Contractual lock-in and terms
You have to dig deep in the contractual terms to spot the possible extra fees, which is not great for a company that tries to appear transparent.
Importantly, the contract can only be cancelled with at least 60 days’ warning prior to the end of the current term. If you want to end the contract early, you pay an early termination fee equivalent to 80% of the average fees you would have paid if you kept the contract for the remaining months of the term.
The trend for mobile card readers has long been moving towards no contact lock-in, so even though Mint offers a 4-weeks’ money-back guarantee, the service cancellation fee is a stretch.
There is a 12-month warranty included with the reader which is reassuring, but business owners should note that this is subject to various terms and conditions outlined in the contract. Indeed, the Mint Payments website reminds potential merchants that the card reader is not waterproof and “probably shouldn’t be used as a replacement hammer.”