Leasing FAQ's
What is a lease?
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?
Does my lease payment appear on my monthly bankcard processing statement?
Will I be invoiced for my monthly lease payment?
When will I get notified of the day the payments will be due?
When does FDGL debit my bank account for lease payments?
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.