Complaint Review: VMS, Velocity Merchant Services - Oakbrook Illinois
- VMS, Velocity Merchant Services 2021 Midwest Road Suite 302 Oakbrook, Illinois United States of America
- Phone: 8889026227
- Web:
- Category: Credit Card Processing (ACH) Companies
VMS, Velocity Merchant Services VMA Fraud: Trapping merchants into a 3 year lease by baiting them with a low processing rate. Oakbrook, Illinois
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I received a call from a salesman asking questions about my business without introducing himself. I thought he was a customer. He is referring to his company alternatively as Velocity Merchant Services (VMS), and Visa Mastercard Services (VMS). This is trademark violation and i have reported this to Visa and Mastercard. He says there is no contract. I did an online chat with Nancy, the manager, and she says there is a 3 year agreement. Based on information provided she quoted me a rate in the chat session. When i asked for the full rate table of fees, they are not willing to send that to me before i sign the application. The application they sent me has several pages about a 3 year lease on equipment which totals more than $1500 for an terminal that costs $200!! A lease is for those who cannot afford a piece of equipment and so they rent it out cheaper than buying it. Signing this application will trap me into a lease. I asked for the entire program guide and contract to read before i get into this. They have refused saying that i must 'qualify first'. I don't need to qualify before i see a rate table or contract first. Merchant warehouse provided me a full rate table and contract before i even filled out the application. They are hiding information from the customer to trap them into a lease and to increase rates later at will, which will be specified in the contract, i am sure. The salesman claims that they are the second largest processor in the
This report was posted on Ripoff Report on 09/04/2009 11:03 AM and is a permanent record located here: https://www.ripoffreport.com/reports/vms-velocity-merchant-services/oakbrook-illinois-60523/vms-velocity-merchant-services-vma-fraud-trapping-merchants-into-a-3-year-lease-by-baiti-490057. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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