Golden Eagle Leasing Review

Overview

Golden Eagle Leasing is one of several business names used by the equipment lease provider Northern Leasing Systems, others of which include MBF Leasing, Lease Finance Group, and Lease Source-LSI, LLC. Golden Eagle Leasing was originally a subsidiary of Hypercom, but was sold for $30 million to Northern Leasing Systems in 2003. The company has since been wholly absorbed into the Northern Leasing brand, but it appears that some leases continue to be sold under the Golden Eagle name. Northern Leasing does not seem to maintain an independent website for Golden Eagle Leasing at this time.

Golden Eagle Leasing is not a merchant account provider; rather, it leases credit card processing equipment like terminals, printers, barcode scanners, and other point-of-sale technology. As with Northern Leasing and Lease Finance Group, Golden Eagle’s equipment leases are often packaged with the merchant accounts of payment processors, meaning that the company’s customers are usually unaware that they are signing up for service through multiple companies.

Along with Northern Leasing, MBF Leasing, Lease Finance Group, and LSI, Golden Eagle paid out a multimillion-dollar settlement to business owners in March 2013 as the result of a lawsuit filed by the New York State Attorney General. According to the lawsuit, Golden Eagle and its DBAs were responsible for deceiving merchants through the use of a shell company and then using that company to withdraw large sums from the merchants’ bank accounts long after their equipment leases had expired. Although the shell company was dissolved following the suit, Northern Leasing has continued to grow as a lease provider and may still be offering leases under the Golden Eagle name.

In April 2016, the New York Attorney General filed a lawsuit against Northern Leasing Systems, Lease Finance Group, and MBF Leasing “for their fraudulent and deceptive practices that trap small business owners across the country.” Golden Eagle was not named in this lawsuit. The lawsuit alleges that Northern Leasing Systems and its subsidiaries knowingly deceived thousands of business owners into buying overpriced equipment and then abused the judicial system by filing suit in New York to collect on overdue lease payments. The lawsuit seeks to vacate default judgments obtained by Northern Leasing against business owners, enjoin the company and its owners from further deceptive practices, obtain restitution for merchants, dissolve Northern Leasing, and force the company to notify all three major credit reporting agencies that the default judgments have been vacated. This marks the second action that the New York Attorney General has taken against Northern Leasing Systems. Merchants who have been harmed by Northern Leasing Systems are instructed to file complaints here or call 1-800-771-7755.

For a more complete analysis of the primary company behind this network of lease providers, please see our Northern Leasing Systems review.

Key Points

  • Sales & Marketing: Golden Eagle allows independent sales agents to package its equipment leases with other merchant accounts and has received an extremely high number of merchant complaints about its sales practices.
  • Costs & Contract: Golden Eagle offers 48-month, non-cancellable equipment leases that often costs many times the purchase price of the equipment.
  • Complaints & Service: Golden Eagle has received more than 700 public complaints.
  • BBB Rating: Golden Eagle has an “F” rating with the Better Business Bureau and has received 642 complaints in the last three years.
  • Rates & Fees: How Merchants Got The Best Rates With Golden Eagle

Golden Eagle Leasing Products and Services

  • Credit card processing equipment

Industries

  • Retail
  • Mobile
  • Restaurant
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Sales & Marketing

Key Points - Sales & Marketing

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Golden Eagle allows independent sales agents with any merchant account provider in the industry to resell its equipment leases as an addendum to his or her usual merchant account contracts. Golden Eagle appears to exercise little-to-no oversight when it comes to how the agents sell its products, but it will typically enforce the full terms of the agreements that are signed. We have found hundreds of Golden Eagle complaints filed against the company and its DBAs that allege that the sales agent did not disclose the conditions of the equipment lease. There are also numerous reports of aggressive collections efforts by Golden Eagle, even when merchants state that they were completely duped into signing the agreement. In general, there is no positive information to be found about Golden Eagle’s sales approach, and the company has earned an “F” in this category.

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Costs & Contract

Key Points - Costs & Contract

Swiped Rate Variable
Keyed-in Rate Variable
Early Termination Fee Liquidated Damages
PCI Compliance Fee Variable
Equipment Lease Terms 48 Months, Non-Cancellable

The standard Golden Eagle contract (available below) is a non-cancellable 48-month agreement, which means that upon signing the lease, merchants are obligated to pay the full cost of the four-year lease whether they use the equipment or not. The full cost of a standard Golden Eagle contract appears to be several thousand dollars, often up to ten times the cost of purchasing the leased equipment independently. To terminate the contract, merchants can either notify Golden Eagle of their intent to terminate the contract, return the equipment, and pay the remaining balance; or they can purchase the equipment and pay the remaining balance. Either way, they will be on the hook for the remaining monthly payments. It appears to be standard company policy to simply withdraw the amounts owed on delinquent accounts in monthly or lump sums, often without ever notifying the merchant. The vast majority of complaints online indicate widespread dissatisfaction with these contract terms, and we are inclined to agree with the merchants in this case. See the standard Golden Eagle Lease Agreement.

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Complaints & Service

Key Points - Complaints & Service

Total Online Complaints 700+
Live Customer Support Yes
Most Common Complaint Non-Cancellable Lease

Golden Eagle Leasing has a much lower volume of complaints than its fellow Northern Leasing companies; however, the company still shows over 50 complaints in a search of Ripoff Report. Common themes among complainants include non-cancellable, long-term leases, expensive equipment, deceptive sales claims, poor or unavailable customer service, and aggressive collections practices. We will also hold Golden Eagle accountable for the hundreds of complaints filed against its DBAs, as there appears to be little if any separation between these entities.

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BBB

Key Points - BBB

Product & Service Complaints 326
Billing & Collection Complaints 248
Advertising & Sales Complaints 55
Guarantee & Warranty Complaints 2
Delivery Complaints 11

Golden Eagle (as Northern Leasing Systems) is not an accredited business with the Better Business Bureau and currently maintains a BBB rating of “F.” As of this review, there have been 642 complaints filed against the company in the last 36 months, with the bulk of the complaints stemming from its products or services and billing practices. In addition to the 326 product- and service-related complaints and 248 complaints involving billing or collections issues, 55 were regarding problems with advertising or sales, and 11 were filed regarding issues with delivery. Golden Eagle successfully resolved 67 of the complaints, while the remaining 575 were either not responded to in good faith, not resolved to the customers’ satisfaction, or unresolved on the merchant’s end. The BBB profile also makes mention of the April 2016 lawsuit filed against Northern Leasing. In light of the company’s complaint total and resolution ratio, we agree with the BBB’s rating.

Northern Leasing Systems Logo

Golden Eagle Leasing Bottom Line

Although Golden Eagle Leasing is a lesser-used DBA of Northern Leasing, it appears to offer the same expensive, non-cancellable contract terms that its affiliated companies provide. We do not recommend that merchants sign any contract with Golden Eagle at this time, and we advise business owners to carefully read the terms of any lease before signing up for service. Please see our Northern Leasing Systems review for a full breakdown of this company’s contract terms.

Hi, I’m Phillip and I’m disgusted by the state of credit card processing in the U.S. and abroad. I believe that the industry has been overrun by people who engage in fraud and deception in order to steal money from hard working business owners. I’ve made it my mission to expose the companies and individuals who engage in predatory marketing, pricing, and contracts, or just provide terrible service. Along with uncovering the bad guys, I’ve also discovered the good guys who do stand out from the status quo. CPO is a website where you will find ratings and reviews of these companies along with advice on how to save money and which service providers consider. Together we can move the industry in a positive direction. If you would like to help support my work, please checkout “Fee Sweep” my eGuide to getting the lowest possible fees when accepting card payments. If you haven’t heard of “interchange” this advice will save you hundreds, even thousands, in processing fees.

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8 Reviews Leave Your Review Below

  1. This company is terrible. They are taking money out of account that I have not given permission to do so.
    they are not even providing service.

  2. Golden leasing company work with merchant service and charge thousand of dollars for many years for equipment that cost less than five hundered dollars and they profit by not allowing you to cancel the lease which you never know you had with them as they tie up with merchant service and they do not disclose these policies. Please be careful and do not lease with them or else you will lose thousands of your hard earned dollar to these folks who are not in right kind of business.


    Are you with Golden Eagle? Learn how to resolve this complaint.

  3. Golden Eagle keeps sending me a notice that they can’t debit my account$57.41 for cc machine leasing. They want a voided check so they can debit me monthly. Thing is, they ARE NOT my cc leasing company. Glad I checked here for fraud alerts. They are CROOKS & need to be taken down!

  4. I need help. I have been scammed out of 10 years of leasing payments to this company. I have not had their equipment for 10 years yet they continue to take money out of my account. The employees are rude and not helpful. I have cancelled this account several times, they will not cancel the account. I put a stop payment on the account

      1. Has anybody been able to get them off their backs? I can’t believe that I am still dealing with them after 18 years! The stupid card reader has been paid for 100 times over. We had a four year lease and they were still charging after 6 years. I called them and they made circular arguments intended to confuse and insisted we still owed monthly equipment payments. Eventually I blocked them with my bank. Five years later around 2010 or so, I get threatening letters demanding the equipment back and over three hundred bucks or Iwe would be reported and charged off. I sent a check and the equipment. Now every year I get threatening Final Demands. The last one arrived yesterday claiming a $975.70 balance on something I haven’t used in 10 years and is completely worthless. How do they get away with this after they were already beaten in court? What are my options? These bastards can continue to terrorize and ruin credit histories with impunity? Has anybody here found a way to fight them without having to hire a lawyer?

  5. Its been a terrible process trying to get rid of this company, we have been with this company for 8 years so the minute we try to cancel everything has been nothing but bad experience with them. Every time we think that we had already done everything possible to get rid of them and cancel, a new withdraw has been take of from our account and if I call them back they always have a run around to excused the withdraws knowing that is already canceled. They still getting money out of the account always making new excuses for this scams. This company is horrible I will never even recommend this company to my worst enemy. This company is an scam and their employees are well trained no heart total cold hearted people.

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