I bought a small business and accepted cards for a year before being contacted by a woman wanting to stop by and talk about card processing fees. She was pleasant and said she had several other "clients" in the mall. She looked over the last statements and showed me how this new rate was lower. She didn't take into account all of the other fees involved. So in the long run the initial percentage rate was much lower but not low enough to cover undisclosed batch/processing fees. SCAM #1
Next she tells me that my current machine was old, obsolete, and couldn't be used to get the "lower rates", as well as wouldn't be able to swipe newer cards. She suggested the Nurit 8320 w/pin pad said it would be $46.95 for 48 months. I did the math came up with $2,253.60 and told her that it seems expensive. She said that the Retail Value of the equipment was $2000 because it was newest technology; the extra $250 was basically the finance charge and customer support for 48months. I still wasn't total convinced, I wasn't for sure my new business would be around that long. Furthermore, she continues to say: 1) This was just an application for the lease, not the actual lease, 2) I had thirty days to cancel, 3) I could call her anytime and she would get it taken care of. SCAM #2-#5
Three days later the machine arrived, they called and had an employee set it up and run her card to make sure working as well as trained her. The sales Lady was supposed to come back setup and train me so I could train my employees all as part of the rent fee. I tried to call the sales lady to no avail, so I tried to cancel everything within 5 days only to have the other pages of the contract faxed to me. I continued to call the sales lady and her company, no answers, dead ends, private contractor, etc.
The reality of the situation is the payment processor part of the sales pitch was almost accurate. The 2nd part of the pitch; MBF Leasing Company however exists only by misinforming and deceiving their customers. This is how they get you to sign a fraudulent contract that is a lot longer than the one page "application". It really is four pages of small print. They don't even provide any useful services as a business. The only time I have ever contacted them was to cancel or to find out why they had taken out more money. Their service is to exploit consumers, and their income is based solely off of how successfully they mislead the customer. This year, they have begun charging outrageous property taxes on the machine which they have never done before. Moreover, it's almost the same amount as the physical business FF&E property tax.
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