It’s the least cost-effective choice, but it guarantees you’ve cut financial ties with the provider. Pay the remainder of the lease and give notice to ensure you aren’t auto-enrolled in a new lease.You have a few options if you choose to break a terminal lease: Unethical providers love to add them into busy and confusing lease terms - since most business owners don’t read through every single term, providers know they’ll likely miss this unsavory condition. Unethical providers auto-renew terminal leases.It’s common for these terminal leases to contain auto-renew clauses. If you choose to discontinue using that provider, it still makes money off of you. Unethical providers’ failure to mention lease lengths is two fold: Along with earning an incredibly high profit, they guarantee themselves a fixed income from your account. Terminal leases trap you into paying for a terminal you no longer need.If you choose to switch providers or your business closes or is sold, you’re stuck paying for the terminal due to the binding terms of the lease. That’s potentially 20 times the true cost of a terminal. With lease lengths ranging from two to six years, you’re left paying anywhere from $960 to $2,880 for the terminal. When you lease, you’re charged between $20 and $40 per month. The true cost for terminals varies from $150 to $500, depending on the level of technology. Unethical providers end up charging you more than what you’d pay to purchase the terminal when the length of the lease is taken into consideration. Facing an expensive purchase price, you’re more inclined to lease because it seems like the better short-term option for your bank account. They sell the terminal at an inflated cost or offer a lease with low monthly payments. We've identified three major problems with terminal leasing:Ĭredit Card terminal leasing is falsely advertised as cost-effective.Unethical providers offer two options for terminals: purchase or lease. Why Credit Card Terminal Leasing Is A Bad Deal Unfortunately, some unethical Merchant Account Providers take advantage of this must-have mentality and lock businesses in with lengthy, expensive leases for credit card terminals.

It would be silly to opt against using one if you take in-person transactions, so the vast majority of business owners do. The right credit card terminal will help you achieve lower rates and protect your business from fraud.

Credit card terminal leasing company