Thank goodness I am not alone in this leasing nightmare, like so many of you I started a small business and was convinced by a very friendly bank repersentative at my local bank to go through them for merchant services. At the time I was going to go with an online service where I bought the equipment for a couple of hundred dollars and they needed a letter from my bank to verify that I was a lagitimate business. The bank repersentative (a very lovley lady) warned me against scams and convinced me to get my merchant srevices through them as thier service was very above board. The bank is local small and very wonderful and I trusted her.
The equipment arrived a day before my store opened and was brought over to me by the bank lady who assured me it was a great service and I signed in good faith. From the stickers on the machine and the paperwork that came along with the machine I was under the impression I was dealing with a company called verifone. After several months I deceide I could run my business from home and a web site rather than paying rent for a store and contacted verifone about terminating my lease. They were very helpful and explained there would be a $300 canelation charge and after a year that figure would be reduced to $200, so after speaking to the repersentivie for some time i decided to keep my agreement till a yer was up (yesterday).
When I called to cancel yesterday my converstation was very polite and everything was going well until I asked them where I shoule return the equipment, at that point the lady informed me that the equipment was leased through another company and I would need to contact them seporately.
When I called ladco they were very unfriendly, "Brian" informed me that I had signed a lease that I could not get out of and I was obligated to pay $48 a month for 3 years or could pay the lump sum of $1040. when I asked if he would reduce the amount if I sent back the equipment he said it was only worth $5.
I understand that I should have read the contract but this whole thing is a wolf in sheeps clothing, having a smiling baank rep you deal with and trust sell you such an abominable service is just not fair.
When I went to discuss matters with my bank yesterday the manager was shocked and appauled at the contract they had had me sign, this prctice needs to be outlawed and I would be very happy indeed to get together with any interested parties to make sure this cannot happen to any other buisness owner.