You absolutely can`t skip this step. Each contract contains specific details that tell you when you can terminate your contract without penalty. If you try to terminate your contract without looking for these specific details, you could be hit with a big payment on something totally avoidable. But if you couldn`t get much with First Data by signing directly with it, what hope do you have for many if you go through an intermediary? While we don`t know how the business relationship between First Data and its front-end processors actually works, from what we`ve observed (and the types of offers that are advertised on some of these processors), some end front processors may actually have a better deal with First Data than any reseller working directly with First Data could ever get. If you terminate your First Data agreement by finding the end date of your initial period or extension and following the procedure described above, you should not have to pay ETF. Of course, if you have nothing against paying an ETF, then you can terminate at any time using First Data with a written message, according to the procedure in step 6 above. The file names have informed us that these agreements will be tailored to the needs of certain regions of the world. For example, we found a version that seems to be for independent sellers in the United States. There is one version for Canada, one for the United Kingdom (could be used for the whole of the European Union) and another for the Asia-Pacific region. The search date is very important because it is the date when the clock starts to turn towards the end of the contract term.
As a general rule, the contract tells you how to find the validity date – it will either be in the first paragraphs of an agreement, or it will be in a section called Duration and Termination, or something like that. For the agreements we have studied, the extension period can range from one month to the next up to six months at the same time. You can also have an earlier version of the First Data agreement, in which your extension period is defined differently. Check the contract and decide the end of the extension period in which you are in. For First Data, the validity date is usually the date they approved the agreement, but this varies by region, so make sure you can verify your agreement. If you are in the U.S. or Canada, you may need to search your physical file or old first data emails (or their independent sales agent) for a letter informing you that you have been authorized to do business with First Data in order to set the exact date. Sometimes we meet processors who promise to buy your ETF so you can terminate your existing dealer contract and register with them. Be careful with these promises. Sometimes there is a severe cap on how much they will pay, so you should first understand how much they are willing to make ponies before cancelling with First Data.
Also remember that signing with them could mean signing another long-term contract, difficult to terminate – a contract that has its own ETF. In the same “Duration and Termination” section, you should also be able to find out exactly how First Data wants to get a termination. For contracts in general (with each company and not just with First Data), notification should normally be made in writing. As a general rule, the contract also defines the number of days before the notification is terminated. For First Data, this is usually 30 to 60 days in advance, but you should always check whether the number of days specific to your agreement is verified. For monthly to month agreements, the notice period is usually 30 days. For the first data agreements we studied, the initial term may be something that your seller fills in your application (so you have to switch to your application form to verify it), or sometimes it is indicated as part of the definition of the original term.