IQ Payment Systems A Deal with IQ Payment Systems and their co-conspiritor, Lease Finance Group Llc, is a RIPOFF! Portland Oregon
One day a very nice young man came into my small restaurant and told me that I could make money AND provide a service to my customer by leasing an ATM machine. As I had already thought about doing this, I was very excited. He went on to tell me that his company had done the research and they were looking for a business in this area and mine came up as the best candidate.
When he told me that the lease was $250/month I was a bit apprehensive, but he went on to tell me that his company had been doing this for years and that to prove this was a good deal, he would load the ATM with $1,000 (4 months of lease payments) and that after that time, if I wasn't completely satisfied and making a profit on the machine, that IQ Payments would come and get it and relocate it to another site ~ for free! What did I have to loose?
I believed him! It was my mistake and I take total blame for not reading the fine print, but that does not excuse this company for getting me into a "non-cancelable lease" that will cost me over 4 times what the machine is worth. After 60 months I will end up paying $15,000 for a $3,000 machine!!!
I am making about $60/month in revenue from the $2.50 transaction service charge (of which IQ Payments keeps $0.50)
They say live and learn, and I certainly have!!! My problem is trusting people believing that they have as much integrity as I do. I tried to call the salesman the next day, and he had given me a number that was no longer in service! Even though I have asked the company to have him call me so he can own up to his lies, he has not returned any of my calls. It has been 10 months!
Whatever you do - - -DO NOT DO BUSINESS WITH IQ PAYMENT SYSTEMS!!! OR THEIR FINANCE COMPANY, LEASE FINANCIAL GROUP. ITS A RIPOFF!!! - - -
Colleen
Hillsboro, Oregon
U.S.A.
1 Updates & Rebuttals
Tom
Sammamish,Washington,
U.S.A.
Leasing Equipment
#2Consumer Suggestion
Sat, May 10, 2008
Did you ever ask if you could just buy the equipment? Could you afford that option? Leasing cars, equipment, personal goods (like Comcast cable tv) is all a lease that is more than just an initial sale. I had worked for a company in Washington that leased equipment as well--did you know that that lease is a 100% deduction on your business taxes. So while you are making money, owning a piece of equipment, you are also not paying for the final cost if your accountant knows that this is a lease on equipment for your business.