Complaint Review: MBF Leasing

MBF Leasing is a fraudulent company that deceives small businesses by convincing them that they can save money on credit card transactions by leasing overpriced credit card processing equipment. The lease fees total over $10,000.00 for equipment that is worth less than $1,000.00. Here is a brief description of how the deception started: In July of 2006, Larry Reeves, a representative of MBF Leasing, visited our business. He told my husband that he, like my husband, was also a cancer survivor and a former Marine. He feigned interest in purchasing an item in our small retail shop. The following day, Mr. Reeves came by again and asked for a 2-month history of our credit card processing statements (handled honestly through our bank). That same day he came back and showed me a "Credit Card Savings Analysis". After he had gained my husband's trust through personal persuasion and misrepresentation of himself as a "cancer-survivor and marine", the credit card savings analysis seemed valid. However, the lease costs were not subtracted from the savings analysis, creating a false "combined savings" amount of $13,596.00. Moreover, my husband was actually physically distracted by Mr. Reeves while signing the lease. Thus, he was not able to properly analyze the paperwork. At the time of the signing, he personally asked Mr. Reeves if there were any hidden costs and if the service could be cancelled at any point in time. He told him that the contract could be cancelled at any time if he was dissatisfied for any reason. Of course, these were lies.

MBF Leasing and Vericomm continued to deduct money from our checking account, even after we cancelled the service. We were then forced to close our checking account . Now they have filed suit in New York.
I am wondering how other small businesses have survived this without filing bankruptcy.

Smallbiz
Boston, Massachusetts
U.S.A.