Leasing FAQ's

What is a lease?
A lease is a contractual arrangement in which one party, the Lessor, conveys the use of an asset to another party (the lessee) for a specific length of time (lease term) at a predetermined schedule of payments (usually monthly).
Does the merchant ever own the equipment?

The lease company retains ownership during the lease term. The merchant has three (3) end of lease options:

  • Continue making the same monthly payment
  • Purchase the equipment as detailed in the Terms and conditions of the Equipment Lease Agreement
  • Return the equipment
What is a Personal Guarantor?
A personal guarantee is a legal obligation for an individual, usually the business owner, to make payment for the entire term of the lease. The strength of many start- up businesses is the personal commitment of the business owner and so lenders look for that additional credit support.
Does my lease payment appear on my monthly bankcard processing statement?
No. Lease payments will be electronically debited from the checking account provided when you applied for your lease on the date provided in your Welcome Letter.
Will I be invoiced for my monthly lease payment?
No. You will not receive a paper invoice / statement. Payments are made via Electronic debit and be reflected on your checking account provided.
When will I get notified of the day the payments will be due?
FDGL sends a Welcome Letter upon approval and activation of the lease agreement. This letter contains essential lease information.
When does FDGL debit my bank account for lease payments?
FDGL uses multiple billing cycles. Your specific billing cycle is outlined in the welcome letter you received at the beginning of your lease term.
If I have updated checking account information who can I contact?

You can contact Metro Payment Technologies Customer Service 800-771-3719 and provide updated bank account information.

Can the billing cycle date change during the lease term?

Yes. You can call Metro Payment Technologies and request a change to the billing cycle date. Please contact our Customer Service 800-771-3719

Can a lease be canceled or paid off early?

No, you may not cancel the lease since it is a non-cancelable agreement. At any time during the term of your lease (before the expiration of the initial term) you may contact Metro Payment Technologies for a quote to buyout at 800-771-3719 There is generally no discount for early buyout.

If I sell my business, can the new owner take over the lease payments?

It is possible to transfer, or assign, the lease depending on the merchant circumstances. Please contact Metro Payment Technologies Customer Service Department 800-771-3719 to find out more about processing an assignment.

If I sell my business, can the new owner take over the lease payments?

It is possible to transfer, or assign, the lease depending on the merchant circumstances. Please contact Metro Payment Technologies Customer Service Department 800-771-3719 to find out more about processing an assignment.

What if I want to upgrade my equipment during the lease term?

Flexibility is one of the greatest benefits of leasing, please contact Metro Merchant Payment Technologies Customer Service 800-771-3719 to find out more about additional or upgraded equipment.

What is Interim Rent?

Typically, Interim Rent is charged along with your first monthly payment.. Interim rent is the per diem charge assessed for the period between the delivery date and your initial payment date (partial monthly payment). It is possible that Interim Rent will not be charged until your second payment depending on when you lease agreement was commenced.

Example: If your delivery date was the 20th of the month and your due date is the 1st of the next month, your first payment would be 10 days of rent plus your first month rental (rentals are billed in advance). In this example, if your monthly payment is $40, your first payment would be $13.33 (10 days) + $40 (first month rent = $53.33 plus tax.

Is sales tax billed on the leased equipment?

Yes. Sales tax is determined by individual state taxing authorities and is either assessed upfront or added to the monthly payment. Most states assess the tax on the monthly payment. In Michigan, for example, a payment of $39.99 would be assessed 6.0% and the monthly payment would be $42.39. The following states assess in advance rather than on the monthly payment:

• Ohio
• Illinois
• New Jersey
• Maine

(Note, taxes are subject to change)

If I have problems with my leased equipment, who should I contact?

Please contact your Metro Payment Technologies Customer Service 800-771-3719 if you are having issues with processing transactions or for any service or warranty issues. The contact information should be on your terminal or within your welcome kit.

Does Metro Merchant Services warranty the equipment?
No. Metro does not warranty any leased equipment. The warranty is with the original equipment manufacturer. However, Metro does offer to service your equipment so long as you are processing through us. We will work out swapping out the terminal as quickly as possible so your normal business activities are not interrupted.
Does Metro require insurance on the lease equipment?
Yes. Metro does require that you provide proof of Insurance to avoid any issues with destroyed equipment (the equipment warranty will not cover theft, floods, or fire).
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