![]() ![]() The important thing is that you know what your minimum term actually is. So, it’s really not that unreasonable for the terminal provider to want to recover his costs and earn some sort of profit from the initial lease. And that’s not even mentioning the delivery, recovery and reconfiguration costs. Yes, the provider could recover some of the costs by re-renting the terminal but merchants generally don’t like used terminals so the rental will be lower. The terminal provider has invested a capital cost in your terminal and if they don’t receive the full rental payments over the minimum term then they are out of pocket. Unfortunately, minimum terms are a necessary evil. Almost all merchants hate this as it means you’re stuck with a deal several years down the line even if it turns out to be uncompetitive. Unless it’s written down in your contract in black and white, do not believe anything your salesperson says.Īnd if you don’t read the agreement upfront, don’t complain when things don’t turn out the way the salesperson told you.Īlmost all hire agreements feature a minimum term, during which you pay a penalty to terminate. We often hear people saying that their salesperson had promised them X percentage on credit card transactions or Y percent on CNP transactions. Yes, agreements typed in super small font.īut it takes less than ten minutes to read! There’s no excuse for not taking ten minutes out of your day to read through a contract that’ll be with you for years. This is basic and it pains me to write this, but it’s amazing how many people rely on the word of the salesperson and sign agreements without actually reading them. Understanding your agreement could save you a serious wad of cash further down the line. If you’ve already signed one, pull your agreement out of the drawer, blow off the dust and make sure you understand everything we’re about to talk about. If you’re about to sign a terminal hire agreement, stop right now! Before you sign anything, we’ve got 5 super helpful tips on what to look out for. Judging by the calls we receive asking for advice, terminal hire agreements are one of the most contentious issues for merchants. ![]()
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