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Contracts and Dinosaurs: Dead

By December 10, 2019December 17th, 2020No Comments

Contracts, a thing of the past, no one wants them.

Just ask Netflix or Hulu how many people left their satellite tv contracts for streaming.

Everyone has moved mobile phone providers or updated plans once contracts expired just to escape being locked in while others try to sell their lease to get out from under a rental contract. Merchant services are in the same category if you are working with other providers.

With Platinum Payments, there are no contract term agreements. It’s part of our Platinum Guarantee, we just don’t do it. I noted that other merchants will take your continuing use of their services as an acceptance to their new terms and conditions. You most likely didn’t even see those new terms and conditions. Most contracts will have some extreme conditions, like a 3-year term agreement and high cancelation fees. One of our founders has come across one that not only had a 3-year agreement, it also had a very steep early termination fee in ADDITION to having to pay for lost revenue. That means if that company were to leave, they would have to pay the entire month’s processing amount. If they were processing 30k a month, it would be 30k a month until the contract was sent to the end.

That’s just shady, we are not shady. We have integrity and morals. How can someone be successful and grow their business when they are being penalized? How can someone make the best decision for their business? What happens if they go out of business? They are strapped with a huge life change, loss of their livelihood. They signed a personal guarantee when they entered that contact and will be held liable for that debt owed to their processor.

Many things have switched to a monthly or annual subscription. Steaming providers, online radio, even the gym has walked away from contracts.

It makes sense to do your processing with a contract when there is an amazing company that just doesn’t. With all of life’s uncertainties, it is another way to protect yourself and your livelihood.

Our consultants know some tricks of the trade and can help get others out of their contracts, or a few months of our savings will cover the termination fee and it’s onwards and upwards from there!

Why not talk to one of our Professional Consultants today about getting into a better business plan.

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