Does anyone use EVO Payments as their Merchant Service Provider? I’ve had them for about 7 years and decided to close the account and I noticed a $495 charge on my statement. Best I can tell this is an “early termination fee”… I’ve had the same account for 7 years lol
This is a practice but some ISO’s to charge an ETF after the initial renewal contract. Many ISO’s will only charge the ETF during the initial term, and not on renewal contracts, even if the language is there. Some ISO’s I work with also will only charge the ETF, even in the initial term if you did not give them the opportunity to beat a competitive price before you left.
In terms of EVO Payments, they have acted lately as if they want to get out of the small merchant business. They have increased fees by about .50% in the last year, and have found other ways to ensure they are more costly to merchants.
I’m sorry that they gave you that $495 fee on the way out the door. But leaving Evo is one of the best decisions you could have made in my opinion.