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I am a small business, and I signed up with a merchant servicing company – IMS – at a great rate of .049% per transaction. Well it is not that simple, it seems.
Their variable rates add up to over 3% in fees, and their customer service agents are trained to convince you that you will never pay that much. So how do my fees add up to over 3%, IMS?
When I inquired about cancelling service, they said I will pay a $250 fee. I understand what a contract is – however they purposefully mislead small business owners. DON’T BELIEVE .049% WHEN YOU SEE IT.
Now on to First Data Global Leasing. I called to find out how I could cancel my lease. Guess what? You CAN’T CANCEL YOUR LEASE! You can pay the $3000 it costs to lease the equipment for 2 years, or you can pay monthly for those remaining months. Then you have to pay another hefty fee if you want to keep the processor! So, to get out of my costly, misleading, scam of a contract, I must pay over $4000!
If your business tanks – you are STILL STUCK WITH THE PAYMENT. What a scam. It’s a piece of equipment. Take it back and lease it to someone else. You people are heartless, cold, and misleading. I will be letting everyone know about how your company REALLY works.
I am in the same situation. I told the sales rep, I wouldn't sign a lease agreement. He told me don't worry about it, they never make you pay those thing. BULL CRAP! Now of course when I want out, he claims he would never say that, and I'm the one who is in the wrong! Never Never Never use Transfirst or First Data Merchant Services.
I have a similar experience! The rep did not tell me that it was a 4 year contract. He made it sound like I could try it out for 30 days.
Worst business decision ever!
i'm in the same boat... 3 machines leased, and now i'm stuck with monthly payments on them all for a 4 year term...
the same thing happened to me, these people are well trained to make you believe that you made the right choice, i ll never recommand any body to make business with these people, i m stucked with 4 years agreement, because i trusted one of the credit cards processing company reprsentative, i ll never forgive this person.