The one nightmare I continually run into is Merchants who are stuck in a credit card terminal lease they are not quite sure how they got into in the first place. Banks are famous for writing these deals, shoving them down unsuspecting new business owners' throats before they know what hit them, as well as vagabond, hit-and-run Sales Reps who are out for the upfront commission and hope you never really calculate that the $400 terminal you just signed up for at $40 per month for 36 months will end up costing you an outlandish, almost criminal, $1,440. These leases are non-cancelable and can haunt you for years.
Here is Rule Number One when you are talking to a Sales Rep and they recommend you lease a credit card terminal - DON'T. If that company is not offering you a free credit card terminal as part of their signup agreement, you are speaking to the wrong company. Next.
Another important aspect is, what happens if the terminals goes bad? Guess what, it does happen? If you are in a lease, the leasing company could care less. You are on your own and getting the terminal fixed likely will cost more than the dang thing's worth. If you are in a free "lend" program, if your processing company wants you to keep processing (and they do because that is how they make their money), they will get you a replacement real fast. You probably will have to pay for shipping.
Most, if not all, reputable processing companies will provide you with one credit card terminal to process your transactions. If you need more than one, then buy it for about $500, wireless terminals for around $700.
The worst feeling I get is when I sit down to talk to a business owner who is barely making it and they tell me their current processor signed them up to a terminal lease for "only $40 per month." Right.