I was cold called by Entrust Bankcard who told me I could get lower fees by doing something with interchange like removing a middle man. They sent saleman Marc Palluck to see me. Marc told me a bunch of mumbo jumbo about how things work, I didn't take the time to check up on what he was telling me, "Caveat Emptor" buyer beware. He told me I had to sign an expensive lease with Azura Leasing for the credit card machine $104 a month by 60 months for a total of $6200 for a machine that you can buy for $500. I told him it didn't make sense but he said it was part of the Entrust deal to save me money.
Later I found out that our billing came from First Data so there is a middle man. Our lease was with Ladco, a company I had experience with earlier. Just about a month earlier I took a look at a bank statement and found out we had a Ladco lease, when I asked my partner about it he had no idea who they were. I called Ladco and asked. They said we had lease that expired 5 years ago but no called to cancel it so they just kept it going, also for a credit card machine. They told me I could buy it now for $150 or so but nothing to do about the $5000 in withdrawels over five years because WE didn't call to cancel. I ask would anyone feel good about this?
Well we are saving money with Entrust so far as we can tell but a better deal can be had with just a little effort. I recommend looking into as they have a pretty good.By the way we also had a withdrawel from an earlier credit card processor CTS holdings LLC, this is First Data! I called to ask and they told me that our account was inactive since 2006 but no one called to cancel? $1500 down the drain. The lesson here I think is when someone comes to you, tell them to take a hike. If you want something do a little research to educate yourself and go get it. Don't be lazy like me and get screwed.
A couple of little interesting tid bits. The Ladco people when asked why would anyone in there right mind lease equipment from them when you can buy, they don't appear to provide any service with equpment at all. You signed the lease sir. When I said I wanted to negotiate an end to lease, sorry it is "non cancellable" this term has no business in any agreement to do with credit cards. A customer service rep and her manager told me, we sent $6200 to Entrust and we have to get it back. I said how to you make any money on that deal. Well we charge a $25 per year fee and get to sell equipment at end. First Data Global has a lease for $33 a month making Ladcos about $4000 more per term. Entrust told me that 90 percent of their customers have this lease. They supposedly have 10,000 customers. 9,000 times 4,000 equals $36 million in over charging of small business people for what? I'll be some Ladco Azura Entrut fat cats are making donations to charity and naming things after themselves like Enron did. Another comical little thing. Entrust told me that if I stuck it out I could keep the credit card terminal free!
I called Ladco about paying off lease, they told me if I pay off and send equpment back $6039 if I keep equipment $6700, when I told them about what Entrust said they told me, well sir that is only if you pay off over time! Well I definately got suckered but Entrust did save me some money over my previous processor EMS but I just can't do business with them, Ladco, Azura, First Data. There are better options and it looks like I will be calling Merchant Warehouse or Bank of America, but Band of America used First Data as a go between like Entrust so probably Merchant Warehouse. Remember Caveat Emptor, watch out for yourself. Don't be stupid like me.
Sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company. Plus, if you post a competitors name more than likely they will show up on search engines as a Rip-off! - - your comments on this policy are welcome.
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