| PAYMENT SYSTEMS AND MERCHANT PROCESSING SOLUTIONS |
| MISSREPRESENTATION OF PRODUCT |
| 10th of Nov, 2011 by owenmotors |
A sales rep, who claimed he worked for payment systems, came into my place of business soliciting merchant services. We get this all the time, companies trying to change us out of our current merchant services company. Usually we just dismiss them, due to the fact that they all are pretty comparable in price and service. However, this gentleman claimed he could reduce our pricing by up to 40% and that they had 24 hour turnover on funding our bank account. So we listened to his presentation.
He went over our current processing bill and systematically showed us where he would save us money. He told us we would have to lease the equipment at a monthly rate but that even with the equipment lease our monthly bill would be considerably less. Our bill for the current processing company was around $1500 and he claimed that with the equipment lease and processing fees payment systems bill would be around $836. Save $664 dollars a month and processing in 24 hours, lets give it a go......
Huge mistake. Days after sighning the paperwork we received a call from a company called Global Leasing Company. They wanted to speek with the owner of our company to get a verbal verification on the lease and terms of the equiptment. First off they were very rude and stated that if the owner (who personally signed off on the paperwork) did not get on the phone and perform the interview that they would not do business with us but we would still be liable for paying the lease in full. The owner is very busy and they really frustrated him due to the fact that they forced him to stop the business he was handling to do this interview.
Needless to say he completed the interview and we began using Payment systems as our processing company. To make a long story short, we received our monthly bills (yes plural, they set us up with 2 accounts for unknown reasons, and charged us all the misc fees on each bill) they did not save us any money in fact we ended up paying an average of 4.2% per transaction, up from 2.8% we used to pay. Our bill was higher when in fact the sales rep claimed it would be significantly lower.
When we called payment systems to find out what was going on they claimed that the sales rep did not work for payment systems but worked for a company called Merchant Processing Solutions. When the salesman sold us this product he never once mentioned Merchant Processing Solutions or Global Leasing Company. He pushed this product onto us with lies and deceipt and only represented himself as an employee of Payment Systems. They are very slick as they cover everything they do legally but ethically they are scum taking advantage of hard working small businesses by misrepresenting the product. |
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Sorry to hear about your complaint. I too haven't fallen for the EXACT same scam. It makes my blood boil just reading your post. I have been literally on the phone and emailing them for over 5 weeks. They are "trying" to "help" me out by reducing rates, etc, but won't budge on the terms they lied about regarding termination fees and lease lengths. I have sent complaints and I am going to send complaints to the state AG. I'm also contacting a lawyer. Fortunately, I was a kind person and offer to scan and email my contract to PS for the sales agent the day of the sale. If you have your contract I would suggest you ask PS to email or mail you a copy of the contract they have on file. To date, I've discovered two forged documents and a manipulated fee schedule. They are complete scum and I'll fight them until I'm out of the leases. Global Leasing is somehow affiliated with Lease Finance Group. Just google the name and you'll be horrified.
Feel free to contract me at [email protected] if you would like. One thing that is frustrating with all of these scam websites is that nobody comes back online to post how they are fighting these companies and if they have had any success. Send me an email if you would like to stay in touch. |
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