Northern Leasing Systems machine rip off! Company leasing machines for ten times the cost to buy! No early termination agreement New York New York

I am a new business owner and needed to set up a merchant account to be able to accept credit card payments. My bank, Washington Mutual, referred me to a third party company called Global Processing Systems. Global Processing had me sign a lease agreement with Northern Leasing Systems Inc that was supposed to allow me to lease the machines up to 48 months.

When I tried to cancel the lease for various business reasons, I was informed that I would have to pay approximately $4000.00 to cover the full term of the lease. I asked if there was a payoff amount, they told me "no". After doing extensive research, I found out the point of sale machine only cost $399.00 to purchase. I was baffled out why it would cost 10 times the amount to lease equipment that I could buy. CONSUMERS BEWARE! Don't use this company; if you need a point of sales machine just buy one. I wish I was told that to begin with.

Tekla
Elk Grove, California
U.S.A.