Step 1: find your contract terms
- Minimum term and end date of your payments (merchant) agreement.
- Terminal agreement: is the terminal rented from your payment provider, or leased from a separate finance company? A separate lease can carry on even if you leave the payments contract.
- Notice period and any automatic renewal.
- Exit or early termination fees.
Large UK card acquirers must send small businesses a reminder before the minimum term ends, and then once a year, under rules set by the Payment Systems Regulator. See the PSR’s card-acquiring remedies.
Step 2: get comparable quotes
Send each provider the same recent monthly statement so they can quote on your real card mix and volumes. Ask for the standard summary box of prices. Then compare the total monthly cost, not just the headline rate. Our guide to reading a quote and fees guide show how.
Step 3: switch without a gap
- Apply to the new provider and wait for approval and the new terminal to arrive.
- Test the new terminal and payouts while the old one still works.
- Update your EPOS integration, online payments and recurring payments if they use the old provider.
- Give notice to the old provider and return any rented terminals, getting proof of return.
- Check final statements for unexpected charges.
Watch out for leases
A terminal lease is a separate credit agreement, often with a long fixed term that can’t easily be cancelled. Before signing any lease, read the term, total cost and cancellation terms, and compare with renting or buying the terminal outright.
Last updated: 16 October 2026
