Ladco Leasing Overview
This review takes a closer look at LADCO Global Leasing Solutions, a long-standing provider of credit card processing equipment leases owned by U.S. Bancorp and affiliated with Elavon. Despite its long history, LADCO’s limited online presence raises transparency concerns. We examine their POS equipment leases, contract terms, and common complaints about hidden fees, strict cancellation policies, and poor customer service. The review also covers legal issues, including a settlement with the Ventura County District Attorney’s Office, and evaluates the company’s sales tactics and pricing compared to industry standards. Overall, this article provides a concise, balanced overview to help businesses decide whether LADCO’s leasing services are a trustworthy option.
This company is led by Andy Cecere. Visit the owner profile for additional background information.
About LADCO Global Leasing Solutions
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 has massively reduced its footprint online, making it difficult to understand the full picture of the company. These things alone could be seen as highly suspicious behaviors by LADCO, but we also continue to find the occasional new negative review of the company as well. This tells us that the company is very likely still operating and doing so in a similar manner to that described below.
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.
Customer Reviews & Sentiment
"Ladco Leasing ripped me off in 2018. They automatically withdrew from my bank account thousands even though I have the Post office receipt that I returned the terminal in a timely manner. I reported to the Feds but wasn't much they could do. Thank you for at least having the info on this website of..."
Sky-High Complaint Total
Negative LADCO Leasing reviews 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 Support Options
Most businesses 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. Business owners can expect better service levels from a top-rated payment processor for customer support. We also encourage readers to check out our list of the providers of the best merchant accounts.
Client Satisfaction Ratings
| BBB Rating | N/A |
|---|---|
| PissedConsumer Rating | 1.4 |
| ComplaintsBoard Rating | N/A |
| Average Rating | 1.4 |
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.
PissedConsumer Rating Analysis of Ladco Leasing
Ladco Leasing has an average customer review rating of 1.4 stars on PissedConsumer based on 39 customer reviews. The common themes in the reviews indicate that consumers are mostly dissatisfied with the company. Key issues include poor customer service, issues with contract cancellation, and problems with billing and charges.
Positive Feedback
There are no positive reviews published about Ladco Leasing on the PissedConsumer website.
Source: PissedConsumer
ComplaintsBoard Review Analysis for Ladco Leasing
On the ComplaintsBoard website, Ladco Leasing has received multiple customer reviews, predominantly negative. Common themes in these reviews include allegations of deceptive practices, high costs, and difficulties in terminating leases. Many customers express frustration over what they perceive as unfair contracts and poor customer service.
Positive Feedback
There are no positive reviews published about Ladco Leasing on the ComplaintsBoard website.
Source: ComplaintsBoard
Card Processing Rates & Fees
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 clients will be on the hook for the entire cost of the contract from the second they sign, no matter what. The overwhelming consensus among clients 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 business 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 client 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 business 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. Business owners 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.
Employee Reviews & Sales Practices
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 businesses 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.
Bottom Line
LADCO rates very poorly as an equipment lease provider for credit card processing 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 businesses 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. Business owners are advised to read any contract with LADCO Leasing or one of its partner companies very carefully, and Elavon clients are strongly encouraged to check their agreements for any mention of LADCO.
Ladco Leasing Rating
