Business - credit card company agreements after business tanks?
Apr 23, 2010
in
Credit Card Machines
My uncle ran a restaurant in Maryland and had a four year agreement with the credit card machine company to accept credit card orders. The business has since gone belly up but they still require him to pay the 0/month fee. Is this normal practice? I have not seen or read the agreement but is it not standard where if the business tanks, you no longer have to pay the credit card company?
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One comment
Steve on April 23, 2010 at 2:19 pm
The only way that you can find out is to get a copy of the agreement and see what it says. You are probably buying the machine over a four year period and there should be some early termination provision. If your uncle is the one to have signed the agreement then the contract is with him and he needs to deal with it.