You may have received an email or letter from Merchant Rentals Limited advising you of certain changes to your terminal hire agreement. The following Frequently Asked Questions should help you to understand what those changes mean for you.
Who is Merchant Rentals?
Merchant Rentals Limited (“Merchant Rentals”) is a third-party provider of terminals. It provides these terminals through hire agreements with its customers. These terminal hire agreements may be regulated or unregulated, depending on the customer.
What are the changes?
If you received an email or letter from us, this means that from 6 January 2023, once you have completed your initial minimum period, your contract shall move onto a rolling term of one-month each.
At the end of your initial minimum period, you will also be able to terminate your agreement with one-month notice.
Why are the changes happening?
The Payment Systems Regulator (“PSR”) have issued a number of changes designed to make acquiring services (including terminal provision) easier for customers to understand.
What do the changes mean for me?
If you received a notice from us and are still an existing customer, from 6 January 2023, any rolling or extension period and notice period in your terminal hire contract shall not apply.
Instead, this will be replaced with a one-month rolling period and a one-month notice period.
Merchant Rentals has waived its rights in relation to the extension periods included in your original contract.
You do not need to do anything, this change will already be applied onto your account and you can continue to use your terminal as usual.
Will the changes affect my initial minimum period?
The changes will not affect your initial minimum period. If you are still in your initial minimum period, you will complete this first. The changes will be automatically applied after your initial minimum period ends.
What happens after my initial minimum period has ended?
You will automatically move onto a one-month rolling term, unless you provide one months’ notice to terminate. You do not need to do anything and can continue to use your terminal as usual.
I already completed my initial term- what happens now?
From 6 January 2023, you will be automatically put onto a one-month rolling term, with a one-month notice period. You do not need to do anything and can continue to use your terminal as usual.
Can I terminate at any time with one-months’ notice?
If you are in your initial minimum period, you must complete this first. If you wish to terminate during your initial minimum period, then you may be required to pay the balance of rentals for the remaining months of your initial minimum period. Please check your agreement for more information.
If you have completed your initial minimum period, then you may terminate at any time, by giving one-months’ notice.
What if I don’t want a one-month rolling term?
If you wish to have a longer term, please contact Customer Support by email at info@merchantrentals.co.uk or call us on 01942 407980 to discuss your options, which may include entering into a new agreement with a new initial minimum period.
Does this change how much I have to pay?
No, this does not change the price of your rental payments.
What if I already owe rental payments?
If you already owe rental payments that have not been paid as of 6 January 2023, then Merchant Rentals is still entitled to those payments.
If your agreement with us has terminated and you have unpaid rentals, you will continue to owe those unpaid rentals. Please contact Merchant Rentals Customer Support by email at info@merchantrentals.co.uk or call 01942 407980 for further information
What else has changed?
All the rest of your agreement terms have not changed.
Revised: 15 December 2022