I agreed to a meeting because I was told they were JP Morgan / Chase Bank and they had some information that indicated I maybe eligible for direct discounts from them on credit card processing. Jon Cannon came to my office on a Friday afternoon.
He said he was with NPMG but they were able to give me "wholesale rates" because they were the "source" He told me that JP Morgan/Chase was the bank that processed all the transactions of all the banks including Bank Of America/Merchant Services who I was currently using. After asking me some questions about our volume, he plugged some numbers into this program on his laptop. He then told me I "qualified" for a certain rate if I used "their" equipment. I would have to lease the equipment, but even after that monthly payment I would still be saving $100.00 a month. I told him I paid nothing for my current terminal and it worked fine. He said my terminal was ancient and I had to have the current technology to work with their system. I questioned the price, stating that it cost more than an expensive laptop computer. He said that was the going rate these days and as part of the deal I could get new equipment for free later if the technology changes (as it always does) He said that was only way I could get the good rate and save the $100 a month. So, I signed his papers and odd he went.
That weekend I went on the internet and found I could BUY the exact same terminal for $380! That he was going to charge me almost $5,000 for!
I called his office at 8:00 am on Monday morning and told them I wanted to cancel the whole deal. Customer service told me I had signed a noncancellable lease and that was probably not possible. I said sure it is! He probably has not even turned it in yet! They said they would have him call me back. He did call back later that morning, I told him to cancel it. He tried talking me back into it, finally he agreed to send me back my voided check and all the documents, and not process the deal.
He said it would be probably friday before I would have them back. Friday arrived and instead I recieved the new terminal!
This began the nightmare! I made many, many more phone calls to NPMG never getting past customer service, who repeated told me that I could cancel the processing service for a fee, but not the lease. I would have to talk to CIT about the lease. I talked to CIT and they said I would have to take it up with NPMG! I also talked to JP Morgan/Chase they had no idea who NPMG was! Aftersending registered letters to NPMG and a barrage of faxes, they quit trying to collect any monthly fees for processing. I have never heard back from Jon Cannon or his sales manager after leaving many messages and sending faxes everyday for about 2 weeks. This goes back to June. I had my bank stop paying any automatic drafts to NPMG and CIT. Then the colection callsbegan from CIT. I have tried to return the brand new never opened terminal, but they won't take it. After realizing that they were just going to ruin my credit I have been paying them.
There position is that they are just a leasing company, and based upon my credit they have financed the equipment for the amount submitted to them. Now, I feel the only thing I can do is hire a lawyer and sue NPMG! Anyone want to join me? NPMG!
FredSan Jose, California
U.S.A.
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