To write this article, we did a quick search on the Internet and unpacked some First Data agreements from the First Data site. However, there is no direct link to these agreements from the First Data homepage or menus, so while we know that the agreements are from First Data, we do not know under what circumstances First Data delivers the agreements, to whom or how up to date they are. Unfortunately, all the equipment is provided under a leasing contract, and it is a material that is very one-sided in favour of First Data, not the consumer. While it is quite possible to buy your equipment directly from First Data or a reseller, the high cost (especially if you are a very small company or need multiple units) can be worrying. Leasing contracts do not require money in advance, and monthly payments may appear relatively small compared to purchase costs. Unfortunately, the GLDF`s leases have an initial term of up to four years and are not cancelled. If you don`t do math or know the terms of the contract, it`s easy to believe that leasing the business is cheaper than buying. Nothing could be further from the truth! Although monthly rents may seem very affordable, they will inevitably come well beyond the actual value of the equipment beyond the duration of the lease. We are also not talking about a 20-30% increase. The total cost until the end of the lease can be between three times and ten times the cost of purchasing the same equipment. The search date is very important because it is the date when the clock starts to turn towards the end of the contract term.
As a general rule, the contract tells you how to find the validity date – it will either be in the first paragraphs of an agreement, or it will be in a section called Duration and Termination, or something like that. The original code of conduct came into force in August 2010 and was intended to curb some of the credit card industry`s more ruthless practices. In April 2015, an updated, much stricter and expanded code of conduct was issued to further assist consumers and merchants in response to changes in the sector. Now that you have an idea of what you could do, let`s keep an eye on these possible problems and go through the specific steps to terminate the First Data agreement while avoiding the problems mentioned above. For First Data, the validity date is usually the date they approved the agreement, but this varies by region, so make sure you can verify your agreement. If you are in the U.S. or Canada, you may need to search your physical file or old first data emails (or their independent sales agent) for a letter informing you that you have been authorized to do business with First Data in order to set the exact date.