| Term | Detail |
|---|---|
| Initial term | 36 monthsPriority Payment Systems and Synovus Bank (published by Dharma) (opens in a new tab) · Contract or terms · Both bank program guides Dharma publishes (Synovus Bank and Wells Fargo Bank) set a 3-year initial term (§24.2), even though Dharma's FAQ says its accounts carry no long-term commitment and it charges no early termination fee. Same rule for every vendor: when the published contract and the vendor's page disagree on the term, the contract governs (as with Elavon); the exit cost still counts no early termination fee, only the $49 closure fee. |
| Automatic renewal | Doesn't renew automaticallyPriority Payment Systems and Synovus Bank (published by Dharma) (opens in a new tab) · Contract or terms · No renewal term: it continues until either side ends it in writing. |
| Notice to avoid renewal | Not needed: it doesn't renew automatically |
| Early termination fee (ETF) | No early termination fee; Dharma charges $49 when you close the account.Dharma Merchant Services (opens in a new tab) · Vendor website · |
| How the ETF is calculated | The terms don't set an early termination fee. |
| Right to raise prices | The bank can raise or add fees for any reason with notice (20 days in the Synovus Bank guide, 30 days in the Wells Fargo Bank guide), and you can leave without a fee before they start. It can also adjust your rates without notice if your volume or average ticket differ from your application, and pass on card network increases when they happen.Priority Payment Systems and Wells Fargo Bank (published by Dharma) (opens in a new tab) · Contract or terms · |
Example: leaving in month 12
With our reference profile (Reference: $30k/month in card sales, $35 average ticket, 90% in person, 1 terminal, 12 months), the estimated early termination fee would be $49. Your contract may differ: use the calculator with your numbers.
This is general information about published contracts, not legal advice: read your own contract and check with a lawyer before you sign.