In 1999 I started an internet based business for my wife's glass cutting designs. I taught myself HTML. I researched credit card processing companies. I sought out the best hosting options, and what not.in other words I went in with both eyes wide open, confident that I had covered all the bases.
I hadn't.
Unfortunately we chose a processing company allied with Golden Eagle Leasing, who has since been taken over by Northern Leasing. I can't remember the name of the processing company.
We were lied to by the sales rep as to how we would own the equipment once the lease was satisfied. Our business went under after a good year of sales. I've since learned you gotta have deep pockets to sell online.
I bit the bullet and made sure the money was always available to fulfill our obligations of the lease.in September of I was lied to again, this time by Golden Eagle Leasing.
I contacted them to find out when the last pymt wwould be taken from my account, and was told it would come out in October of that year. I then reiterated what the sales rep had told us. And the rep at Golden Eagle, even after I provided our lease number, told me we would own the equipment after October.
Payments were taken out of my account in both November and December. I contacted Golden Eagle only to learn their number had been disconnected. Further research online led me to Northern Leasing who had taken over Golden Eagle in December.
I contacted Northern Leasing via email and phone. I got no replies to me emails, and none of my voice mail messages were returned.
In February of as soon as the payment was taken out again, I went to my bank and revoked their ability to debit my account. The lease payment was returned, and I waited.
Sure enough, I got a phone call from guess who? Golden Eagle. They wanted their money. I explained to them what we had been told by both the sales rep and Golden Eagle. I was then informed that to end the lease I would have to return the equipment, along with a letter telling them I had selected option 1, and a check for $47.00.
After spending three hours carefully reviewing all of the terms of the lease agreement. Have you evern seen the back of a lease agreement? Tiny letters guaranteed to keep you from ever reading it unless you absolutely have to. Nowhere can I find an option 1 relating to the return of the equipment. It does state the equipment must be returned though, which I will do.
Nor is there any reference to a charge related to the return of equipment unless you are in default. Technically speaking I am in default now, and I'll agree to it, but had they answered me to begin with, none of this would have happened. They'll get their equipment, but it'll be a cold day in hades before they get another penny from me.
Take my advice, of you've come this far, if you're planning to sell online, there are way too many third party processors out there that won't even charge you until you've sold something, and then it's only a percentage of the sale. There are no monthly fees.
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