LADCO Leasing - Landmark Merchant Solutions Ripoff, both work as a team to bring in fledgling companies and grossly overcharge them for equipment that costs 1/10th the lease price while locking the company into a virtually unbreakable contract. Thousand Oaks California
A few years ago as my non-profit began obtaining notoriety I received a call from a gentleman at Landmark Merchant Solutions. Being a business novice I had no idea how credit card processing worked, but I knew we needed some way to accept credit cards and debit cards. He worked with me diligently to get an account set up and, despite my hesitation due to the price, I signed the 4 year contract with them and LADCO as the leasing company.
When it became apparent that their service was no use to us, I canceled with Landmark and tried to see what could be done with the lease with LADCO. To break the lease, they wanted over $3000. This seemed ridiculous to me so I finally buckled down and researched the machine I was leasing. The same machine retailed for less than $300. When I tried asking them why I was paying $3000 to not even own a $300 piece of equipment, I was ignored.
All I can ever get out of this company is my remaining balance and buyout payment. These payments have killed my little non-profit and I am now trying to dissolve the corporation as we can no longer afford anything more than the monthly payment to LADCO which, I assume, will now fall into my hands when the company goes under.
Jason
Oakland, California
U.S.A.