Complaint Review: North America Bancard

I initially signed up with this company in October 2012.  The entire sign up process was handled over the phone with some random agent, who no one with the company can now identify.  Before he could set me up or email any information I had to agree to the terms on a recorded phone session.  The terms he stated were "no contract, can cancel at anytime, no monthly fees unless we used the credit card processing services, no yearly fees unlike all of the other companies" so I agreed to those terms because who wouldn't?  

Unfortunately, once I read the emailed contract received the following day I realized that he had not been at all truthful with the terms stated above.  There is a penalty fee for not having enough transactions, a monthly service fee, etc...  It totals about $50 per month.  Our website had to shut down shortly after we launched it and even with repeated phone calls they will do nothing to work with us.  

I finally had to place a stop payment on them through my bank because as each month passed they were withdrawing more and more money.  After 45 days of the stop payment and no resolution they changed the company from which they were withdrawing to from Global Pay to North America Bancard and ended up withdrawing $988.50 on top of the over $50 monthly charges.  

While I do understand it is my fault for not reading the contract before I agreed to it, how was I suppose to read it when I couldn't get any correspondence from them until I verbally agreed over the phone to his bogus terms?  I guess I am backed into a corner and will be forced to seek legal consult.  They also cannot provide me with the recorded agreement portion of my original phone call.  Without the recording of my voice agreeing to the contract or an actual signature, how can this contract stand legally???

I am beyond frustrated with this company and their practices.  I call the customer service line only to be transferred to a Senior Rep who isn't available and I have to leave voice mails that are never returned.  In the meantime, I had to file a fraudulent activity report on them through my bank; I am hoping to at least recoup the money they took this month.  Since January, they have taken over $1600 from our account and never once have we used their services.  

BEWARE of this company and it's fraudulent activity!!!