Scam – Selling a New Equipment Lease

MerchantProcessingNMScams Against MerchantsLeave a Comment

Fred has a car mechanic shop. When I stopped by to talk to him about his card processing, he brought out his bank statement and showed me that some charges were on his statement relating to his credit card processing. Poor Fred had switched processors a while back and got new equipment, but had never cancelled or paid off his old lease.
Now he was looking for an upgrade in equipment again, but he was still paying on not one lease, but two old leases! Bob from Brand X had sold him a new lease without explaining how to pay off the previous one. Fred had been paying on the first least for about eight years and the second lease for over four years. I was able to contact both leasing companies and get his payoff amount. He paid a bunch of dollars to move on.