Short answer: Get a quote, check what leaving your current contract costs, set up the new terminal before you switch the old one off, then cancel. With GT Payments the terminal takes under 10 minutes to set up and we help you close the old account.
1. Find out what you pay today
Pull one recent monthly statement. The number that matters is your effective rate: total fees divided by total card volume. Many merchants are surprised by monthly minimums, PCI fees and terminal rentals buried in the fine print. If the statement is confusing, that’s normal — ask us and we’ll walk you through it on the phone.
2. Check your current contract
Some processing agreements carry a cancellation fee or an auto-renewal date. Find the agreement (or ask your provider for a copy) and check the end date. Tell us and we’ll tell you what leaving actually costs before you commit, so you can weigh it against the savings.
3. Compare on your real card mix
Don’t compare headline rates. Compare what your last month would have cost on each plan — debit against credit, average sale and card types change everything. Our pricing guide explains why.
4. Have this ready for the application
- Your business name, address and type of business
- The bank account where you want deposits to land
- Your rough monthly card sales (or expected volume if you’re new to cards)
We’ll tell you exactly what else your application needs for your business type.
5. Install first, switch off second
Once your account is approved, we bring the terminal to your counter, set it up in under 10 minutes and show your staff how it works. The new terminal is taking payments before the old one is switched off — and Tap to Pay on iPhone or Android gives you a backup from day one.
6. Close the old account
Return or cancel the old equipment, cancel the merchant account in writing, and watch your next bank statement for any leftover charges. One merchant told us on Trustpilot that we “dealt with switching our past provider seamlessly” — that’s the part we handle with you.
How long does it take?
The quote usually comes back within one business day. Approval timing depends on the processor and your business type; we give you a realistic install date with your quote. Ready to start? Get a free quote or call 416-640-0902.