Re: credit card processing fees and machine, additional info
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Posted by inthebusiness
(64.12.96.205) on October 26, 2002 at 22:56:54:
In Reply to: Re: credit card processing fees and machine, additional info posted by feeling helpless on October 26, 2002 at 22:15:59:
I lease a lot of equipment and use CIT. Mostly ATM machines. I'm looking at a CIT contract and there is no pre printed invoice number. Also, CIT doesn't have a thing to do with your rate. That would only be on MSI's paperwork. I'm not defending the guy but on the top of the contract are bold capitalized letters stating NON-CANCELLABLE LEASE. There are two signatures required. Mid-way through the paperwork, there are 4 sections all highlited in red ink and bold letters stating, cannot be cancelled by lessee. MSI CAN get you out of the lease if they wanted but I highly doubt they will. The rep would have to fork back his commission as well as the company. Unless you live in SD you are bound to the agreement. If you stop payment your credit will get hit hard. I wish I could be of more help. I looked up MSI on their web site. It looks like they use ISO's. (independant sales officers). Your sales rep got a nice commission on the lease and is getting a percentage of your transactions. He has a rate to mark up and sell to you. Sounds like he got a bit greedy. You need to drop this guy and this company. REMEMBER, they have access to your bank account. You need lock them out of it. Another processor should be able to utilize your equipment.
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