MBF is a horrible, horrible company. The people you talked to hung up on you and gave you trouble because they deal with this all day long.
Okay, I have to say another thing. I don't like seeing the "da da da MBF is stealing money from me" stuff. First, MBF is not the company who signed you up, the second-rate credit card processing company did. Second, YOU PEOPLE SIGNED A LEASE. You didn't read the lease. It's all in there. This is why MBF continues to be able to operate. Yes, the salesmen are misleading. But it's all in the lease. If they're taking money out of your account monthly, it's because you are not out of your lease yet; you're just trying to weasel out of the past mistake. That said, I have no problems with all of the complaints, lawsuits, etc. Businesses like this pry their way into existence. They promote dishonestly, as their methods are very unpractical and notbody would use their service, had everything been 'laid out' before they get your signature. With the deal layed out, no reasonable person would use MBF.
Just as guilty as MBF, is the door-to-door type guy that sold you the contract. They're both crooks.
I ran into this problem at my business. A couple years ago, we were gladly using Wells Fargo. A cold-call salesman stopped by my shop. At the time, he took our monthly fees from around $1200/mo down to $600/mo, including the terminal rental. This seemed reasonable to me. So I changed companies and was happy for approximately two years.
In June, 2009, my American Express # was stolen (online computer virus). So I had to cancel the card. I accidently neglected to update the # on my account. On July 5th. I got a call from MBF. They said that my bill was late (it normally charges on the 30th/1st). I said "okay" and told them that I'd pay the bill right then, with the late fee. The late fee was ONE HUNDRED AND TEN DOLLARS! My normal bill is around $105/mo, with all of the taxes, etc. To double my bill for an obvious, simple accident, is completely unacceptable. Is that even legal? At this point, I was polite, paid my bill and then went back to Wells Fargo. At this point. WELLS FARGO IS MUCH CHEAPER. Their fees have dropped like crazy over the years and you get an actual, proper local rep to deal with.
Within the past couple days, my Wells Fargo rep tried to cancel the account (they are paying our cancellation fees, as part of their incentives). However, I found out that there IS NOT A CANCELLATION FEE. Well, that is to say that YOU ARE ESSENTIALLY NOT ALLOWED TO CANCEL. I expected to pay $500 or something, no big deal. Nope, there's no cancellation. None. They wanted approximately $2950 to cancel my lease today. That is not a cancellation fee. That is me paying $2950, which equals the 2-or-3 years that I have left on my lease.
Now, back to FTS. Doing business with a company like MBF should deter folks from signing up with the actual processing company. They're crooks who knowingly use a company like MBF. During my sitdown with the FTS SALESMAN/CROOK, when I asked about the credit card machine, he FORCED ME TO GET A TERMINAL. HE WOULD NOT LET ME JUST USE AN ONLINE GATEWAY. HE TOLD US THAT FEDERAL BANK REGULATIONS REQUIRE THAT WE OWN A TERMINAL. My Wells Fargo rep informed me that this is a LIE. I regrettably said 'okay' and got the lease. While signing the lease, HE GLOSSED OVER THE "BREAKING LEASE" ISSUE. When I asked, "how does the cancellation work", he stated, "I think it's $500-or-so, you'll need to check with MBF". Nothing else. Again, I regrettably took his word for it and signed the lease. There were ten-or-so pages to the contract and I did not intend to sit there for twenty minutes, looking over everything, as I was busy already.
I URGE ALL BUSINESS OWNERS TO 'SHOE OFF' ALL PHONE CALLS AND SALESMEN WHO STOP BY YOUR SHOP. THEY ARE ALL COMPLETELY UNNECESSARY AND, WITH MAJOR IMPROVEMENTS IN THE INDUSTRY, WILL BE OUT OF BUSINESS IN GOOD TIME. IT IS JUST AS CHEAP TO GO TO A REPUTABLE BANK LIKE BANK OF AMERICA, CHASE, WELLS FARGO, ETC. THEIR MERCHANT PRICES HAVE BECOME VERY COMPETETIVE OVER THE PAST COUPLE YEARS. YOU NO LONGER NEED TO DO BUSINESS WITH ### LIKE FTS OR MBF.
If you think that your local 'big bank' won't match their costs, get a quote from one of the DOOR TO DOOR/CROOKS and then go back to your bank. They'll match it, no questions. I assure you.
In closing, I am stuck. I am paying around $105/mo (including taxes) for a $400 terminal. That's a good $6100 for a $400 terminal. And, while I was able to cancel my contract with FTS, I'm being FORCED to use the terminal (well, in the sense that there's no discount on returning it today, as opposed to another two or three years).
FTS (FINANCIAL TRANSACTION SERVICES), THEIR "INDEPENDENT SALESMEN" AND MBF ARE ALL CROOKS.