Darlene
Pigeon Forge,#2Consumer Suggestion
Tue, March 28, 2006
There are multiple ripoff reports posted concerning the issue of credit card processing sales and services. Many of these are listed against Lease Finance Group. I would also suggest that you report the company that came into your business and the ISO for which they are doing business. Also report all of these occurence to the FTC. In 2002 the FTC prosecuted a company called Certified Merchant Services for the same type of unfair and deceptive sales practices. This company had to pay $25 million dollars back to its customers. What we have found is that this is a complex scam which is participated in by many companies. Please bear with me, this gets a little complex. Visa and MasterCard are both controlled by member banks. Check the Visa web site for a listing of all member banks. The banks that are members don't want the hassle of dealing with thousands of merchants so they hire ISO's (independent Sales organizations) to actually handle the ACH processing of credit card transactions. These ISO's don't want the hassle of marketing to thousands of merchants so they hire "contract labor" to call you and sell you credit card processing. The sales people that come into your business are actually under contract with an ISO and a finance company. They get money when they sell you equipment. They get a percentage of each credit card you process. It seems to be the trend from all the reports that I have read that they will say anything to get you to sign, but they do not have the authority to provide you with any of the "services" that they say they can. If the company that came into your business said anything like,"We can offer you a better rate because we are Visa / MasterCard." please complain to VISA. Check the visausa web site for a contact email. This is a violation of VISA guidelines. Complain to the main bank that is a VISA member, they should know if the companies that they are hiring are honest. Complain to the BBB but follow up and ask for arbitration if necessary. Is your company listed on the national no call list. If it is, how did this company get your number to call you? If they are in violation of the National no call law. Please report them. Basically,don't give up.
John
Tucson,#3Author of original report
Sat, March 18, 2006
I might be taking a chance here posting this here because NPMG probably comes here to read this forum. I took the advice of some of the fellow posters and closed my business account and opened a new one. Thank god i was able to do this before they switched (slammed , bait and switch) my merchant services. I called my currect processor Wells Fargo and they told me i will be safe now with my new account. I taped the box up for the machine and sent it back to where it came from with a delivery confirmation. I will write a letter telling them i will not be paying there crooked company once i receive that confirmation. I called the Attourney Generals office today and spoke with a very nice lady in the office who directed me to fill out a complaint on there new website at http://www.azag.gov/consumer/complaintform.html She said once i fill this out they will get it off the web in the phoenix office then send it down to the Tucson office and then they would follow up with me. She did tell me she thought i did the right thing by closing my account and sending back the machine with the delivery confirmation. I am sure the fun will begin next week when they try and switch my processor and the bank says to them you have the wrong account number. I will keep everyone updated what happens. Thanks to everyone for there advice and support on this site.
Jennifer
77502,#4Consumer Comment
Fri, March 17, 2006
A company named Innovative contacted me about setting up a merchant account with them, they promised a free website, the moon and the stars. Of course, they do not tell you about the non-cancelable lease you have to sign in order to get their great rates and free website. Once I signed, there was no website, I could not get a hold of no one at their offices, I only got voicemails and no one returned my calls. I eventually reported them to the BBB. This leasing company does not care if you are no longer in business; as long as you singed the contract there is no turning back. I had to cancel my bank account in order to stop the charges. This company called me day and night asking for payment, they called every 30 minutes every day for about 2 months. They are rude and you cannot bargain with them. I sent several letters because I wanted to return the machine and I always got a no. I also sent them a Debt Negotiation letter where I offered to pay half of what was owed so they would cancel the lease and they did not accept it either. I guess they prefer nothing instead of something. They eventually ruined my credit and they will not accept any type of negotiation in order to get out of the contract. I am not sure if there is any legal action you can take against these people since we did sign a Non-Cancelable lease even if we were tricked into doing so. I have tried anything and everything with these people and I also tried to get some kind of legal advice on what to do or if there is even a way to get out of the Lease but with no luck. All these people want is their money so unless I come up with the amount owed, I will have the Charge-Off on my credit for seven years.
Kat
San Francisco,#5Consumer Suggestion
Thu, March 16, 2006
Read my posting from previous 2-3 days you will find the helpful tip. Follow through is the thing that everyone needs to do with their compliants. Close your bank account and open another one.