Merchant Services, EVO / BankCard Depot They promised to cancel my contract in March after ripping me off but now won't return calls. Plainview And Melville NewYork

We were misled by Jerry Lewis of M & T Merchants into signing several leases with LSI. Told us we could not get the processing companies to work with us UNLESS we leased the cc swipers. We were told many other things. Now I understand he does not work there anymore. He knew he was lying to us, just like he probably lied to many other people.
Mark, the owner, must be just another con man since he allows people like Jerry to work for him AND does business with Lease Source, who are nothing but organized crime.
If LSI's fame is legendary, why M&T use them?

They wanted me to come work for their company. After talking with a Phil and a Stephanie and looking into their company in detail and talking to merchants I know quite well-together with other bank card processing companies--I found Bank Card Depot prices are high, they are misleading, will say whatever to get a '"win" for them and most disturbing--almost everything that comes out of their mouths is a lie. I even found one of their branches here in Minnesota-in Shakopee to be exact, has seen one of their affiliates indicted for 20 counts of fraud!




-Dave-

Minneapolis,Mn.

If you want to try to avoid the red tape of tracking down who to talk to about a problem, resolving conflicting terms, etc., avoid signing with an independent sales organization (ISO) or registered merchant service provider (MSP). On all offers, post cards, contracts, etc., you will see the mandatory "XYZ Company, an MSP of ABC Bank and 123 Processing company". See this and you should run.

Why? Because your contractor is independent and has no ties to you or need to resolve your issues after the sale. They send payments to a larger processing company called an "acquirer" who is either owned by or "hosted" by a bank.

For example... There is a company called "Merchant Services". They are an MSP of Banksouth in Missouri. The processing acquirer is First Data. And the leasing company might be Global Leasing, First Data Leasing, or any number of other equipment lease finance companies. If you have a problem with funds to your business checking account, guess what you get to do? Try to find your independent sales agent who likely has already moved on to another company but is still working out of his living room. Or through the sales organization's bank or ultimately the processing company.

Why would you want to sign a contract that is 4 times removed from your bank?

If you want to accept credit card sales, you should find out if your bank OWNS the payment processing company it recommends. Then gather as much competitive bids as you can and bring them to the meeting you have with your bank's merchant services sales rep. This will ensure that 1) you can learn what might be wrong with some of the offers you are getting and 2) ensure you are getting the best pricing for your specific industry and business.

You should be able to find a list of "acquirer banks" such as Bank of America (owns BA Merchant Services), Chase (owns PaymenTech), US Bank (owns Elavon ...formerly Nova Information Systems), etc. Check their web sites out to learn about their companies, product offerings, public information about size, industry recognition, etc. Then open your bank accounts with the bank that owns your best choice for payment processing.

You will not be posting negative comments like the ones you see if the bank itself who owns the payment processor might lose your entire relationship unless your problem (if legitimate) is resolved.

Companies like Bank of America merchant services and Elavon have very few complaints in these forums. But the independent sales organizations and msp companies have tons! So ensure your sales rep is an employee of the bank and that the bank owns the payment processor and doesn't just outsource you.

You'll be so glad you did!

"I do not have a signed contract with Merchant Services, 515 Broadhollow Rd, Melville, NY 11747-3709. Telephone 1-800-922-2116. I was given the mailing address of Merchant Services, Inc, 51 East Bethpage Road, Plainview, NY 11803"

This has nothing to do with your credit card processing account. This is LSI, your leasing company for the equipment you purchased.

M & T Merchant Services is an ISO, Independant Sales Organization. They submit your credit card application and depending on your business type, you are submitted to a processor. Bank Card Depot is the Merchant Account Processor. Evo is the Back End. This is how the credit card merchant services work. Front end: Bank. Back End: Processor.

Your best route to go with this is to write a letter cancelling your services with Bank Card Depot. Sign and send to their retention department. As for your lease with LSI, unfortunatly, this is a non cancellable lease.