Card machine contracts: six things to check before you sign
The rate you're quoted is only part of a card payment deal. Contract length, exit fees and settlement times can matter just as much. Here's what to check.
Taking card payments is essential for almost every business. But card machine deals vary a lot, and the headline rate is only one part of the picture.
Before you sign a new card payment agreement, or renew an old one, these are the six things worth checking.
1. The full cost, not just the rate
A low percentage rate can look attractive. The real cost includes everything else: terminal rental, authorisation fees, PCI compliance charges, minimum monthly charges and higher rates for business, corporate and international cards. Ask for the full schedule of charges in writing.
2. Contract length
Some agreements run for 12 months, some for several years, and some are rolling monthly. A longer contract isn't automatically a bad thing, but you should know exactly how long you're committing for and what happens at the end.
3. Exit fees and notice periods
Check what it costs to leave early, how much notice you need to give, and whether the contract renews automatically. Terminal rental agreements are sometimes separate from the processing agreement, with their own terms, so check both.
4. How quickly you get paid
Settlement time is how long it takes for card payments to reach your bank account. Some providers pay next day, some offer same-day or instant settlement, and some take longer. For businesses that watch cash flow closely, this can matter as much as the rate.
5. The right equipment for how you work
A counter terminal, a portable machine for table service, a mobile device for working on the road, an integrated till, or online payments and pay-by-link. The right setup depends on how and where your customers pay. Paying for features you don't use is wasted money.
6. Support when something goes wrong
If your card machine stops working on a Saturday afternoon, who do you call, and how quickly will they help? Ask about support hours and how replacement terminals are handled.
A note on the landline switch-off
Older card machines that connect through a phone line will stop working when the UK's copper phone network is retired on 31 January 2027. If your terminal uses a phone line, now is a good time to review it.
The Vantage View
The best card payment deal is the one that fits how your business actually takes payments. We work with a range of payment providers rather than one, so we can match the provider to the business rather than the other way round.
What to do next
Find your most recent merchant statement and your agreement, and check the six points above.
Request a Free Business Health Check and we'll go through your statement with you and explain your options.
This article is general information only and does not constitute financial advice or a contract offer. No rates, prices or savings figures are stated, as outcomes depend on your individual circumstances.
