Bonnie Tucker, an agent from Vericomm called on me to help me with credit card processing. The idea was that her company could get for me lower processing rates and provide new equipment. I would lease the equipment at a higher fee, but overall save on processing above any other company.
She told me that the equipment sells for $1,500, and my lease would cost me $70.00 a month for 48 months. Even with this lease the total package was to save me $1,000 a year. The lease was with CIT leasing. The processing would be done by IPayment.
It turns out that the equipment costs less than $500 and the processing company has a monthly amount where any processing over that amount costs a higher percentage fee. Because of this I cannot use the processing company, and now have equipment I cannot use. The monthly ceiling appeared nowhere on my contract
Vericomm headquarters says that IPayment should not have this monthly ceiling, and that my lease is still valid no matter what I was told about the equipment. CIT also will not discuss the lease. IPayments is considering raising my monthly ceiling for processing.
I should not have signed the lease. I was grossly mislead by the Vericomm agent. I am working with the state Attorney General on the lease, and I have contacted a lawyer. If anyone else has been contacted by Vericomm - beware!
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