Are you fed up with your current payment terminal (TPE) and want to terminate your lease with your bank? You're not alone! Many restaurateurs are asking themselves the same question.
In this article, we explain why and how you can cancel your VSE rental contract simply and effectively. By following these steps, you can cancel your VSE rental contract with complete peace of mind, and start enjoying the benefits of a payment solution more suited to your needs!
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3 good reasons to cancel your VSE rental contractÂ
1. Cost reduction
The first reason for restaurant owners to cancel their Eftpos terminal rental contract is to cut costs. Renting a payment terminal can represent a significant monthly expense. Buying your own terminal, or opting for alternative payment solutions (mentioned later in this article), can save you a considerable amount of money over the long term.
Imagine what you could do with that extra money: improve your home decor, invest in better kitchen equipment or simply increase your profit margin!
👉 Further information: Contactless payment in restaurants: definition, benefits and risks
‍2. Dissatisfaction with current services
It's possible that you're not satisfied with the services offered by your bank when it comes to your Eftpos terminal. Perhaps breakdowns are frequent, customer service is non-existent or hidden charges are piling up. Whatever the reason, you deserve a service that lives up to your expectations. Changing supplier can be an opportunity to find a more reliable solution tailored to your needs.
3. Need for additional functionality
Technology is evolving rapidly, and your current POS terminal may no longer meet your needs. New payment solutions often offer advanced features such as tip management, integration with inventory management systems or smoother contactless payment options. If you feel your current terminal is holding you back, it's time to upgrade to a solution that will boost your efficiency.
👉 To find out more: The different means of payment in fast-food restaurants
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5 steps to terminate an EFTPOS leasing contract with your bank
Step 1: Check the terms of the contract
Before you do anything, take the time to carefully read the terms of your VSE rental contract. Look for information on the commitment period, cancellation conditions and any fees. This step is crucial to avoid unpleasant surprises and ensure that you are able to terminate your contract without complications.
Step 2: Prepare the necessary documents
Once you've checked the terms of your contract, gather all the necessary documents. This may include your original contract, rental invoices and any correspondence with your bank regarding your EFTPOS terminal. Having these documents to hand will make the termination process much easier.
Step 3: Contact your bank
Contact your bank to inform them of your intention to cancel your Eftpos terminal rental contract. You can do this by phone, email or by visiting your branch. Explain your reasons clearly, and make sure you follow the procedures indicated by your bank. Often, a written request by registered letter with acknowledgement of receipt is required, so be prepared to draft a formal letter if necessary. On the Internet, you'll find many examples of Eftposter rental cancellation letters.Â
Step 4: Follow up on termination
Once you've submitted your request, it's important to follow up to ensure that the termination has been processed. Ask for written confirmation of the termination, and check your bank statements to ensure that direct debits related to the Eftpos terminal rental have stopped. Also keep an eye on any correspondence from your bank if you have any questions or need to take further action.
Step 5: Return the complete equipment
Now that you've set the termination process in motion, it's time to think about returning the equipment. Yes, you'll have to return the Eftpos terminal to your bank, and there are a few rules to follow to ensure that everything goes smoothly. First, make sure your payment terminal is in perfect working order before returning it. The terminal must be returned in person, directly to an employee at one of your bank's branches. You'll need to hand over the terminal in person, with all cables, accessories and original packaging.
Remember to ask for a signed return receipt: this is proof that the equipment has been returned and that you are in good standing. Keep this receipt in a safe place. Without it, you could be held responsible in the event of a problem, so don't lose it!
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VSE rental cancellation conditions and fees
The Eftposter rental system generally involves a long-term commitment on the part of the restaurateur. This is because the banks provide Eftpos terminals in exchange for the restaurateur's commitment over an extended period. Typically, contracts are for 24 or 48 months.Â
There are therefore 2 possible scenarios: termination of the VSE lease at the end of your contract (after 24 or 48 months) or termination of the VSE lease during your contract.Â
Depending on this, the deadline and termination clauses of the MSE subscription include several conditions, with different fees and financial penalties. To avoid unpleasant surprises, it's crucial to read and understand the terms of the contract.
Please note: if you wish to terminate your contract before the end of the minimum commitment period, you will certainly have to pay an early termination fee. The amount of this fee is specified in your contract's special conditions. This fee will be charged regardless of the reason for termination.
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Alternatives to VSE rental
Some independent EFTPOS providers offer purchase or rental options that are often more advantageous and customized than banks. Alternatively, there are new payment solutions that enable transactions to be processed without the need for a physical terminal, such as the QR code. Tap to Pay is a new way of cashing your customers' transactions directly at the till, without the need for an EFTPOS terminal.
👉 Further information: Tap to Pay: the payment revolution
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Would you like personalized assistance with your cash and payment solutions to reduce your restaurant's structural costs?
Contact an Innovorder consultant who will answer all your questions!
