• Report: #392201

Complaint Review: Lofti Saibi - Merchant Services - MBF Leasing

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  • Submitted: Mon, November 17, 2008
  • Updated: Sun, December 14, 2008

  • Reported By:Lexington Massachusetts
Lofti Saibi - Merchant Services - MBF Leasing
9012 Research Drive Irvine, California U.S.A.

Lofti Saibi - Merchant Services - MBF Leasing DO NOT DO BUSINESS WITH!!!!! Lofti Saibi CON MAN, mislead, deceptive, fraudulent, devious, liar Irvine California, Massachusetts

*Consumer Suggestion: DO NOT LEASE

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Lofti Saibi is a middleman for Merchant Services/MBF Leasing. All three representatives of these companies, Jay Cohen being the owner of MBF Leasing and Mike Pullen, Supervisor for Merchant Services are all conniving con men! They are deceitful, deceptive and would steal the shirt off your grandmothers back. These people are the lowest form of business persons alive today. Lofti Saibi wrote fraudulent contracts on behalf of Merchant Services and MBF Leasing. He told us we would save hundreds of dollars each year if we switched over to them. We decided to try them. This was the biggest mistake of our lives. Lofti is a shifty individual. I am warning you all now DO NOT DO BUSINESS WITH THIS MAN!!!! DO NOT DO BUSINESS WITH ANY COMPANY HE REPRESENTS!!!! He represents people like Jay Cohen, lowest form of life. Mr Cohen thinks he's got you all by writing the words "NON CANCEABLE LEASE" He hides behind these words. Well guess what there is no such thing as a non canceable contract. So dont let his hit men/women (customer service) scare you into thinking otherwise. What I am about to tell you what happened to us is the truth. Lofti S. wrote up a lease contract for each one of our businesses. He wrote this contract for a Verifone 1000SE and Nurit 2085. These being credit card machines. The Verifone 1000SE goes for 79.95 to 150.00 and the Nurit 2085 goes for 144.00 to 300.00, depending on where you buy it. We got 2 of each. One contract was written for 119.99 a month x 48 months totaling 5759.52 and the other contract was written for 69.99 x 48 months totaling 3359.52. They wanted a total of 9119.04 for equipment you can buy out right for no more than 900.00. This is pure fraud and a violation of the New York Laws. Right there is grounds for contract cancelation. The owner of our company did not fill out any of the paperwork, Lofti insisted on doing it himself. The contract was altered. I tried to call Lofti over 32 times and never once got a call back. I got a hold of him once and asked why hadn't he returned my over 30 messages - he told me he was in an accident out of the country - and hadn't been able to contact anyone, not even his office. Another lie from the mouth of Lofti. We are going to pursue having Lofti Saibi prosecuted, MBF Leasing taken down and Merchant Services taken down right next to them. By the way MBF Leasing is one of several names of companies Jay Cohen operates under. He has 6 company names and they all have the same types of complaints. Check the Better Business Bureau www.bbb.newyork.org, click checking on business and then type business name Northern Leasing Systems, Inc. All his companies info will appear. To date they have 676 complaints against them. Mostly contractual. All unsatisfactory. We must stop them. We have to do whatever its going to take to take these people down. Unfortunately to protect yourselves you probably have to close the bank account you gave info on to them. That's the only way you can stop them from taking your monies, you can put a stop on at your bank but being the Con Man he is Mr. Cohen, knows how to go around that. All he has to do is change the amount he is taking and put it thru another one of his companies names. We know this is against the law but people like Lofti Saibi, Mike Pullen and Jay Cohen being the sneaks they are know how to scam the banks too.

Carolyn
Lexington, Massachusetts
U.S.A.

This report was posted on Ripoff Report on 11/17/2008 08:15 PM and is a permanent record located here: http://www.ripoffreport.com/r/Lofti-Saibi-Merchant-Services-MBF-Leasing/Irvine-California-92612/Lofti-Saibi-Merchant-Services-MBF-Leasing-DO-NOT-DO-BUSINESS-WITH-Lofti-Saibi-CON-392201. 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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#1 Consumer Suggestion

DO NOT LEASE

AUTHOR: Helper - (U.S.A.)

Hi
My name is Hassan I'm an ISO, I own Merchant Services Company Express MPS Group partner with Digital Financial Group one of the best company Sponsored by wells Fargo and First Data.

I'm sorry you got Ripped off, by these guys.

WE ALL LEARN FROM OUT MISTAKES


This is some Consumer Guide on Merchant Services to help you choose your merchant service provider wisely.

Merchant Services: Beware of Marketing Ploys
Like any other business field, merchant service providers have their own jargon, inside information, heroes and villains. There are honest companies and those willing to say just about anything to close a sale.
This is Consumer Guide on Merchant Services to help you choose your merchant service provider wisely.

Don't Be Fooled By Marketing Tricks.
In the field of merchant services, there are many price variables that can be manipulated to fool a customer into believing they are paying the lowest price, but in fact they are not.

The merchant services industry is advertising a low discount rate. The discount rate can be temporarily manipulated through "introductory" offers which quickly expire. This is the rate that a merchant pays for a swiped card transaction, usually between 1.69% and 2.69% depending on credit, volume, product type and risk factors.
Below are some marketing techniques and issues to be educated on.


1) "Merchant Accounts 1.09% 1.39% 1.59% and 1.64%!" When you see such an ad, click through and try to find the rate guaranteed and watch out when you see (guaranteed**) anywhere on the merchant services website. See if you can even find it ever mentioned again! Some advertising might grand-stand lower rates that are only given to extremely high volume customers. Once you have invested time into the application process, a savvy high pressure closer will explain with great charm and detail why your final rate wasn't as good as the one given to say, "A world wide fast food chain" but was still a great deal considering your risk factors.

2) "Free Merchant Account?" What does this mean!? The merchant account provider must charge a discount rate and per item transaction fee. Does that sound free? A free set-up fee can easily be exchanged with an "annual fee" or some other kind of hidden charge.
3) Hidden Charges: Another "switch" is simply substituting hidden charges that you won't discover until after you get your first bill.


STEPS
1-Customer Service... Ask your sales agent what you can expect when you call their office for support. Who will answer the phone? Do they have one of those annoying automated system that takes you into a black hole, or do they have a live human answering the phone? What are the hours of operation? If you speak another language, do they have a translation service? If you have an emergency, is there a 24 hour telephone number?

2- Rate...You should not base your decision solely on price. Be weary of those that are offering extremely low rates. They may be padding the back end with additional fees. Qualified and non-qualified rates are determined by Visa/MasterCard. Look at their websites to determine what these credit card companies are charging your processor to run Visa/MasterCard transactions. If the rate is lower than this "set" rate, be cautious. Remember that your processor is a business, with expenses and employees to pay.


3 -Funding...How long will it take for your e-funds (funds from credit, debit, and e-checks) to be deposited into your bank account? The deposit or funding time is different with each processor. If your business needs daily cash flow to pay employees funding time could be very important to you. Processors fund anywhere from 24 hours to several days to even weeks.

4-Experience...How many years has the processor been in business? This can prove to be very important when a problem arises with your account or your equipment. Ensure they have the know-how to get things resolved, and fast!

5- Equipment...Long gone are the days of having to purchase costly equipment, or get stuck in a long lease. Leading processors are offering free equipment with new, approved merchant accounts. Understand that this is a free terminal placement while you are a current client of the processor. If you terminate the agreement, for any reason, you must return the equipment. Be cautious about processors who push new, costly, equipment. Unless you current equipment is not PCI compliant or network compliant, you should not have to upgrade.

Do not sign a terminal lease if it's more than $30 a month

If you have a lease and it's the end of the lease TERM make sure you call the lease company to cancel your lease, because IF YOU DON'T CALL THEM they will continue charging you.

6- Contract Term... Know if there is a contract term. If there is a contract term and you want to cancel the contract in the future what is the fee. Are there certain exceptions to this early-cancellation fee?

TIP...
Be honest with your processor about your business type,
How much you process and the average ticket amount. Don't claim a $20.00 average ticket amount when your average ticket is around $200.00. This may see like a good idea to qualify for a "lower" rate but what will undoubtly happen is. After you run a few "abnormal" transactions, a red flag will go up at the risk department. They are looking for fraud. If your account has abnormal activity that might be fraudulent, they will freeze your account to minimize their exposure. Your account will be held until an investigation is completed. This can take months. Be honest and up front with your credit card processor to eliminate this hassle all together.

WARNING
Ask Questions. Be studious. Look at all contracts, really all the lines. Your processor can't realistically go over everything. It is your job to look the contract over and ask any questions you might have. Be weary of processors who are quick to get your signed without addressing all of your concerns.


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