Hey Beyond,
I owned a business for the last two years which I closed down last month (our lease for the building was finally over). Now I closed down everything regarding the business, phone, insurance etc.
I have a debit/credit machine through Chase/Elavon/Paymentech and as I was on a two-year lease on my building I specified a two year lease for my debit/credit machine which was done. Now when I go to cancel my machine/service I am told that I have to pay a fee of $900.00 to pay out a remainder 48 months for the Elevon service, as well as a SEVEN year lease on Chase services.
I signed a two year, and someone on their end messed up. Big time. On my lease, it doesn't specify the seven year "lease term" as well as a cancellation fee for my originally done two year lease. What do I do about this? I can seek legal help however here's what I need to know as well...
From what I know, business credit and personal credit are two separate things but if I go close the account that the POS payments are coming out of, will this effect my business (it's going through a business banking account) or my personal credit. This is what I'm unsure of because I know I wont pay them out for a seven/48mo. lease that they claim I have with them.
I've googled alot of reviews on them to find a majority of unhappy customers facing the same problem. What kind of actions can I take? I'm hoping this doesn't effect my personal credit.
Cheers,
Ray