ladco global leasing solutions review

LADCO Global Leasing Solutions Review: Lawsuits, Complaints, and Business Practices

LADCO Global Leasing Solutions Overview:

LADCO Global Leasing Solutions is a renowned credit card processing company that has provided equipment leasing and merchant accounts for over 25 years in the industry. LADCO Global Leasing Solutions is a DBA of Elavon, and it makes Elavon a major equipment leasing provider worldwide.

Having experience of over 25 years, Elavon handles the functions and structure of LADCO Global Leasing Solutions. The point of sale equipment leased by LADCO includes tablet solutions, Poynt intelligent terminals, and Talech terminals. LADCO also specializes in card swipers and EMV chip readers from Verifone and Ingenico.

Location & Ownership of LADCO:

According to the official website of LADCO, their main headquarters was established in Knoxville, Tennessee. But there is some confusion regarding their location, as Elavon and multiple other sources refer to their location as 555 St, Charles Dr., Thousand Oaks, California 91360.

Although the company’s exact location is still in dispute, BBB states that the company collects the merchant account payments and complaints at 555 St, Charles Dr., Thousand Oaks, California 91360.

Another American debt collection company, known as American Recovery Service Incorporated (ARSI), also has its headquarters in the same facility. Still, it is not officially stated that the two companies are affiliated.

LADCO had an official website, but when we were writing this review, all the information related to its payments and services had been removed from the internet. All its information and details are listed on the Elavon website.

Rates, Contract Terms, and Fee Structure of LADCO Global Leasing Solutions:

  •         Swiped Rate:  N/A
  •         Keyed-in Rate: N/A
  •         Early Termination Fee: Liquidated Damages
  •         PCI Compliance Fee: N/A
  •         Equipment Lease Terms: Up To 60 Months (locked)

High-Cost Non-Cancelable Leases:

LADCO leasing lengths range from 12 months to 60 months and provide many different contract terms with various fee structures. However, according to the reports and customer reviews, the standard lease of LADCO is 48 months long and is non-cancelable.

What if the merchants cancel the contract?

In that case, the whole debt is paid by the merchant. They pay the total cost of the contract the moment they sign up for the contract until the contract term ends, no matter the situation.

We read many complaints from the LADCO clients and merchant account holders that their pricing is expensive compared to other merchant account providers. Not only this, their policies are pretty tricky for any merchant to manage.

Merchants have to spend thousands of dollars for the same services which one can easily get at a few hundred dollars. Hence, most merchants have agreed that LADCO Global Leasing Solutions is an expensive company to deal with.

Some merchants search for the consequences of canceling the contract. In the case of account cancellation, the merchant pays the total dues and remainder of the contract, and then he’ll be able to return the equipment or purchase the whole equipment. So in all these cases, the remaining contract fee has to be paid duly for the successful cancellation of the contract.

Even the long-term contracts offer no cancellation option, costing merchants thousands of dollars per year to stabilize their equipment.

Unfavorable Contract Clause:

Our review is based on the company’s actual contract terms and their customers’ reviews of their services. We believe that the services and merchant account LADCO offers are unreasonably expensive and unfairly structured. We can say that their services are deceptively marketed.

We advise merchants not to lease equipment under LADCO. There is always a better option available that we can easily list as a top credit card processing and merchant account services provider.

We rate them as low as possible to warn new customers before making contracts with the company in this category.

Is LADCO Leasing Trustworthy?

High Complaint Ratio:

LADCO’s profile on Elavon is currently showing more than 200 complaints. Various other profiles on different websites representing LADCO refer to the company as a ripoff or scam.

The majority of the complaints filed against them are because of nondisclosure of the length of the contract, high monthly transaction fees, unprofessional policies, poor customer support service, and many other harsh practices.

Apart from that, LADCO doesn’t seem to bother due to these complaints and doesn’t resolve customers’ issues.

LADCO Lawsuits:

LADCO, in 2012, settled a lawsuit with the Ventura County District Attorney’s Office. According to the news, strict action was taken against the company for misrepresenting the contract terms and lengths. Apart from that, the company’s suit asset went as far as forging signatures to execute leases.

For this, LADCO paid almost $418,000 for a peaceful settlement.

LADCO Customer Support Services:

LADCO merchant account holders report that the company doesn’t provide effective customer support service options for their clients. They report that their issues are not resolved timely.

So, according to the already enrolled merchants, LADCO has poor customer service overall, as their clients find it challenging to manage their transactions and issues related to it.

LADCO claims to be the top-notch service provider in the industry. And their customers also expect something unique and rewarding in the end for associating their business with them.

Does BBB Accurately Review LADCO Global Leasing Solutions?

BBB Doesn’t Rate LADCO:

BBB has not rated LADCO or its services yet. On BBB, you’ll not find any LADCO profile. It means BBB has not registered individually for the rating. All the ratings present on Better Business Bureau would be of Elavon BBB profile which is not our topic of discussion in this LADCO review.

Is LADCO a Deserving Candidate for Your Business?

After reading the LADCO reviews and customer issues, we rate it as a poor equipment lease provider company. The issues related to the company are not avoidable. The long-term contracts, non-cancelable plans, expensive services and equipment, and deceptive practices related to sales, all these issues should be resolved.

We encourage the new merchants to check their processes and company agreements in detail to know about their functionality before affiliating with LADCO.