry. This made it so that payment solution companies are obligated to offer transparency when it comes to their services. When push comes to shove, this new rule was created to make sure that you, the merchant, are able to choose which payment options you can approve and decline in your business.
Here at Payeex, we want to discuss all of the intricacies of merchant rights so you can go about working with a payment solutions company the right way the first time around. Knowing about them will keep your business safe, while making sure you’re getting the best possible deal as well.
1.Proper Notice of an Increase in Fees
When it comes to any increase in transaction fees (or other types of fees), your provider must always provide you with at least ninety days notice of the increases they wish to apply. If you get this notice and you do not agree with the increase, you are then within your right to cancel the contract within that ninety day notice without any penalty to you or your business. Within this time of cancelling your contract, you can either try to find a new agreement or work with a different provider entirely.
2.Agreement & Statement Transparency
When a payment company provides you with contracts of more than one party upon obtaining a package, you must be given a consistent summary of the contracts. This needs to be offered before you sign any agreements so you know exactly what you’re getting yourself into. In addition, once you’ve agreed with a service provider, you must receive a statement from them regarding your account in a clear and concise manner. The type of information in this statement should include things such as:
- The volume/number of transactions for each type of payment.
- All of the fees that apply to each rate.
- The details of each of those fees to whatever card network they are connected to.
If any of this information is not supplied to you upon or before signing an agreement, you must let the company know of your rights and get the information so you can better understand whether or not the services are right for your business. If they still refuse to offer you the information, we recommend looking into another company’s services. Any provider that refuses to offer you transparency is not a company you want to be working with.
3.The Ability to Freely Choose Products & Services
When you are working with a provider, they do not have the right to push you into accepting another form of payment or purchasing another product. If, say for example, you only accept debit card payments, you are never required to then accept credit payments at a later date via the company’s word. If a company also introduces new products and services, you are also not obligated to inquire or purchase those as well.
When it comes down to it, you must always clearly consent to accept these products/services in order for them to be added to your business. Without that explicit consent, a provider is never allowed to add certain things to your bill.
How Payeex Can Help
Here at Payeex, we believe that your rights as a merchant are unequivocally important. This is why we offer professional services and products while offering you the utmost in transparency and affordable pricing. This way, your business can thrive and you can work with a provider that cares about you and your success. To learn more about our payment processing solutions and how they can help bring your business to the top, be sure to call our team at 1-833-880-4591 today!