Ladco Leasing - LADCO and ELAVON thieves

Feb 19, 2010
review #171794

LADCO leasing(www.ladco.com) and their partner in crime ELAVON Merchant services(www.elavon.com) are legal thieves.

My company was hooked in by ELAVON's promise of 24 hour account setup.

The LADCO lease page was viewed and questioned as to why is there a lease contract when we will not be getting any equipment as we are a phone and fax order company. We were told ELAVON that the lease page is just a formality as there will be no equipment. The LADCO page is just for the online merchant service license (like quickbooks online). That we understood. One week later this turned out to be FALSE! A big LIE! A package arrives with POS equipement. We contacted ELAVON and they said "YOU SIGNED THE PAPER". They told us to contact LADCO! LADCO says they only provide funds and have already paid ELAVON. LADCO says ELAVON provides the hardware. ELAVON says LADCO provides the hardware. They send you back and forth so you would give up. Well the POS products are still in their sealed packets. The Shipping box contained a letter stating, "at the end of the lease to make arrangements to return the product to LADCO leasing". If LADCO is just the "leasing" agency that fronts the money to purchase the equipment, then WHY is the equipment going back to them.

After further calls to LADCO it turns out the equipment is from them. In fact, what they ship may or may not be new. Their "Software package" is a windows application to utilize the magnetic strip card reader. Total package price $300.

We tried to return the package to LADCO 3 days after receiving it.

LADCO(www.ladco.com) wanted the FULL LEASE PAYMENT first before they would provide an RMA. Why would I pay for equipment I did not order, do not need and did not ask for. It is a SCAM of a company!!

I am fully ready for any class action participation.

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kh

Jul 01, 2012

PLEASE DO NOT MAKE THE SAME MISTAKE AS I DID.We made the foolish mistake of signing up with LADCO/ELAVON

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tjsalo

May 19, 2013 Winnipeg, Manitoba

Are you interested in pursuing legal action against them? I am trying to organize a group put an end to these crooks. Maybe together we can shut them down and get out of our fraudulent contracts. I too signed up for a 48 month lease and have been charged extra, told we could cancel, but are now faced with a penalty to cancel. We closed our bank account to stop any more further withdrawals.

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Bill Jarrett

May 16, 2012

I wouldn't do business with these thieves ever again. Ladco blames Elavon and Elavon blames Ladco... they are partners in crime and thives is the exact word for them. I quit them three months ago and they're still stealing money from my bank account.

Bill Jarrett
Vandalia Tactical & Thunderbowl Lanes

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tjsalo

May 19, 2013 Winnipeg, Manitoba

These people are not out to help, they are only interested in stealing your money. Do you want to get involved in legal action against them? It has been done before and hopefully we can do it again. Let's not let them get away with this criminal activity. I am trying to get in contact with Christine Mitchell who has won a class action lawsuit against them in 2009. Maybe she can help us out!

Tim Salo
tjsalo@shaw.ca



Christine Mitchell
Senior Paralegal
Ventura County District Attorney
Special Prosecutions Division
5720 Ralston Street, #300
Ventura, CA 93003
Christine.Mitchell@ventura.org

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Pjs' General Store

Apr 23, 2012

Just a heads up to anyone else considering using this company. We just had $25.98 taken from our bank account for an "annual administrative fee" by LADCO no billing, no prior warning, unless it is buried in their contract somwhere. Small potatoes, I know however if this is how they choose to do business they have lost another customer. READ YOUR CONTRACT or take it to an attorney.I for one refuse to associate with scondrels like this.Gratefully we only have 10 months left on this contract.

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Angry Merchant!

Mar 02, 2012

We made the foolish mistake of signing up with LADCO/ELAVON. They claim that after 4 miserable years of paying them $42.22/mo. for equipment that is outdated and stored in a box in our back room that they will let us out of the lease on May 1. That remains to be seen because I am seeing online horror stories of how they continue to steal money out of the merchant's account even though the lease is up. If that happens I am going to find an attorney to start a class action suit against them. I think there will be lots o joiners!! They are robbers and thieves and apparently the government just looks the other way!

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Lori B

Feb 28, 2012

Hands down, Elevon and Ladco are 2 of the most unethical and thieving companies I've ever had the displeasure of dealing with.

Let us not forget that they are owned by USBank - so kind and gratuitous up front. Don't, for one second, be fooled. When it comes to taking your money, they'll stop at nothing for excuses.

If you love dysfunction, having a bank's hands in your back pocket basically taking anything they wish, and telling you, "We operate like this because we CAN," then these companies are for you.

I've signed nothing but made a trusting verbal agreement with a USBank representative (hands down my biggest mistake). Ladco's equipment has been sitting in my office in it's original packaging waiting to be picked up for over a month.

Meanwhile I've been victimized with withdrawals from my bank account, statements with inflated fictitious fees and no one can seem to "get it fixed" despite 6+ promises that it will be rectified.

I've had better treatment at K-Mart.

I'm a very new small business owner. My fiercest threat has been from the very bank that proudly declares their support of small business in the US.

Doing research on Ladco or Elevon? Don't walk - RUN! to another financial institution other than USBank that stands behind it's commitments.

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DamnScammers

Nov 23, 2011

Please anyone that has a business, please do not go with elavon or ladco, they are real scammers, i never signed anything and they said i did, they ask me to provide items from notary and so on, just to cancel it , or else they give me a discount to cancel and cost me 1000.83$ or else it will go to account receivable, wow these are real scammers, but i said i will not pay, then they just say well dont need to continue this convo then, so even though u didnt sign the contract, its automatically signed once your with them so good luck, please dont be in my situation

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mr mole

Sep 19, 2011

FYI US Bank owns LADCO. Northern Leasing and Global Tech merged with LADCO.
If you talk to any representative at LADCO, you are speaking to people paid by US Bank.
LADCO doesn't hire sales reps. The merchants are approached by sales reps from companies selling equipment or software. They get paid in full when they get the equip. or software sold and delivered to the merchant. If a payment is made to LADCO either by check or automatic payment (from merchants bank acct) the 48 month non-cancellable, personally guaranteed agreement is considered ratified, and is permanently part of the guarantors credit history. Just sayn' Good luck tryin to get out of what you signed.

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luonglynn

Jun 26, 2011

The Ventura County District Attorney's Office is conducting an investigation into the business practices of Ladco Leasing, Inc. ("Ladco"), of Thousand Oaks, California. The investigation could result in a civil prosecution by our office in which we would seek injunctive relief, penalties and restitution to victims of any unlawful or unfair practices committed by Ladco. Ladco was involved in the business of leasing equipment credit-card swiping terminals to small businesses. If you or your business was a party to a lease with Ladco, we request that you please complete the attached questionnaire and return it to us as soon as possible. If you have any questions, you may call Christine Mitchell of the Ventura County District Attorney's Office at 805/662-1731. Thank you for your assistance in this matter.


Christine Mitchell
Senior Paralegal
Ventura County District Attorney
Special Prosecutions Division
5720 Ralston Street, #300
Ventura, CA 93003
Christine.Mitchell@ventura.org

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tjsalo

May 19, 2013 Winnipeg, Manitoba

hi christine
It seems like Ladco,Inkas and Elavon are still up to their immoral business practices. I am looking into organizing a group of people and possibly a website to help the growing number of people with complaints. Any help with this would be greatly appreciated. It seems like Ladco/Inkas have different locations in North America. Is this to confuse the issue?

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mike

Jun 02, 2011

please stay away these two company ties you in contract then if you refuse to pay they will make sure you have bad credit.

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Robert Schalte

Dec 07, 2010

Over the course of several years, Elavon raised my rates because I wasn't paying attention, to close to 5%! I was running about $1M/yr and was outraged. I switched my service to US Bank because my banker told me US Bank owns Elavon and because I'm her client, nothing like that would happen. Within fifteen months, they had my rates up to about 4%.

It's strange. They get a company's business and can largely sit back and watch the money come in. I don't understand why the industry has to be so crooked.

I just switched to IM Global Solutions. The fellow who is my representative seems genuine and honest, and the rates are low. I searched the internet thoroughly and couldn't find anything negative about them. We'll see how it goes.

Because I just this morning cancelled my acct with US Bank/Elavon (and was charged a $195 cancellation fee - unbelievable how low they will stoop), I wanted to tell my experience online. That's why I've posted here. Chances are I won't have any reason to come back to these boards again, at least not for a while. But I’m interested in any feedback to my post. If you have any, please email me directly, rschalte@gmail.com. Thank you.

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Crapitalism

Sep 29, 2010

DO NOT SIGN THE PERSONAL GUARANTY SECTION FOR LADCO LEASING OR ELEVON!!! This is not only a dangerous agreement you are entering into; it is an outright rip-off. I have been doing business with US Bank for 40 years now, but no more; ever. When we decided to take our business online we had USNB set us up with a merchant account and they immediately forwarded us to Elevon for the Virtual Merchant order processing. Elevon then has Ladco Leasing lease the equipment which is nothing more than an encrypted card swiper that works only with their system. Because the package was so clunky and time consuming we purchased a card swiper from Intuit for less than $50.00 and used the Intuit point-of-sale system for all in house sales which proved to be FAR more efficient and effective. In addition to this, we now owned our card swiper; no lease, no further payments to Intuit for the hardware. We continued to use the Elevon Virtual Merchant service on-line because we were locked in a four year lease agreement and set the Ladco POS hardware aside as junk.
How did this happen? While moving into new facilities, remodeling and a myriad of other such tasks Mr. Dumb A$$ here was not paying attention and signed each X as requested by Ladco on the faxed lease agreement form, including the Personal Guaranty option which was conveniently located just below the corporate signatures and marked as a required signature. Over the phone they will mention the 4-year term but will say nothing of the
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Former Employee

Jun 21, 2010

When you are speaking to a Ladco representative, you are actually speaking to an Elavon employee.

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NorthCali

May 17, 2010

I also had a bad experience with Ladco and Elavon. It seems I will be stuck with them in the next 4 years even though I will not be using their service.

Ladco attempted to collect $3 per month in the next 48 months to come. I had to get an insurance to avoid the fee.

Then the first sale transaction of $250 didn't go through. The system said the maximum I can process per month is $10 (TEN DOLLARS). Fortunately I had another creadit card machine by a different merchant company so I used the other one to get by.

I complained about this TEN DOLLAR PER MONTH limitation and was told it may take up to 24 hours to unlock the status of 10-dollar. Basically I was told that this security block can turn on any time and I will not be notified of it.

So I will not know if I am under 10-dollar limitation until I process the card!

I find it impossible to use this service.

So I may have to take this matter to the court and fight to close the account I don't even use.

I have no criminal history. Whey do they treat me like a criminal and set a limitation to only $10 per month? Yes, they unlocked this silly thing, but what concerns me is that they told me that they can turn this 10-dollar-per-month thing any time they want to.

0 0 Reply
NorthCali

May 17, 2010

I also had a bad experience with Ladco and Elavon. It seems I will be stuck with them in the next 4 years even though I will not be using their service.

Ladco attempted to collect $3 per month in the next 48 months to come. I had to get an insurance to avoid the fee.

Then the first sale transaction of $250 didn't go through. The system said the maximum I can process per month is $10 (TEN DOLLARS). Fortunately I had another creadit card machine by a different merchant company so I used the other one to get by.

I complained about this TEN DOLLAR PER MONTH limitation and was told it may take up to 24 hours to unlock the status of 10-dollar. Basically I was told that this security block can turn on any time and I will not be notified of it.

So I will not know if I am under 10-dollar limitation until I process the card!

I find it impossible to use this service.

So I may have to take this matter to the court and fight to close the account I don't even use.

I have no criminal history. Whey do they treat me like a criminal and set a limitation to only $10 per month? Yes, they unlocked this silly thing, but what concerns me is that they told me that they can turn this 10-dollar-per-month thing any time they want to.

0 0 Reply
NorthCali

May 17, 2010

I also had a bad experience with Ladco and Elavon. It seems I will be stuck with them in the next 4 years even though I will not be using their service.

Ladco attempted to collect $3 per month in the next 48 months to come. I had to get an insurance to avoid the fee.

Then the first sale transaction of $250 didn't go through. The system said the maximum I can process per month is $10 (TEN DOLLARS). Fortunately I had another creadit card machine by a different merchant company so I used the other one to get by.

I complained about this TEN DOLLAR PER MONTH limitation and was told it may take up to 24 hours to unlock the status of 10-dollar. Basically I was told that this security block can turn on any time and I will not be notified of it.

So I will not know if I am under 10-dollar limitation until I process the card!

I find it impossible to use this service.

So I may have to take this matter to the court and fight to close the account I don't even use.

I have no criminal history. Whey do they treat me like a criminal and set a limitation to only $10 per month? Yes, they unlocked this silly thing, but what concerns me is that they told me that they can turn this 10-dollar-per-month thing any time they want to.

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ladcosucks

Apr 16, 2010

What I have done:
1) I returned the item to Ladco (they are the provider of the equipment). Ladco claims to only finance equipment but not a provider. That is completely false. The item was shipped from a warehouse owned by Ladco.

2) I Contacted Elavon in Georgia and filed a complaint with BBB. Their response was 'talk to the legal department' and then blocked my email address from their corporate email server, preventing me from contacting their legal department and other departments. I of course created a new email address and alerted Elavon that I am aware they have attempted to prevent me from communicating with them and passed that info to the BBB.

3) I filed a complaint with BBB for Ladco. Ladco refused to accept the BBB request letter for information.

4) I registered with online sites that are building a legal case against Ladco and Elavon.

5) I researched Ladco and Elavon and found an extensive partnership between the two.

6) I have communicated with the collection company (Never ignore a collection letter). I alerted them to the entire situation and provided all the documents I had to back my claim. I including email conversations with Elavon agent and all phone transcripts with Ladco (Take notes of anyone you speak to).

7) Communicated one last time with Ladco and received a shock of a response. The Ladco agent said there are conditions to accept a return of
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Kristin

Apr 15, 2010

I had a similar experience with Ladco and Elavan. I was approved by Elavon to accept credit cards. I set up our system, and even processed 2 payments. 2 days later I had not been funded as promised. I called to inquire, and was told, we cannot process the payments for you as you have been denied. There was reason for the denial, but that should have been checked by underwriting. They cancelled our processing. I was still being charged 50/a month for the lease for the credit card processing. I called and asked for a refund of the payments and was told I still had to pay for the "equipment" as I signed a lease. I only signed the lease because they approved my application to process requests. Ladco says I still have to pay for the "equipment" even though we have no contract to process credit cards. Ladco has now put a collection account onto my credit for almost 1,500.00. Elavon and Ladco are thieves.

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