Why the questions matter
Merchant services salespeople are trained to lead with the headline rate and skim the recurring fees. The ten questions below force the full picture onto the page before you sign anything.
Get the answers in writing, on the quotation or contract itself - not in the covering email. Verbal promises do not survive account transfers.
The ten questions
1. Pricing model
Blended or Interchange Plus? What's the margin?
2. Contract length
How long, and what is the notice period?
3. Terminal hire
Is it separate? How long? What hardware?
4. Settlement timing
What's standard? Is faster available, and at what cost?
5. PCI compliance
What's the fee, and what's the non-compliance fee?
6. Authorisation fees
Per-transaction cost?
7. Monthly minimum
Is there one? At what level?
8. Auto-renewal
What happens at end of term if no action is taken?
9. Support
Phone hours, replacement terminal SLA?
10. Exit fees
Quantified, in writing, both contracts.
Extra questions worth asking
For hospitality: how are tips handled, and is the tip amount included in the fee calculation? For online: what does 3-D Secure cost per transaction, and is it optional? For seasonal businesses: how are quiet months treated for minimums?
For any business with growth ambitions: is there a volume review clause that automatically improves your rate as you grow?
Key takeaways
- Always get pricing and exit terms in writing.
- Don't sign on the day of the meeting. Sleep on it.
- Ask for auto-renewal, notice period and price-increase clauses explicitly.
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