Verizon Wireless’ new unlimited data plan made a lot of waves when it was announced last week. While it is exciting that that have jumped back on the “unlimited data” bandwagon, they have a lot of limitations and requirements for this new plan. We went through the fine print, and here’s what business customers need to know: First, the new unlimited data plan can only be used on 10 lines per subaccount.

Regardless of how many subaccounts a company has, this particular plan can only be applied to a maximum of 5 subaccounts. Meaning, for larger business accounts, only 50 devices in total, can take advantage of the unlimited data plan. Secondly, line access rates have been altered for the unlimited plan. Smartphones that are under contract would now have a $40 line access charge. These new charges equate to $20 line access fees for smartphones out of contract. Line accesses are also $20 for tablets and jetpacks, and $5 for other connected devices, such as an Apple Watch or GPS unit. Next, Verizon is also requiring paper free billing for this plan, they will not allow for paper bills to be mailed out. They also require auto-pay be setup from either a bank account or debit card, for automatic withdrawal each month. They will not allow for auto-payment on a credit card, so earning points and/or rewards for your business is no longer an option.

Even better yet, Verizon Wireless is stating that no discount would apply for the unlimited data plan. Current employer and industry discounts such as 22%, 17%, and even 8% can no longer be applied. So far, the only discount Verizon states they are still honoring in conjunction with the unlimited data plan, is the 15% discount for military and veterans. They will also do away with the double Data and 50% line access discount, if you make the switch to unlimited data. The more everything promotion also can’t be carried forward to the new unlimited plan. We have confirmed with several Verizon Wireless representatives, that when making the change to unlimited data plans, current discounts and promotions will be lost and cannot be re-added later if changes are made.

However, this is not to say that later on down the road, Verizon won’t release new promos that can actually be applied on the unlimited plans. Finally, no device upgrades are available on this plan. Verizon Wireless’ unlimited data requires the monthly device payment plan for all devices. While some businesses can benefit and save by switching to the unlimited data plan, it is our profession opinion, that very few actually can. Taking a good look at your account, usage and spending should be done before assuming that the unlimited data plan is a good fit for you. For most of the companies and businesses we see and help, the new plan actually is too good to be true.