If you process debit and credit payments, it's important to understand your rights as a merchant. Our team at Payeex is a Payment Solution Company in Canada that aims to clarify these merchant rights so you can navigate payment solutions effectively and securely. Since 2010, major credit and debit companies have stuck to a code of conduct ensuring transparency in their services. To better understand what this entails, continue reading this guideline put together by our team of payment solution professionals.
Proper Notice of Fee Increases
When it comes to the fees you receive as a merchant, it's important to know your rights and know that you are entitled to proper notice when it comes to fee increases. Payment solution providers must notify you at least ninety days in advance of any planned fee increases. This can give merchants the opportunity to either accept the new prices, or cancel their current contract, without penalties, and choose a different provider or renegotiate terms. Understanding that you are entitled to 90 days of notice can make a big difference.
Agreement & Statement Transparency
When dealing with payment solutions providers, transparency is key. Therefore, before you, as a merchant, sign any contract it's important to receive a clear summary of the agreements from all parties involved. Having this type of summary present can help you to understand the terms and conditions that are present before committing. If a provider refuses to offer transparency, it’s advisable to think about switching to another company that can be more honest and upfront about their services.
Freedom to Choose Products & Services
Just as in all aspects of life, one should have the freedom of the products and services they choose to purchase. Without any pressure, a merchant should always have the right to choose the products and services that best suit their business needs. For example, if you prefer to only accept debit card payments, your provider cannot force you to accept credit card payments. This law ensures that merchants maintain control over their business operations and expenses.
How Our Team at Payeex Can Help
Understanding your rights as a merchant is essential for making informed decisions about payment processing. To get additional information and questions answered, our team at Payeex would be pleased to assist you. As a trusted payment solutions team, contact us at (905) 947-9818.
