How to Cancel Worldpay Contract

If you are a UK merchant using Worldpay and are considering cancelling your contract, it is important to understand exactly what the process involves, what obligations you have, and any potential costs or consequences. This article guides you through what you need to check, how to prepare, the steps to terminate the contract, equipment and account matters, and how to avoid or manage early termination fees.

Why Cancel a Worldpay Contract?

There are many valid reasons why a business may want to cancel their Worldpay contract. The business might be closing, selling or restructuring. Perhaps the contract terms, fees or service levels are no longer suitable. Maybe you have found another provider offering better rates or flexibility. Whatever the reason, cancelling the contract is not simply a matter of stopping payments — it involves compliance with your existing contractual terms and obligations.

When you signed up for a card-processing or merchant services agreement with Worldpay you likely agreed to a contract with a defined term, automatic renewal conditions, early termination provisions, notice periods and possibly equipment lease or rental obligations. Cancelling without following the correct steps can lead to continued fees, the provider claiming they did not receive notice, or being liable for early termination charges.

Review Your Contract Terms

Before proceeding with cancellation you should locate and review your original merchant services agreement with Worldpay. Look for the following key elements: the initial term length (for example 12, 24 or 36 months), the renewal period (many contracts automatically roll over), the notice period required to avoid renewal, the early termination fee clause, any specific instructions for giving notice (how and to whom), and equipment obligations (card machines, terminals, leased hardware).

Contracts differ between providers and across time so the contract you signed may have different terms from newer ones. Some contracts may state that you must give 90 days written notice before the end of the term or risk automatic renewal. Others may allow you to cancel with one month's notice once the initial term ends. Multiple sources suggest that the earlier your contract term, the more likely a long initial term and significant early termination commitments.

Knowing your anniversary date (the date when your term ends or auto-renew begins) is crucial. If you miss the deadline you may find you have automatically rolled into a renewal term and the opportunity to exit at the cheapest point has passed.

Preparing to Cancel

Once you understand your contract terms, prepare the following steps: record your customer number, merchant ID, agreement ID, contact details of your Worldpay account manager or support line, the date your contract ends or auto-renews, and any details relating to equipment lease or rental. Check your bank statements for fees to ensure you are up to date with payments and there are no outstanding balances.

If you lease hardware (card terminals or point-of-sale machines) from Worldpay or via a third party, note the equipment terms. Some contracts require you to return hardware in good condition or settle outstanding lease payments. Failure to do so may stop the cancellation or incur additional fees.

You should also consider timing. If you are near the end of your contract term, it may be more cost-effective to wait until the term ends rather than incur a large early termination fee. If you are switching providers you should ensure your new provider is set up so that you avoid downtime in processing cards.

Giving Notice to Cancel

For many Worldpay contracts the cancellation process must be in writing. You will need to send a formal notice of termination referencing your agreement, merchant ID and the effective date of termination. The method of delivering this notice (email, posted letter, fax) and the recipient (Worldpay support, account manager, specified department) should be according to the contract instructions. Evidence of delivery is helpful.

Some sources suggest that in certain cases one month’s notice is sufficient. However, due to the variation in contracts you should check your own terms. If you are inside the initial commitment period you may still need to provide the written notice while preparing to pay the early termination costs.

After sending the notice you should follow up with Worldpay to confirm receipt and ensure they process the termination. Keep records of communication for your protection should billing continue after you believe you’ve cancelled. Some merchants have reported continued charges because termination requests were not documented properly.

Equipment and Account Closure

When you cancel you must deal with any rented or leased equipment. If you have card machines on lease, you may need to return them or pay off the remainder of the lease. If the contract includes the cost of hardware, the provider may require you to settle all remaining payments for the equipment before termination. Failure to comply could delay the cancellation or leave you liable for ongoing charges.

You will also need to terminate the merchant account linked to Worldpay. This involves ensuring no further card transactions are processed through the account after the termination date, and all balances and refunds are settled. Even after giving notice you should ensure any outstanding transactions are cleared and your bank account details remain valid until all settlements complete.

Reviewing Fees and Early Termination Costs

One major reason merchants delay cancellation is because of early termination fees (ETFs). If you decide to end the contract before the initial term has expired, the provider may charge you a payout equal to the remainder of your monthly account fees, plus possibly installation or rental equipment payments, or a fixed termination charge. Some sources note that Worldpay may calculate the fee as “debt owed for remaining commitment” rather than a flat penalty.

Merchants are advised to calculate how much they would owe under termination including the costs to return equipment, unpaid lease, accrued fees to decide whether early cancellation is financially viable. In some cases waiting until the end of the term may cost less.

Negotiation may help. Some merchants have managed to negotiate reduced termination costs, especially if they have low processing volume or are moving to a competitor. Asking your account manager if they will waive or reduce the fee may yield results.

Confirming the Termination and Monitoring

Once Worldpay confirms receipt of your termination notice and acknowledges your account will be closed, request a confirmation email or letter stating the date of termination, final settlement date, and agreement that no further collection will occur after that date. Save this confirmation in case charges continue.

After termination, monitor your bank account and your merchant account statements for at least one further billing cycle to ensure that billing has stopped. If you notice continued charges you may need to contact Worldpay’s support or escalate the matter with the payment’s regulator or a consumer body.

Switching To a New Provider

If your reason for cancelling is moving to a new payment provider, you should prepare the new account in advance so there is minimal interruption in your ability to accept payments. Coordinate the termination of your Worldpay account so that the new account becomes live the day after the old one closes. This avoids downtime and lost sales.

It is also sensible to inform customers of any change in payment interface or terminal so that they are aware; but for many merchants with modern terminals the switch is seamless from the card-holder’s perspective.

Common Pitfalls and How to Avoid Them

One challenge many merchants face is assuming the account has been cancelled when in fact the notice was not processed correctly. There are many reports of merchants continuing to be charged because cancellation letters were never logged or the contract rolled over for another term.

Another pitfall is failing to return leased equipment on time or failing to follow the contract’s specific cancellation process. Both mistakes can trigger continued billing.

Finally, always check whether your contract includes automatic renewal clauses. Some contracts roll over into another term unless you serve notice within a specific window. Missing that window can cost you another full year of commitment.

What to Do If You Are Within the Term

If you are still within your initial term and cancelling early, you need to budget for termination costs. Calculate what you will owe if you continue versus what you will owe if you cancel early. Then compare this against the long-term savings you expect from a better provider. If it makes financial sense, proceed with cancellation, prepare to pay the fee, and ensure all paperwork is complete. If not, it may be better to wait until the term ends and cancel then.

Conclusion

Cancelling a Worldpay contract involves more than simply telling them you want to stop. It requires you to check your contract for term length, notice period, early termination fees and equipment obligations. You will need to provide written notice, settle or return any leased equipment, ensure your account balance is clear and monitor your billing after termination.

By preparing carefully, following your contract’s required steps, and confirming termination in writing you can manage the cancellation process smoothly and protect your business from unexpected fees or charges. Watching your bank account for residual billing and switching to a new provider with minimal downtime will help ensure continuity of payment acceptance.