• Report: #774851

Complaint Review: Wholesale Merchant Processing/ Ladco Leasing

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  • Submitted: Fri, September 09, 2011
  • Updated: Fri, September 09, 2011

  • Reported By: SK — Ft. Lauderdale Florida United States of America
Wholesale Merchant Processing/ Ladco Leasing
10220 Southeast Greenberg Road, # 450, Internet United States of America

Wholesale Merchant Processing/ Ladco Leasing Todd Thompson, Knute Werpen, and anybody else who works for these scamming companies. Misrepresentation, Lies, Malfuntioning equipment, Internet

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I don't mind losing but I hate when people cheat and lie to win and, even worse, I hate being taken advantage of. The wormy little sales rep, Knute Werpen took advantage of a busy and distracting sales day to get me to sign a rediculous non-cancelable lease through Ladco. I only found out I had signed a non-cancelable document when I called WMP to complain about dropped sales (of which I had 67 over a 116-day period with a total loses of $1582.51).  I told the customer service rep, Todd Thompson, that I wanted to return to my former processor, he said with a bit of a laugh in voice,"You've signed a four-year non-cancelable lease."

When I told him the salesworm had referred me to Paragraph 6 on page 2 of the contract and told me it "very simple to transfer the lease," Mr. Thompson said WMP bears no responsibilty for what the sales reps say and that transferring the lease was my responsibility. When I told Mr. Thompson I was going to return to my former processing company, he, although he now denies it, offered me free equipment if I'd continue to process with WMP.  That meant that the Worm Werpen's declaration that to process with WMP, it was "necessary to lease equipment from 'them,'" (notice the "them"--no mention of third company, Ladco) was simply part of a scam.  After that I decided to cut my losses and find another credit card processor AND still pay for the lease.

Ladco for thier part insists they have absolutely no connection to the sales people who sell their leases.  Talk about a catch 22.  I returned the equipment to Ladco almost two years ago yet they still take thier monthly debit and steal $95.39 per month from my account equipment that is not even in my posession.  They will do so until April of 2013 for a total loss of almost $5000.

I sure hope the Feds go after these guys and shut down their shady operations.  Companies such as the above are predatory and paracitic and suck the life blood out of small business owners all over the country.  I'd love to get back the lease money, but there would be a certain amount of satisfaction knowing these low-lifes are fined and jailed.

This report was posted on Ripoff Report on 09/09/2011 01:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wholesale-Merchant-Processing-Ladco-Leasing/internet/Wholesale-Merchant-Processing-Ladco-Leasing-Todd-Thompson-Knute-Werpen-and-anybody-else-774851. 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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