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An Elavon-Owned Equipment Lease Provider
LADCO Global Leasing Solutions is a credit card processing equipment lease provider for merchant accounts that has been in business for over 25 years. The company appears to be either a subsidiary or a DBA of Elavon and is the primary source of equipment leases sold by Elavon, making it a very large lease provider.
LADCO Point of Sale
Though it no longer has its own functioning website, we can imply that LADCO’s point-of-sale offerings are the same as what Elavon offers. The Elavon point-of-sale family includes the Poynt family of smart terminals, talech terminals and tablet solutions, and card swipers from Ingenico and Verifone. Talech terminals, specifically, are geared toward the restaurant industry. Elavon pairs these with multiple possible payment gateways, including the Converge and Fusebox payment gateways.
LADCO Location & Ownership
When active, LADCO’s website stated that its headquarters was located in Knoxville, Tennessee, but many other sources suggest that the company is located at 555 St. Charles Dr., Thousand Oaks, California 91360. A debt collection service called American Recovery Service Incorporated (ARSI) is also located in the same facility and, according to Better Business Bureau complaints, occasionally collects on outstanding merchant account payments. It is unclear at this time whether LADCO and ARSI are somehow affiliated. Like Elavon, LADCO Global Leasing Solutions is owned by U.S. Bancorp. Andy Cecere is the CEO U.S. Bancorp. At the time of this writing, almost all official information about LADCO has been removed from the internet.
LADCO Global Leasing Solutions Review Table of Contents
- Costs & Contract: LADCO Leasing typically offers a 48 to 60-month lease that cannot be canceled without paying out the remaining months of the lease.
- Complaints & Service: LADCO Leasing complaints number more than 200 on public complaints forums.
- BBB Rating: LADCO Leasing does not have a rating with the Better Business Bureau at this time.
- Sales & Marketing: LADCO Leasing allows independent sales reps to resell its equipment leases and has received a high number of complaints about its sales practices.
Ladco Leasing Reviews and Complaints
Here's What Their Clients Say
Total Online Complaints
Live Customer Support
Most Common Complaint
Sky-High Complaint Total
LADCO Leasing complaints currently number over 200 across various consumer protection websites, most of which explicitly refer to the company as a scam or ripoff. Common themes echoed by LADCO Leasing reviews include nondisclosure of contract length, harsh cancellation policies, excessive monthly fees (ranging from $50 to $90), poor or unreachable customer service, and aggressive collections practices. LADCO does not appear to have issued rebuttals to the majority of these complaints. If you have your own LADCO review to make, please do so in the comment section below.
LADCO Lawsuits and Fines
In 2012, LADCO settled a lawsuit with the Ventura County District Attorney’s Office. The District Attorney’s Consumer and Environmental Protection Unit took action against the company alleging that their Thousand Oaks office had misrepresented the terms and lengths of lease agreements. The suit went on to assert that the company went as far as forging signatures to execute leases. LADCO paid $418,000 as part of the settlement agreement.
LADCO Customer Service Options
Most merchants report that they are unable to resolve their LADCO complaints through Elavon, as the two entities insist on having separate customer service lines. Overall, it is difficult (if not completely impossible) to find a positive review about LADCO Leasing. Merchants can expect better service levels from a top-rated payment processor for customer support. We also encourage merchants to check out our list of the providers of the best merchant accounts.
Ladco Leasing BBB Rating and Report
Our Better Business Bureau Profile Assessment
Not Currently Rated by the BBB
LADCO Leasing currently does not have a profile with the Better Business Bureau. It appears that most complaints about LADCO are instead filed to Elavon’s BBB profile. We will therefore not factor the BBB into this review.
Ladco Leasing Fees and Rates
A Closer Look at the Contract
Don't Fall Into An Expensive Trap. See Who The Worst Processors Are.
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Up To 60 Months (locked)
Costly Non-Cancellable Leases
The standard LADCO lease appears to be a non-cancellable 48-month agreement, although leases can range from 12 months to 60 months in length. Because they are non-cancellable, these leases ensure that merchants will be on the hook for the entire cost of the contract from the second they sign, no matter what. The overwhelming consensus among merchants is that these equipment leases are very expensive compared to the actual cost of equipment, ultimately costing thousands for technology that can be had for a few hundred dollars. This does not compare favorably to our list of best credit card processors.
If a merchant wishes to cancel their LADCO lease, they must either pay out the remainder of the LADCO contract and return the equipment or pay out the remainder of the contract and purchase the equipment. Either way, a merchant will owe the lease’s remaining cost upon cancellation. It should be noted that most credit card terminals can be purchased for under $500. Non-cancellable, long-term leases mean a merchant can pay thousands for that same equipment making them a contract term to avoid.
Highly Unfavorable Contract Terms
We believe that these equipment leases are unreasonably expensive, unfairly structured, and (in general) deceptively sold. Merchants are not advised to lease equipment under the terms offered by LADCO, as they will usually be better off purchasing equipment outright through a top-rated credit card processor. LADCO Global Leasing fees and policies are similar to those of Northern Leasing, another company that has received low scores in this category.
Ladco Leasing Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Audit Your Current Statement To Find Its Hidden Fees
Processing statements are intentionally complicated so that they can overcharge you. Get clarity before you switch.
Employs Independent Resellers
Advertises Deceptive Rates
Discloses All Important Terms
Bundled with Elavon Merchant Accounts
LADCO appears to primarily market its products by packaging them with Elavon merchant account contracts. Because of this strategy, many LADCO Global leasing reviews are from merchants saying that they didn’t even realize they were signing a lease with LADCO when they first signed their credit card processing agreements. This also means that the details of LADCO’s leases are often not fully communicated by sales agents, since they are considered to be part of the overall merchant services package.
Widespread Nondisclosure Complaints
Multiple LADCO Leasing complaints mention nondisclosure of lease length and cost, and the company’s official materials go to great lengths not to mention the company’s close ties to Elavon. Given the LADCO Global Leasing complaint record and their less-than-straightforward signup procedures, we are assigning Ladco a “D” for its marketing practices. If you are worried about misrepresentation in your contract terms, we recommend seeking a third-party statement audit to take a second look at your agreement.
Ladco Leasing Review Summary
Our Final Thoughts and Opinions
Poorly Rated in Every Category
LADCO rates very poorly as an equipment lease provider due to its long-term, non-cancellable leases, deceptive sales practices, expensive equipment, and high complaint volume. The company can improve its rating by ensuring that merchants understand its lease terms before signup, lowering the overall cost of its leases, providing responsive and helpful customer service, and reducing its number of complaints. Merchants are advised to read any contract with LADCO Leasing or one of its partner companies very carefully, and Elavon merchants are strongly encouraged to check their agreements for any mention of LADCO.
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