• Home
  • About
  • Services
    • Dual Pricing Program
    • Point of Sale Systems >
      • Lavu
      • Clover
      • Exatouch >
        • DeliverMe Demo Form
    • Terminals
    • Credit Card Processing
    • High Risk Accounts
    • Special Offer
    • Fees of a Merchant Account
  • News
  • Reviews
  • Quote
  • Blog
  • Contact
FIRST COAST PAYMENTS
  • Home
  • About
  • Services
    • Dual Pricing Program
    • Point of Sale Systems >
      • Lavu
      • Clover
      • Exatouch >
        • DeliverMe Demo Form
    • Terminals
    • Credit Card Processing
    • High Risk Accounts
    • Special Offer
    • Fees of a Merchant Account
  • News
  • Reviews
  • Quote
  • Blog
  • Contact

First Coast Payments Blog

Click to Call

Dirty Little Secret Of Equipment Leasing – Part Two $10,000 for a credit card terminal!

2/1/2016

0 Comments

 
I have written about the many different ways the banks or Processing Companies can rip your business off taking hard earned money out of your pocket.  One of the worse in my opinion is leasing of credit card terminals.  When you lease a credit card terminal you are paying about four times of what it would cost you to buy the terminal out right.  Read more in my original post at Dirty Little Secret Of Equipment Leasing.
I bring this subject up again because a merchant I was dealing recently recently discovered a lease payment coming out of his bank account when he went to change his bank account. As it turns out it was for from a lease that was started more than 10 years ago. He was paying around $90 per month. That is around $10,000 for a credit card terminal! Not sure why the business owner did not catch this before. Or his accountant and / or bookkeeper did not notice or discover this payment all these years when they worked with his taxes and bank account?

Another situation for another business I came across, the merchant has one lease account / payment started two years ago, then a “new” rep came into the business around a year ago and added another lease account. Why? Good question, the rep left the industry so we cannot ask her. Keep in mind these two leases are with the same leasing company. I was helping the merchant sort this out and was on the phone with the leasing company and I asked them the question, why did they let her have two leasing? Did they do any due diligence? Well let’s say they had no real answer to the question.

​Again, to you a business owner, DO NOT LEASE. READ BEFORE YOU SIGN! ASK QUESTIONS. KNOW WHO YOU ARE DEALING WITH.
0 Comments



Leave a Reply.

    First Coast PAYMENTS BLOG

    We eliminate the junk fees others charge.

    Archives

    May 2025
    March 2025
    February 2025
    November 2024
    June 2024
    February 2024
    December 2023
    August 2022
    April 2022
    October 2021
    September 2021
    August 2021
    May 2021
    March 2021
    January 2021
    November 2020
    April 2020
    January 2020
    August 2019
    April 2019
    February 2019
    August 2018
    May 2018
    April 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    November 2016
    October 2016
    July 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    August 2015

    Categories

    All
    Contactless Payments
    Disputes
    Equipment
    Fees
    Fraud
    Interchange Fees
    Software

    RSS Feed

Get Our Newsletter
Picture
Picture
Credit Card Processing for small to mid-size businesses. We eliminate the junk fees.
Serving Northeast Florida, including Jacksonville, Fernandina Beach, Yulee, and beyond.

Admin | ​Privacy
Site powered by eCoalitions.net
​First Coast Payments is a registered agent office for several ISO/MSP. Disclosure.
© 2024 First Coast Payments. All Rights Reserved.
Photos from wuestenigel (CC BY 2.0), kuhnmi
  • Home
  • About
  • Services
    • Dual Pricing Program
    • Point of Sale Systems >
      • Lavu
      • Clover
      • Exatouch >
        • DeliverMe Demo Form
    • Terminals
    • Credit Card Processing
    • High Risk Accounts
    • Special Offer
    • Fees of a Merchant Account
  • News
  • Reviews
  • Quote
  • Blog
  • Contact