Best for
Merchants in need of payment processing equipment, such as terminals, barcode scanners and other types of POS technology.
Specializes in
Lease Finance Group specializes in funding and servicing the needs of the bankcard industry. This company is not a merchant account provider.
Pricing Summary
Setup Fee: N/A
Monthly Fee: Unknown
Swipe Rate: N/A
Keyed-in Rate: N/A
Early Termination Fee : Liquidated Damages
Contract Terms:
Lease Finance Group is a merchant account equipment lease provider, and not an ISO or merchant account provider.
This company has gone by several other names, historically, including Northern Leasing Systems, Golden Eagle Leasing and Lease Source-LSI, LLC.
Lease Finance Group is headquartered in Chicago, Illinois and the company’s Chairman and CEO is Jay Cohen.
Lease Finance Group offers various types of merchant account payment processing equipment, and the company is not an ISO or merchant account provider. This company is located in Chicago, Illinois and its Chairman and CEO is Jay Cohen, who works in the same roles with Lease Finance Group’s parent company, Northern Leasing Systems.
Lease Finance Group has operated under several different names, such as MBF Leasing, Golden Eagle Leasing and Northern Leasing Systems.
The company’s website is very old and dated, and it provides very little additional information.
Head Quarters
65 E Wacker Pl Ste 510 Chicago, IL 60601-7255
Year Founded
1992
CEO
Jay Cohen
Employees
Unknown
Merchant Provider Risk Tolerance
Equipment accepts all major credit cards.
Standard leases term length.
Individual rep for each contract.
Multiple avenues of contact for tech and sales support.
Wide variety of in-person terminals.
No website.
Does not interface with tap payments like Apple Pay or Google Pay.
Marketing goes through resellers who are not known for their full disclosure.
No accurate information on rates, fees, and leases.
More than 1,000 complaints filed against the company.
Hardware & Software
It appears that Lease Finance Group’s main focus is on payment processing hardware, and not software. The company specializes in providing POS systems, credit card processing terminals, printers, barcode scanners and other types of payment processing systems to merchant account providers for use with their merchant customers.
Value Added Services
Lease Finance Group does not offer any additional value added services to merchant account providers or merchant customers.
Supported Payment Types & Services
Merchants who have POS systems or other types of equipment through Lease Finance Group will be able to process multiple types of payments, including:
All four major credit card payments
Debit card payments
ATM card payments
EBT payments
Checks and e-checks
Discloses All Important Terms
No
Public Pricing Available
No
There is no information online regarding pricing and fees for Lease Finance Group. This is because this company is not a merchant account provider, but a company that leases POS systems and terminals. In cases like these, the equipment is typically programmed according to the fees set by the ISO that acquired the equipment for reselling and leasing it.
Pricing Model
Unknown
Swiped Rate
N/A
Keyed-in Rate
N/A
Mobile Payment Rate
Unknown
Virtual Terminal Rate
Unknown
Monthly Fee
Unknown
Payment Gateway Fee
Unknown
Batch Fee
Unknown
Early Termination Fee
Liquidated Damages
PCI Compliance Fee
N/A
Equipment Lease Terms
48 Month (locked)
Address Verification Service (AVS)
N/A
Application Fee
N/A
Account Setup Fee
N/A
Gateway Setup Fee
N/A
Annual Fee
Unknown
Monthly Minimum
Unknown
Statement Fee
Unknown
Lease Finance Group offers a standard 48-month contract to merchants, which is non-cancellable. Once a lease is signed, merchants are obligated to pay the full cost of the equipment, even if they never use it.
Merchants who lease their POS systems from Lease Finance Group will likely end up paying as much as ten times what they would have if they had purchased their equipment separately.
Contract Length
Unknown
Early Termination Fee
Liquidated Damages
Lease Finance Group uses a credit scoring system when authorizing merchants to lease equipment. The company assigns a representative from its Vendor Relations team to each merchant’s account.
There is no indication of how long it might take for merchants to get ready to accept payments.
Lease Finance Group has a contact page that has several phone numbers for its customer service, collections, vendor relations and lease verifications teams. Fax numbers and an email address are also available on the site.
BBB Rating
Although Lease Finance Group is a part of Northern Leasing Systems, this company does have its own dedicated profile on the Better Business Bureau website.
This company is not accredited by the BBB and has been assigned a D+ rating. There have been 26 complaints filed against Lease Finance Group over the last 36 months on the BBB website. These complaints are focused on products or services, billing or collections issues, advertising, and delivery problems.
Online one of these complaints was addressed and resolved to the merchant’s satisfaction. The other complaints were either resolved to the dissatisfaction of the merchant, or they received no response from Lease Finance Group at all.
Other Online Reviews
Lease Finance Group has received more than 1,000 online complaints in total. Most of these complaints reference leases that are not cancellable, nondisclosed contract terms, poor customer service, and aggressive collections activities.
In 2016, a lawsuit was filed against Lease Finance Group’s parent company, Northern Leasing Systems, Inc. The New York Attorney General won that lawsuit in 2020, and the ruling voided thousands of fraudulently-induced equipment leases. In addition, the ruling vacated close to 30,000 default judgments.
As a result, Northern Leasing Systems, Inc. has been banned from engaging in equipment leasing, which dissolved the company.
BBB
D+ and This Business is not BBB Accredited. (32 Reviews; 25 Complaints)
N/A
N/A
Yelp
1 Stars / 9 Reviews
Total Online Reviews
40+
Total Online Complaints
25+
Lawsuits
Unknown
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