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<DIV><FONT size=2>If fraud either by misrepresentation or failure to reveal
significant, material facts occurred, the contract may be voidable, regardless
of any language in it.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Here's a note of caution: if anyone (business or
otherwise) will not allow you to have a copy of the blank contract before
signing for enough time for you to read and absorb it, do not sign the
contract. Always ask for a copy of the blank contract overnight in order
to study it.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>w.</FONT></DIV>
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style="BORDER-LEFT: #000000 2px solid; PADDING-LEFT: 5px; PADDING-RIGHT: 0px; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px">
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="FONT: 10pt arial; BACKGROUND: #e4e4e4; font-color: black"><B>From:</B>
<A title=austinstorm@gmail.com href="mailto:austinstorm@gmail.com">Austin
Storm</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A title=vision2020@moscow.com
href="mailto:vision2020@moscow.com">vision2020@moscow.com</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Tuesday, March 29, 2011 3:14
PM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [Vision2020] Credit Card
Processing Cautionary Story</DIV>
<DIV><BR></DIV>It's been awhile since I've been on Vision 20/20. I wanted to
rejoin<BR>so that I could warn other local small business owners about a scam
I<BR>was recently taken in by.<BR><BR>A salesman named Brian Jacob with Eliot
Management Group out of<BR>Spokane came to my business selling merchant
processing. He was<BR>personable and didn't have an aggressive selling style.
But more<BR>importantly, he was able to speak capably about credit card
processing<BR>rates, so I asked him to give me a quote. It was competitive, so
I<BR>decided to switch. I would rather use a (relatively) local
processor<BR>than a big bank.<BR><BR>It was only when he came back with the
processing agreement that<BR>things started to go awry. I hadn't talked about
terminal purchasing,<BR>and when I brought it up he said their preferred
terminal cost $800<BR>new, but was available for a $48 per month lease. He
assured me he'd<BR>be happy to resell my lease (to the next person on a
waiting list) if<BR>I ever wanted to get out of it, and suddenly became
aggressive and<BR>rushed me through a one-page lease.<BR><BR>It was only a few
days later that I went back to the lease and got<BR>that sinking feeling in my
chest. The terminal he had leased me was<BR>selling for $200 new retail
online, and I had signed a 4 year lease<BR>for it. It will end up costing
$2,300 over the life of the lease for a<BR>$200 machine. Later research showed
that this is a fairly common<BR>practice, and that the representative might
make as much as 50%<BR>commission for selling the machine lease.<BR><BR>Since
then, I've been unable to reach the sales rep or anyone at the<BR>company on
the phone or by email.<BR><BR>As much as it pains me to tell the story, I
wanted to warn other<BR>business so that they could learn from my experience.
Even if a<BR>processor is offering competitive rates, watch out for
long-term<BR>contracts and equipment leases.<BR><BR>Also, I've decided to set
up a Google Group for local small business<BR>owners and other interested
folks. This isn't the first hard lesson<BR>I've had to learn in starting my
business, and I'd love to have to<BR>place to share experiences with other
people (some of the things might<BR>be of interest to this group, but a lot of
them wouldn't be). The Buy<BR>Local and Moscow Chamber meetings have been
vital, but I am still too<BR>busy with the business to make it to as many as
I'd like. If you know<BR>anyone who'd be interest in this, please pass it
along. The group is<BR>unmoderated and all are welcome:<BR><BR><A
href="http://groups.google.com/group/palousebusiness">http://groups.google.com/group/palousebusiness</A><BR><BR>=======================================================<BR> List
services made available by First Step Internet, <BR> serving the
communities of the Palouse since 1994.
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<A
href="http://www.fsr.net">http://www.fsr.net</A>
<BR> <A
href="mailto:Vision2020@moscow.com">mailto:Vision2020@moscow.com</A><BR>=======================================================<BR></BLOCKQUOTE></BODY></HTML>