Ladco Global Leasing Solutions (formerly ladco.com, no website currently active) is a credit card processing equipment lease provider 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’s website states that its headquarters is 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.
Ladco Products and Services
- Credit card processing machines
- Check processing equipment
- Check imaging equipment
- ATM placement
- POS systems
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Ladco appears to primarily market its products by packaging them with Elavon merchant account contracts. Because of this strategy, many merchants complain 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. Multiple negative Ladco Leasing reviews 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 Ladco’s complaint record and less-than-straightforward signup procedures, we are assigning Ladco a “D” for its marketing practices.
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||Liquidated Damages|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
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. If a merchant wishes to cancel their Ladco lease, they must either pay out the remainder of the 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.
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 third party. Ladco’s policies are similar to those of Northern Leasing, another company that has received low scores in this category.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||200 Plus|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
Ladco Leasing is currently showing approximately 200 complaints across various consumer protection websites, most of which explicitly refer to the company as a scam or ripoff. Common themes echoed by complainants 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.
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.
As of this review, we are unable to locate a listing for Ladco Global Leasing Solutions with the Better Business Bureau. The BBB appears to have classified Ladco as an alternate business name of Elavon, making it difficult to determine how many complaints have been filed against Ladco itself. Although there is no reason to believe that Ladco would earn a high BBB score if it received its own profile, we are withholding a BBB rating from our overall rating of the company at this time.
Related: EMV Terminal Recommendations
About Phillip Parker
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.Schedule a Consultation with Phillip
Related: Phillip’s Top All-Purpose Merchant Account Picks
Copyright & Disclaimer
Copyright © CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice.