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LADCO Global Leasing Solutions 2023: Reviews & Complaints
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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 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.
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.
Table of Contents
Ladco Leasing Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||200+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
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.
Ladco Leasing Online Ratings
Here's How They Rate Online
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.
“Just awful, don’t do it. Horrible customer service, still charging me months after we cancelled the contract.” – Review from October 4, 2022
“So I called in because I was informed that I was late on a payment. The gentleman I spoke to Scoffed at me when I asked him some information about my account. Been taken back and completely perplexed I ask did you just scoff at me? He ignored me And pressed on. When the phone call was coming to an end he abruptly hung up on me. I was so upset I called back and spoke to another person asking to speak to a supervisor She started getting Very Defensive demanding that I tell her why I want a supervisor.Then she just got real Nasty and told me that since I haven’t made a payment which I found to be not true that I would not be able to speak to a supervisor. Then she proceeded to lie to me telling me that I didn’t make a payment when I knew I did and that because I missed that payment I would have to pay 10% of the entire amount to be reinstated. Just a whole bunch of crap. I have yet to be able to talk to anyone expressing my frustration. I am already paying 4 times the normal amount for tires that they should cost At least I would like to be treated like a human being this review is for uownleasing not what it’s titled. I have no idea where that came from” – Review from April 14, 2021
There are no positive reviews published about Ladco Leasing on the PissedConsumer website.
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.
“Credit card processing scam: Like so many stories before, we were unscrupulously duped by Ladco Leasing. I certainly wished I would have Googled them before falling for this horrendous scam. Unfortunately, the account representative that was trying to get me to change processors never mentioned anything about Ladco. Our business was cold called by Entrust Bankcard Services.”
– Review by Jerry Hansen of Dallas, US, Sep 16, 2011
“They might as well use a gun: Ladco Leasing is a complete rip-off. Do not lease credit card equipment from these [people]. They might as well have put a gun to my head and robbed me. I was a new business owner and didn’t know any better. I signed a 4-year lease for 2 credit card terminals for a $176 a month fee. I just purchased the same equipment for $149 per terminal. I paid them over $8000 to use their terminal.”
– Review by Frampton of Glendale, US, May 25, 2011
There are no positive reviews published about Ladco Leasing on the ComplaintsBoard website.
Ladco Leasing Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
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.
Ladco Leasing Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
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.
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