theclemsonkid
Member
So for the past three years I have been doing my credit card processing through WorldPay, a subsidy of Charter One Bank (RBS). Between all their various fees, I'm getting charged between $400 and $500 a month in fees. There is this new mobile reader you can use on your iPhone/iPad called "SquareUp", that charges a flat 2.75% fee for all transactions. This will save me between $100 - $150 a month, a big savings.
There is however a small problem. In order to cancel my old processor, there is a $500 cancellation fee since I am doing this before my contract is up with them. So, since I'll be saving between $1,000 and $1,800 a year, I figured I could bite the bullet. Then I got to thinking, what if I just kept the old processor AND the new one, and just did the majority of the swipes on the new machine. I technically would still be using the old one, just not nearly as much. Do you think this would be kosher?
There is however a small problem. In order to cancel my old processor, there is a $500 cancellation fee since I am doing this before my contract is up with them. So, since I'll be saving between $1,000 and $1,800 a year, I figured I could bite the bullet. Then I got to thinking, what if I just kept the old processor AND the new one, and just did the majority of the swipes on the new machine. I technically would still be using the old one, just not nearly as much. Do you think this would be kosher?
