Having a website, the E-commerce Exchange contacted me to lease merchant mc/visa "equipment". Upon their explanation of services, everything sounded pretty good, so I decided to give it a go.
When I went down to their extrememly questionable offices (right next to an OTB-off track betting in which they were in a pretty seedy office) and signed papers with them. When I signed, my question was if I do sign can I cancell... they told me I legally had 3 days and if I changed my mind to just let them know.
Well, after speaking with my partner, we decided not to do the lease. The next day, I called them back and cancelled, at which they told me that everything was great, they would tear up the contract, yada, yada. They were also to send me something in writing stipulating the cancellation. When I asked to stop by to pick it up, it was miraculously an inconvenience time, they were leaving for the day, and they would for sure send me something in the mail.
Here it is 2 years later. I'm still waiting. The IRS has sent me a letter saying that I owe over $8,000.00 to them because Axin Financial -the parent company I'm assuming of the E-commerce Exchange -reported that they sold securities for me, totalling over $32,000.00, so the IRS is now taxing my income for that year. When I called Axin they lied, said that the debt was $3,200.00 and that the IRS is reporting this wrong to me.
I called the IRS back, they said that this was what was reported to them by Axin Financial.
The E-commerce Exchange and Axin Financial has a bunch of liars working for them, anything to make you sign an astronomical lease agreement and indebt you to them- They'll tell you anything to get you to sign.
They had the nerve to take an attitude with me over the phone when I was trying to straighten out my issues. They don't give anyone's last name when asked. I spoke to a guy named Steve, couldn't tell you his last name, and a guy named Trevor Krause, whom I believe is somehow related to the owners (I got his name immediately when he answered the phone). These men are arragant, nasty businessmen whom, in my opinion, are big-time scamm artists.
I never activated my merchant account with them, and I'm in the hole for this amount? They are basically charging me for equipment that I never even activated? I don't think so. I will sue them like there's no tomorrow. In fact, if you're reading this and have had a similar experience with this company, I'd like to get together a class-action suit.
If you are thinking about doing business with them, please think again, for your own sake. Go directly to a bank to get a merchant account. Make sure that you physically have the equipment, not just virtually. I am now in the hole with this company, they have reported false information to the IRS about me, charged-off this debt to me and have probably reported me to various credit bureaus. Stay away!
Centereach, New York