Lease Source Inc Ripp-off credit card lease contract Melville, New York

In March 2007 we wanted to get a merchant account for processing our customers credit cards. Coast Merchant Services, Los Angeles (www.coastmerchantservices.com, see our other rip-off report) offered us a credit card machine leased from Lease Source Inc. for $90.47 incl. tax / month for 48 month from LeaseSource Inc. After 48 months we would own the equipment. If we wanted to terminate the merchant service beforehand, his company would transfer the equip-ment lease to another customer. This would be part of Coast Merchant Services service we would buy with the contract.

We had to cancel the merchant service as the merchant rates promissed by Coast Merchant Services turned out to be fake. As we were bound to an initial year, we terminated the services per the end of that first year. Surprise - Coast Merchant Services did not stick to their promise to transfer the equipment lease to somebody else. The president of Coast Merchant Service told us that we had cost him $300 and that he had no motivation to transfer our equipment lease to somebody else. We paid $5,900 lease for a credit card machine! Do not be stupid like we were: Never enter into a lease contract for a credit card machine. Honorable merchant service providers either give them to you for free or they charge something about $200 to buy it - not to lease it. Never enter into a contract with Lease Source Inc!