North American Bancard Complaint - No Break for Small Business in a Down Economy. Shameful Cancellation Policy.
TROY, MICHIGAN -- I appreciate that North American Bancard tries to divert complaints from the site by requesting that potential complaints be addressed by them first, but failing the threat of posting another negative review of their "services" on this site they were not particularly helpful.
Given the canned company response that North American representative [snip] has pasted into nearly every complaint here, I guess I should not have expected much. Despite paying their monthly fees for almost a full year for services we no longer receive form North American Bancard, they remain unwilling to terminate our Merchant Account without penalties of $295.00! Continuing to pay their fees until the original Merchant Agreement terminates would only amount to $200.
I have reviewed our copy of the original contract we signed with North American Bancard and the page addressing "termination fees" is conveniently missing. It is unfortunate that businesses like North American Bancard would take advantage of small, family owned businesses like ours by not only charging excessive processing fees, but also a bear-trap cancellation clause that guarantees they make money without consideration of our own economic situation given the current downturn.
Sadly, it was only until getting into the same situation as many other businesses who have submitted complaints here that we discovered how truly unsavory North American Bancard can be. If there is a lesson to be taken from this, it is to thoroughly review your credit card processing service providers and their “agreements” before signing anything they send you.
In the grand scheme the $200 we will end up paying, or even the $295 early termination fee do not amount to much, but it simply reveals the lack of principle or integrity of North American Bancard to write such penalties into a contract if they were truly confident their services were competitive.