Paymentsense putting fees up 9 percent. Can I leave?

[Prosperity]

Stupidly .. I signed into a 5 year contract with paymentsense and FDMS. 5 months in they've told me that visa and MasterCard have increased their rates for everyone so now my charges will be going up by roughly 9 percent per month!
I can't see anything about this in my contract which is over 12 pages long.
Would this trigger an exit possibility for me to get away fee free . They really are a terrible company to deal with.
Thanks for any advice

 

[WaveJumper]

Unfortunately it's all going to be about what's in that contract you signed, and i am sure knowing this company they have probably covered this somewhere. You going to have to check through the details carefully.

Did you get advance notice, look too see if there's anything about giving notice of changes in the small print.

Yes you are also correct, I have not heard many positive comments about this company either

 

[Prosperity]

Unfortunately it's all going to be about what's in that contract you signed, and i am sure knowing this company they have probably covered this somewhere. You going to have to check through the details carefully.

Did you get advance notice, look too see if there's anything about giving notice of changes in the small print.

Yes you are also correct, I have not heard many positive comments about this company either

Yes it's happening in August so there's my advance notice.... Have asked them to direct me to the point in the contract that states they can put rates up such a large amount... Waiting for answer.

 

[WaveJumper]

Ah that's a good idea, best of luck with the outcome. Hopefully someone will come on here later who may have had some experience dealing with them and give you some pointers

 

[Mr D]

The contract will likely allow them to increase rates. Would be surprised if the contract contained a restriction in their ability to raise prices.
You could look at the termination part of your contract, some companies do allow a business to leave early for a cancellation fee. Which can be as much as the remaining contract amount as it is now.

 

[TotalWebSolutions]

I'd agree that there is likely to be a clause allowing rates to be increased mid-contract, especially when interchange and scheme fees from Visa / MasterCard etc can increase at any point. However, if it isn't stated anywhere in your contract then it is definitely worth disputing it and seeing if you can exit foc due to the increase.

 

[Opinion87]

If you search this forum for threads on Paymentsense you'll see what they're like. Awful company.

 

[Nochexman]

...visa and MasterCard have increased their rates for everyone so now my charges will be going up by roughly 9 percent per month!

One other avenue to go down - once you've checked the contract - is to ask for clarification about the card schemes increasing their rates, and how they arrived at 9%.