Legal Question in Business Law in Minnesota

Dealing with a credit card processing company

recently I switched to a different credit card processing company to try to save some monthly fees processing my customers credit cards. For approx 40 days this company neglected to deposit funds to my bank account and I became overdrawn to the amount of over $6,000.00. My bank notified me of what was going on and proceeded to charge me non-sufficient fund fees in excess of $400.00. My new c.c. processing company drug their feet in investigating this situation and my fees have also piled up to the point where I couldn't continue to pay my bills as they were holding onto my money. So far they have only reimbursed approx 50% of my bank insufficient fees. All of my customers credit card deposits have now been deposited to my account. My main question is: Would I have a legal right to cancel my contract with this company and pursue with another? I cannot trust this company to further handle my customers credit card transaction due to being unreliable.(such as phone calls repeatedly unanswered, delays in payment, refusing to reimburse my bank fees that were their fault etc). Thank you


Asked on 1/02/06, 10:38 pm

1 Answer from Attorneys
Steven Vatndal Law Office of Steven J. Vatndal

Re: Dealing with a credit card processing company

I can't determine your ability to cancel contract with the processing company without reading the contract. Reading the contract will also help determine the extent of its liability for damages. I'd be happy to discuss further: [email protected]

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Answered on 1/03/06, 6:31 am


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