My family owns and runs a small business. We had been with Wells Fargo for many years and while we were not in love with the cost, they were at least honest and consistent with their pricing. We were still paying the lease on our credit card machine and it was about $30 per month, but nearly paid off.
We were approached in our retail store by Derek (Derrick?) Trudeau from "Merchant Services". He quoted us at just about half the costs we were paying Wells Fargo and it sounded fantastic.
We did the paperwork and he came back later to finalize the deal. The contract was a fax, and the copy quality was very poor and much of the fine print is too tiny to read and most is totally illegible. He informed us that our current processor was not compatible with their services, and we would have to lease one at $249.99 per month, for 2 years. This caught our attention, and we were going to back out, but he assured us that we would be saving SO MUCH MONEY that it wouldn't matter, and went on to explain that his company's rates were SO LOW and the way they were able to offer such great pricing was by making their profit on the machine lease. I asked about the process of switching over from Wells Fargo and he said he "would take care of everything". I was double billed for 2 1/2 months by Wells Fargo and this company. I am paying leases for 2 credit card machines as well. I tried to reach Derek, but couldn't and still can't despite numerous "messages".
Instantly, about $530 was deducted from my bank account (which was the first and last month lease payment), plus an additional $27 for "property taxes and insurances" by Mbf Leasing. A week later an additional $280 was deducted (I was told later that that was the actual first month lease payment, and that MBF Leasing did not have record of half of the first $530 ever being paid.
I called the "Merchant Services" trying to find out what this was all about. I called 800-654-9256 and was hung up on 3 times in a row by the receptionist, when I finally got through to someone it sounded like a home telephone and there were children's voices in the background. I waited on hold for customer service and was hung up on again after 20 minutes or so. I called back and was finally connected with a man who was instantly rude with me, and sounded... Well, illiterate, for lack of a better word. I couldn't get anywhere with him and asked to be put on with someone else. He hung up on me.
I called back and demanded a manager. I was put through to the manager's answering machine (which happens EVERY TIME I try to reach "the manager"). I called back and was connected with Mike Pullen. I said I wanted the manager and he said he could not get the manager for me. He refused to give me the name of "the manager" and said that as far as I needed to know he was "the manager". He started out polite and assured me that this was just the first month and that the next month I would see the savings!
Next month, I didn't see any savings. I was in fact paying about $500-$700 more per month, NOT including the machine lease fees.
I called back many times. Mike Pullen wasn't so polite after a while, and eventually yelled at me, then threatened to hang up on me. I asked what the settlement would be to end my contract with them (innocently expecting a few thousand dollars) and he said it would cost $58,000-$60,000 (not including the machine lease which would be an additional $11,000)!!! He said that every merchant services company followed that same policy now. He also stated that if I disagreed I should try and take them to court, and then just see what happens.
After a month or more, I finally got to speak to Eric "Manager" and I explained to him my troubles. He said they would go over my account and see what was amiss, and get back to me. He never got back to me. I called Mike Pullen after a few weeks and he pretended he didn't know what I was talking about and said he would have to talk to Eric "Manager" and get back to me. He never did.
I called last week when I noticed that my contract stated my interest rate would be 1.69. I am paying 1.79!!!"Eric Something" (who sounded suspiciously like Eric "Manager", but said he was NOT the manager) said that 1.79 is not available and they legally couldn't give me that rate. (And he said that that is apparently "in the contract"). He said he could try to get it to 1.76 for me, but that rate would not show up for 2 months.
While I was on the phone with him, I saw an advertisement online for "Universal Leasing" (which is basically the same company, somehow, their phone number is on my statement) saying they were offering 1.39 with a machine lease contract!!!
Also, every one of my American Express charges have a mysterious $5.95-$60 coming right off the top. American Express merch. Services maintains they are not the ones taking this money. Eric "Something" maintains that this is not from their company and that it must be from American Express. That never happened with Wells Fargo... Where the hell is my money going!!!??? On many of my wholesale sales that is my entire profit GONE, right there!!!
Last week Suzanne "Quality Control Manager" at 888-275-3251, called my store and completely screamed at one of my employees for running a customer's credit card twice (the customer was fully aware of the fact) and then faxed a nasty note stating it was illegal and that she would reject any future charges that the card was run multiple times. I called Suzanne to politely (and I am being honest) ask her to use a little decency with my employees, but Suzanne hung up on me instantly.
I called MBF yesterday to get to the bottom of the missing "first month payment" (that I paid, but they have "no record of") and was literally belittled, mocked, and made fun of, and then hung up on twice by the same woman. I called and tried to get her name and the new woman who answered greeted me by my company name and then refused to speak to me and said I had not provided sufficient security proof to get information about my account. I requested and was put on the line with the "Manager" Kathy Wilson, who was at least polite, and she told me that the first woman was called "Pam". Kathy apologized for "Pam's" conduct.
One man at Universal Services (the company I get when I call the phone # on my statement), "Ryan", I believe said my best bet was to get a new merch. Services company and just get deducted the minimum monthly charge which he said is about $80, and cancel in 2 years.
I don't know what to do. Who would pay almost $13,000 for a 2 year lease on a $50 machine they were already under lease, for a better version of, unless they were completely mislead and cheated? Why would I switch to a more expensive company than the one I had used for years, unless I was lied to??? I am so upset over this. It is so scary. I didn't know that such lying, deceitful, rude and disgusting companies could actually legally run in the USA.
I am in the process of switching to a new, reputable, merchant company, and am switching back to my old machine. From what I can tell, I will then just be paying the $270 (or more?) monthly lease fee, plus the $80 minimum charge per month for the merchant services company.
I want these people out of business, I want my money back. I can't afford to line their filthy, greedy pockets with it.
Sorry for the length... But I do feel a little bit better. Thank you for reading.
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