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What are some key clauses to negotiating merchant services agreements?

What are some key clauses and "gotchas" to which SMB decision makers should pay particular attention when negotiating merchant services agreements? And should legal counsel review all of these?

This question was asked during Doug Kantor's presentation, "How Small Merchants Are Dealing with the Credit Card Goliaths" at the Focus Interactive Summit: All Things Small and Mid-Sized Business.

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