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Like so many stories before, we were unscrupulously duped by Ladco Leasing. I certainly wished I would have googled them before falling for this horrendous scam. Unfortunately, the account representative that was trying to get me to change processors never mentioned anything about Ladco. Our business was cold called by Entrust Bankcard Services, which guaranteed lower processing fees than anyone else ( 2% ). When we agreed to an appointment the account rep, ( Charli Paysinger ) came into our showroom and did a computer generated analysis and showed us how much money we would be saving. It was all a huge lie. Nothing was ever mentioned about leasing a $ 300.00 dollar machine, for $ 85.00 dollars a month for the next 5 years. We were told that there was a monthly membership fee of $ 85.00 dollars plus $ 15.00 dollars for the processing company but even with these monthly fees factored in, we would still average out to 2 % a month on our processing fees. What a total and complete lie. After 1 month of processing with them and crunching the numbers we discovered we were now averaging out at 4 % a month which is a full 1.5 % HIGHER than what we were paying with our original processing company! When we called customer service about this and told them what we had been promised by their sales rep they basically strung us along for another complete month without any change to our fees. When we told them that we just wanted to cancel due to them not being able to deliver what they promised they said that would be fine, but that we would still be bound by a lease we signed with Ladco Leasing. We had no idea that we had evened signed a Lease with Ladco Leasing. Come to find out, that is what the so called "membership" fees were really all about. After contacting Ladco Leasing's customer complaint department, they told us to fax over all documentation to them and they would review it and see if our complaint had any merit. Nothing the sales rep told or promised us ever even came close to the truth. After they reviewed are file and documentation they said we would still be bound by the agreement. I personally do not have a problem being bound to any agreement that I fully understand the terms of and am in agreement with. I am a man of my word, and operate my business under the same guidelines. This is how we have built a small business and have happy customers. But this entire shenanigan by Ladco Leasing and Entrust Bankcard was and is totally deceptive and unscrupulous. The federal government needs to regulate this industry and go after these crooks. They are complete sheisters that should be in prison for these type of trade practices. Seriously, $ 5, 000.00 dollars for a $ 300.00 dollar processing machine? Get a grip and quit preying on innocent people and businesses. Try going to work for an honest days pay like the rest of us.
Sincerely,
Jerry Hansen
The complaint has been investigated and resolved to the customer’s satisfaction.
This is a verbatim word-for-word, my sentiments exactly, posting. Ladco has victimized me as well in almost the same manner. And it's LEGAL. They prey on the small businesses, and they take-take-take. They will continue with this course until stopped. It's obviously that the law is on their side. As I asked my bank rep. from USBank today, "What protection do we peon consumers have against your 'Too Big to Fail' status?"
On my own, my powers are minimal. But unified, can't we stop this thievery?
If you've fallen victim to this vulture of a company, you have my deepest condolences and meanwhile, please pray for me that they don't close down my business.
GOSH. We experienced the exactly same scam. we really wished we checked the Entrust and Ladco leasing deal like you said. We were promised the exactly same deal and ended up being charged more than we were paying before so we tried to cancel the service. Entrust Rep NEVER mentioned about Ladco leasing part. He just told us that we have to pay the termination fee of $199 and that was it if we decide to cancel the service. The rep presented the Ladco part as a part of contract with Entrust Bankcard Services. Even we have emails exchanged between the rep and us about it. We were fed up with such a high rate processing fee and horrible service with Entrust and ended up cancelling the service. Then, we discovered that we have to pay $8, 000 for $300 credit carcd machine to Ladco Leasing and they are saying that it is non-cancellable. We argued with Jessica Finegan, a customer serivce manager at the Entrust Bankcard as to how the rep misled us when we entered into the contract. Of course she didn't care and she kept saying that we have to pay. We reported Entrust bankcard to Better Business Bureau but of course, Ladco is trying to threaten us in every possible way. We have disputed the fee( $8, 000) to Ladco Leasing company. We kept asking the rep where we could send the credit card machine back but they even didn't tell us where to send. We just googled the address of Ladco Leasing and we mailed the credit card machine to the address whehter they accept it or not. WE ARE JUST A SMALL BUSINESS AND TRYING OUR BEST TO MAKE IT THROUGH. THIS HORRIBLE THEIF COMAPANIES LIKE ENTRUST BANKCARD AND LADCO LEASING SHOULD BE GONE FROM THIS SOCIETY.
Same story as above. Duped. Misled. Tricked. Do NOT do business with Entrust Bankcard. Jessica Finegan at Entrust does not get it. She claims her company is completely independent of Ladco Leasing. Entrust pays the shell game, but is most definitely connected to its leasing partners in this scam. The trio of companies: Entrust, its leasing partners and its bank UnitedBank prey on small businesses that are too busy to read the fine print embedded in their draconian contracts. If you want to rip someone off, it is not difficult, because the business world operates on trust. Unfortunately, correcting the misbehavior of companies like Entrust and its employees is a slow, plodding process. But the District Attorneys Office in Ventura, California recently won a judgement against some of these outfits which included the claims of 100 small businesses. Don't sign up. But if you do, look for remedies. They are out there. Small claims court, for starters. Do not look to Jessica Finegan for help.
same problem . they got me too. stole money out of my account now suing me in civil court nyc I live in Illinois. They already told me they will get a default judgement and collect in illinois. I never did one transaction with them faulty equip non compatible and incorrectly programmed . Could not reach anyone from payment systems to even accept our calls but some silly office girl or automated answer center. . we mailed back the equipment and told them we cancelled as they did not full fill their end of contract. I blocked them from my bank account and that made them mad so they issued a collection service which was a disaster with threats and calls at all hours. They suck. Really want to take them to task. This is messing with my my health and costing my business thousands of dollars and productivity. Countless hours have been spent responding to these crooks attorneys and gleening the internet reading endless stories of small business people in same senerio. Found over 40 different names they operate under all related Ladco, payment systems, electronic payment systems, azura, paramount payment systems, elavon merchant services, usa card services, globaltech, wholesale merchant services, entrust bank, first data, global leasing, global legal services, priority payment systems and the list goes on. Happy to join forces and shut these crooks down.
LADCO and Entrust Bank go me as well. Started business little over year ago, and approached by LADCO, signed the contract without knowing who they really are. Now with non breakable contract on a machine we don't even use much. Asking $2200 buyout termination fee on a machine cost less than $300. Entrust Bank charges double but claiming they are not double charging me.
Does anyone know if anyone is suing this company in Dallas Texas area with coalition effort? I would definitely join. Mean while I'm telling everyone stay away from these crooks.