Golden Eagle Leasing Review

Golden Eagle Leasing Overview

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An Alternate Name of Northern Leasing Systems

Golden Eagle Leasing is one of several business names used by the equipment lease provider Northern Leasing Systems, whose Chairman and CEO is Jay Cohen. Others affiliates 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.

A Tricky Equipment Leasing Company

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.

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

Golden Eagle Leasing Review Table of Contents

  • Costs & Contract: Golden Eagle offers 48-month, non-cancellable equipment leases that often cost 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 348 complaints and 67 reviews in the last 3 years.
  • 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.
  • Rates & Fees: How Merchants Got The Best Rates With Golden Eagle

Golden Eagle Leasing Statement Analyzer

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Products & Services Offered

  • Credit card processing equipment

Types of Businesses Served

  • Retail
  • Mobile
  • Restaurant

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Golden Eagle Leasing Rates, Fees, and Costs

Key Points

Swiped Rate N/A
Keyed-in Rate N/A
Early Termination Fee Liquidated Damages
PCI Compliance Fee N/A
Equipment Lease Terms 48 Month (locked)

Non-Cancellable Four Year Term

The standard Golden Eagle Lease Agreement 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.

Contract Termination

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. Golden Eagle’s leasing terms are not at all competitive with the equipment rental terms offered by budget-friendly credit card processors.

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Response from Golden Eagle Leasing

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Golden Eagle Leasing Complaints & Customer Reviews

Key Points

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

Lower Complaint Total Than Its Affiliates

There is a much lower volume of negative Golden Eagle Leasing reviews than its fellow Northern Leasing companies; however, the company still shows over 60 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.

Northern Leasing Systems Lawsuits

In March 2013, the New York Attorney General reached a multi-million dollar settlement with Northern Leasing and its affiliated companies over a scheme to drain nearly $11 million from the bank accounts of small business owners. The case alleged that Northern Leasing had created a shell company called SKS Associates LLC, through which Northern Leasing misled customers and began withdrawing lease payments from merchants’ bank accounts long after their leases had expired. Although this settlement concludes the Attorney General’s lawsuit and appears to be the end of SKS Associates, Northern Leasing and its related companies are still doing business and have grown into a very large equipment leasing network.

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.” 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. It was allowed to proceed in December 2017 and has not yet been resolved. This marks the second action that the New York Attorney General has taken against Golden Eagle Leasing. Merchants who have been harmed by Golden Eagle Leasing are instructed to file complaints here or call 1-800-771-7755.

Golden Eagle Leasing Customer Support Options

The company (as Northern Leasing Systems) offers dedicated support numbers and email addresses on its website. Based on merchant feedback, these communication channels appear to be lacking when compared to top-rated providers for customer service.

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Response from Golden Eagle Leasing

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Golden Eagle Leasing BBB Rating Summary

Key Points - BBB

Product & Service Complaints 152
Billing & Collection Complaints 181
Advertising & Sales Complaints 9
Guarantee & Warranty Complaints 2
Delivery Complaints 4

Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.

Nearly 350 Complaints

Golden Eagle Leasing does not have a dedicated BBB profile but shares one with Northern Leasing Systems which is not an accredited business with the Better Business Bureau and currently maintains a BBB rating of “D.” As of this review, there have been 348 complaints filed against the company in the last 36 months as well as an additional 88 that have been closed in the last 12 months. In addition to the 152 product-related complaints and 181 billing complaints, 9 were regarding problems with advertising or sales, 4 were filed regarding issues with delivery, while the remaining 2 complaints pertain to guarantee and warranty issues. Northern Leasing successfully resolved 35 of the complaints, while the remaining 312 were not resolved to the customer’s satisfaction, or unable to be substantiated by the BBB.

BBB Warning

The BBB profile also makes mention of the New York Attorney General’s lawsuits against Northern Leasing and includes the following notice:

BBB files indicate a pattern of complaints concerning the sales practices, contracts, and customer service of this company. Complainants are telling BBB about the difficulties they encounter when they lease equipment for their small businesses from Northern Leasing Systems. These complainants say that company sales representatives employ high pressure sales tactics to get them to sign a contract with the company. Many complainants allege that Northern Leasing Systems staff misrepresented the equipment to be leased or terms of the lease they sign. Other complainants are reportedly not given all pages of the contract after it is signed. Numerous complaints detail the burdensome nature of the company’s contract for return of the leased equipment. Complainants that experience problems with the company claim they have a lot of trouble reaching a live person in customer service for assistance with their issues.

What Merchants Say

Northern Leasing Systems has also received 67 informal reviews to its BBB profile, all of which are negative in tone. The most recent describes stolen personal information:

No stars for this company that has many aliases a/k/a as Lease Finance Group. They are calling and mailing aggressive letters about a credit card machine for a company I left back in 2003 ! it’s now 2019. The technology is obviously old and outdated and they would like for me to pay $588 for it. NYS Attorney General has filed a lawsuit against them. Fraud alert!

Merchant accounts process sensitive financial data making confidentiality an imperative consideration for any company. Merchants whose confidentiality has been breached should pursue all available legal remedies.

A Well-Deserved “F”

In light of the company’s complaint total and resolution ratio, multiple lawsuits, and accusations of illegal activity, we have adjusted the BBB’s rating to and “F” for the company

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Response from Golden Eagle Leasing

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Truth In Marketing & Advertising

Key Points

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

A Supplier for Resellers

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.

Hundreds of Sales Complaints

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. Merchants are advised to seek a third-party statement audit to renegotiate the terms of improperly disclosed equipment leases.

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Response from Golden Eagle Leasing

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Northern Leasing Systems Logo

Our Opinion of Golden Eagle Leasing

An All-Around Terrible Option

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 and to understand why it rates as the worst equipment leasing company in the merchant services industry.

We rely on your feedback about Golden Eagle Leasing to keep this review accurate and up-to-date. Please take a minute to tell us about your experience. We and the small business owners of this world thank you!

Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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17 Reviews Leave Your Review for Golden Eagle Leasing Below

  1. Jeffrey Linder says:

    My merchant service company from Irvine California uses this company for its cc equipment. Do not use this company. I paid $40 monthly for an inexpensive cc machine for 48 months. At he end of the lease, they demanded an extra $150 restocking fee. I leased many automobiles, copy machines, company equipment and was never asked to pay a restocking fee. The fee was mentioned in the fine print of the Merchant Services contract. So read the contract for any hidden fees. You will find them when dealing with Merchant Services and their sale rep will not mention them. Stay away.

  2. Ronnie Palmisano says:

    This is a terrible company. One of there sales Reps Jack Bridges sold me this equipment. He said it was a month to month lease. No contract for the equipment or the processing. Just a 60.00 monthly lease. After many years of using there services si find out that they been taking out 89.00 A month. You try calling them and you get no answers. I just retired and been trying for almost 6 months to cancel there service with no luck. I called jack Bridges he won’t return my calls . They took out the 89.00 while the business was closed. I Retired. I had to cancel my bank account for them to stop taking out money. Now there sending be statements saying I owe them back payments. How can a company get by doing business like this. I called the BBB got no help there. So all I can do is put this on the internet. And I hope people read this and stay as for away from these people as possible . there a horrible company. Ronnie Palmisano


    This post will help: Cancelling a Merchant Account Without Paying a Fee

    -Phillip

  3. KATHY ROTHROCK says:

    This company is horrible! We terminated our lease YEARS ago, and were unaware that they were still taking money from our bank acct! When we told them we had not used cc “machine” in MANY years, they proceeded to harass by phone and by mail, threatening OUR credit! We have been in business since 1945, and our credit is spotless! This company is the worst!!! BBB score- F Our BBB is A+! We have been fighting them since last year! Our lawyer will sue them. This is ridiculous.


    This post will help: Cancelling a Merchant Account Without Paying a Fee

    -Phillip

  4. Dr. E R. Wright says:

    This pseudo-company is a complete scam. Never sign a contract for any of their equipment. We signed a lease-to buy agreement with what turned out to be an independent agent representing them in 2008 for a 4 year contract which then would ownership of the equipment. Foolishly, we allowed them to take $40.15 a month from the business checking account. When we moved our business in 2012, we tried to contact them to finalize the arrangement, and since we had paid over $1900 for a $400 piece of equipment, we thought we were through with them; however, they continued to charge our account monthly. We tried 4 different times to contact them and have them stop the withdrawal to be told that the contract was still in force. They were impossible to get hold of and if you did get someone to answer the were totally rude and unhelpful.We stopped payment on our account only to have them change the amount to $40.17 and continue collection. We finally had to completely change our bank account to stop payment. This finally led them to contact us today and if we paid a one time payment of $175, they would close the account. We agreed to this total ripoff just to get rid of them. If we didn’t pay that they would leave the contract in force and report it to the credit agencies. Never do business with this company or any of its variations and warn others to avoid.

    This post will help: How to Report Bad Credit Card Processors

    -Phillip

  5. Nicolette Schouten says:

    They are threatening me. I had billing after equipment was returned. I was attached to a rip off merchant service paid until merchant service contract was over only to find equipment still had to be paid. Not what was told to me. I blocked payment and am constantly being harassed over less than 400.00. I do not or ever will feel I owe them a penny. I paid per month for over a year without even having the equipment or service merchant. And the fee kept going up from the promised 65.00 per month for nothing towards the end of contract these companies were taking over 200.00 per month. I simply blocked them from taking any more money and am now being harassed with very scary threats.

    From The Editor
    This Post Might Help: Cancelling a Merchant Account Without Paying a Fee

  6. Marty says:

    Avoid!!! After 2 years having received my equipment, I get charged a $150 restocking fee. Called and finally spoke to someone after 5 transfers and a 20 minutes wait who explained this. Wanted payment today. I said next month. Said I have to call back in October and hung up. Lower company with poor personnel


    From The Editor
    This Post Might Help: Cancelling a Merchant Account Without Paying a Fee

  7. Not sure why they keep calling me. asked them to stop. Have know idea how to make it stop. Calls saying they are with a lawyers office when asked which one they hang up.


    From The Editor
    This Post Might Help: How To Shut Down Sales Calls

  8. Dianne says:

    Never sign anything with this company – they do not return phone calls and make excuses for any issue you bring up to them. They are a scam

  9. Amos Cooley says:

    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.

  10. Kishore says:

    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.

    1. You are so right. They have harmed by business under false salesmanship. I need to get out of this and don’t know how to go about it. They are the lowest of the low.

  11. Kim Kelley says:

    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!

  12. Candice Dimond says:

    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. Gretchen Morava says:

      Have you found any solution? We have same issue


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

      1. Mark says:

        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?

  13. Noemi Bravo says:

    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.

    1. Susan says:

      My 48 month lease is over. I sent back the machine and pinpad. Theyre accusing me that I sent in the wrong pinpad. Am i the only one with this problem?


      From The Editor
      This Post Might Help: How To Get Out of a Merchant Account Contract

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