I received a call from a salesman asking questions about my business without introducing himself. I thought he was a customer. He is referring to his company alternatively as Velocity Merchant Services (VMS), and Visa Mastercard Services (VMS). This is trademark violation and i have reported this to Visa and Mastercard. He says there is no contract. I did an online chat with Nancy, the manager, and she says there is a 3 year agreement. Based on information provided she quoted me a rate in the chat session. When i asked for the full rate table of fees, they are not willing to send that to me before i sign the application. The application they sent me has several pages about a 3 year lease on equipment which totals more than $1500 for an terminal that costs $200!! A lease is for those who cannot afford a piece of equipment and so they rent it out cheaper than buying it. Signing this application will trap me into a lease. I asked for the entire program guide and contract to read before i get into this. They have refused saying that i must 'qualify first'. I don't need to qualify before i see a rate table or contract first. Merchant warehouse provided me a full rate table and contract before i even filled out the application. They are hiding information from the customer to trap them into a lease and to increase rates later at will, which will be specified in the contract, i am sure. The salesman claims that they are the second largest processor in the USA with $10 billion in business. This is a bluff. Beware - If they call you, don't do business with them. They are liars and cheats!
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