- Report: #889147
Complaint Review: First Data GLobal Leasing
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| First Data GLobal Leasing 5565 Glenridge Connector NE, Suite 2000
Atlanta, Georgia United States of America |
|
First Data GLobal Leasing First Data Merchant Processing Services Small business owner decieved and held hostage over exorbitant monthly fees Atlanta, Georgia
*Consumer Comment: No Such Clause
*General Comment: There are solutions
*Consumer Comment: Not All Sales Reps Will Treat You This Way
*Consumer Suggestion: Did you read the contract !
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Opened a small business in 2010. Tri City Bank recommended First Data Credit Services as my credit processing merchant for their ease of transferring payment directly into my business checking account. It all seemed so simple at the time. In retrospect First Data sales agents are fast talking, sly individuals. They appear to be helpful, but do not entirely listen to the needs of the business owner, nor they even try to fully explain the agreements and consequences of using First Data Services.
Fast forward to present, due to the economy I have had to close my business. However, when I tried to cancel my service, I was told of penalties for early cancellation. The card terminal lease cannot be broken, so they say, and I must continue payment for another 2.5 years, and the merchant processing monthly fees for another 1.5 yrs or I can pay flat $500 to cancel monthly fees. I cannot believe that this company preys on the small business entrepreneur and forces them into an agreement that; especially in this economy is tough enough to keep the doors open, holds them to unreasonable agreements. I will never use their service again nor recommend to any other new or established business owners. Shame on them!
Fast forward to present, due to the economy I have had to close my business. However, when I tried to cancel my service, I was told of penalties for early cancellation. The card terminal lease cannot be broken, so they say, and I must continue payment for another 2.5 years, and the merchant processing monthly fees for another 1.5 yrs or I can pay flat $500 to cancel monthly fees. I cannot believe that this company preys on the small business entrepreneur and forces them into an agreement that; especially in this economy is tough enough to keep the doors open, holds them to unreasonable agreements. I will never use their service again nor recommend to any other new or established business owners. Shame on them!
This report was posted on Ripoff Report on 05/27/2012 06:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Data-GLobal-Leasing/Atlanta-Georgia-30342/First-Data-GLobal-Leasing-First-Data-Merchant-Processing-Services-Small-business-owner-dec-889147. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 Consumer Comment
No Such Clause
AUTHOR: Ray At Tampabay Merchant Services - (USA)
SUBMITTED: Sunday, August 12, 2012
Dear FTServiceLLC - Lake Geneva,
As a profession and CPP that works in this industry trying to help business owners and reading countless program guides and terms or agreements, there is no such clause in the leasing agreements that if you close you business that a business can be "let out" of the contact. In a very few older merchant agreements there is such a clause, but not in the First Data agreements.
Ray at Tampa Bay Merchant Services. http://truthsaboutmerchantservices.blogspot.com/
As a profession and CPP that works in this industry trying to help business owners and reading countless program guides and terms or agreements, there is no such clause in the leasing agreements that if you close you business that a business can be "let out" of the contact. In a very few older merchant agreements there is such a clause, but not in the First Data agreements.
Ray at Tampa Bay Merchant Services. http://truthsaboutmerchantservices.blogspot.com/
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What's this? #2 General Comment
There are solutions
AUTHOR: FTServiceLLC - (United States of America)
SUBMITTED: Friday, August 10, 2012
If I'm not mistaken, there are clauses in your contracts that state if your business closes that does not constitute as a breach and you may end the service for no fees. You will have to request a copy of the 'program guide' from first data and scan through it.
This is the 38 page fine print you will find MIND numbing to read, but you should find it somewhere in that packet. They don't just hand them out though, you have to be a merchant to get it, any sales agent will have one available.
And for fun, since your closed and just looking to educate yourself about it check this non biased site out it will fully educate you on how the payment card industry works http://www.merchantcouncil.org/
This is the 38 page fine print you will find MIND numbing to read, but you should find it somewhere in that packet. They don't just hand them out though, you have to be a merchant to get it, any sales agent will have one available.
And for fun, since your closed and just looking to educate yourself about it check this non biased site out it will fully educate you on how the payment card industry works http://www.merchantcouncil.org/
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What's this? #3 Consumer Comment
Not All Sales Reps Will Treat You This Way
AUTHOR: Ray At Tampabay Merchant Services - (USA)
SUBMITTED: Friday, July 06, 2012
I do agree that you should read and understand as best as you can what you are signing. If the rep tries to rush you or gloss over it, then you are dealing with the wrong person / company. Beware you will have a contact for the processing part and the leasing part.
What most people / business owners do not realize is the leasing company is nothing more than a financing company for the merchant service provider who uses them to help place terminals and make bigger commissions. In this case your bank, Tri City Bank is the problem by directing you to their vendor First Data Sales. They should not have leased the equipment when they can sell it to you. Why would they do this, its called more revenue. I would let your local branch banker know how their vendor they recommend screwed you put pressure on them. If they will not help you, vote with your feet and bank someone else.
Next time do not go with your bank for processing credit cards. Buy the equipment and insist on a no penalty contract for the processing part as well. Look for a independent representative. Get references and look for a Certified Payments Professional (CPP).
I hope this helps. Ray at Tampa Bay Merchant Services.
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What's this? #4 Consumer Suggestion
Did you read the contract !
AUTHOR: MichaelJonas - (United States of America)
SUBMITTED: Friday, June 22, 2012
i see this all the time and most of the time its because the sale rep don't inform the business owners of any cancellation fees and also business owners also never ask about until they are charged with the fee.if this cancellation fee was listed in the contract then it shouldn't be anything new to you that is if you read the contract.i see business owners sign contracts all the time without even reading the contract.sometimes they don't even ask for it. don't trust these sales people, they all seem nice at first and always tell you they will be there if something happens but once you sign that contract and the deal is sealed you wont see them again because all they care is getting the deal and getting paid !
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