If we signed a contract with a credit card merchant services corp and now wish we hadn’t, how can we do can out of it?

UPDATED: Sep 30, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Sep 30, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If we signed a contract with a credit card merchant services corp and now wish we hadn’t, how can we do can out of it?

We recently had a salesperson lie to us, stating we could have credit card

processing for our business for the low rate of $20 per month. We did not read

the fine print in the massive documents we signed. We found out the fees are

much higher, and online research reveals that the company has recently changed names because their previous name had such a bad reputation/legal trouble. We only signed this about 10 days ago. Is there any type of grace period that we should have for cancelling this service? The documentation lists a $500 cancellation fee, plus other fees we may have to pay for cancelling – we actually did this for 2 businesses and now greatly regret it because they are thieves.

Asked on March 7, 2016 under Business Law, Mississippi


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

No, there is no grace period for cancelling this kind of contract, unfortunately. And if the unfavorable terms were in the fine print, so that you *could* have read them prior to signing, you will be held to them: the law requires people to read and understand what they sign before signing or otherwise entering into a contract, and presumes that you agreed to what you signed; therefore, you will be held to the terms of the contract.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption