First Data Merchant Processing Agreement

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Sometimes we meet processors who promise to buy back your ETF so that you can prematurely terminate your existing dealer contract and register with them. Be careful with these promises. Sometimes there is a hard cap on the amount they are going to pay, so make sure you first understand the amount they are willing to pay before you cancel with the first data. Also remember that signing with them can mean signing another long-term contract, which is difficult to terminate – a contract that has its own ETF. For the agreements we reviewed, the renewal period can range from month to month to six months per month. You may also have an earlier version of the first data agreement that defines your renewal term differently. Check the contract again and determine the end of the renewal period you are in. For the first data, the effective date is usually the date the agreement was approved, but this varies by region, so check this by looking at your agreement. If you`re in the U.S. or Canada, you may need to snug your physical file or old emails from First Data (or its independent sales agent) for a letter asking you to transact with first data to determine the exact date.

With regard to other contracts related to it, the agreements we have reviewed allow the first data to be terminated after they have been designated. However, if you wish to terminate, you should normally use the termination mechanism of the main contract. There may be additional procedures in these sections that you should follow in the same way. As your version of the contract may differ from the versions we have been able to find, always check your version to understand your own commitments. In the same Term and Termination section, you should also be able to determine exactly how First Data wishes to obtain termination. For contracts in general (with any company and not just the first data), the termination should normally be in writing. As a rule, the contract also sets the number of days before termination that they must receive. For the first data, it`s usually 30 to 60 days in advance, but you should always check the number of days specific to your agreement. In the case of monthly agreements, the notice period is usually 30 days. You absolutely cannot skip this step. Note that when you cancel your contract, First Data also charges you a cancellation fee.