hi all, I am trying to setup a merchant account for online CC transactions for my new startup (www.gingercube.com). The product will be a monthly subscription based service.
We are a new company with less than couple of months of existence and financial history. So when we applied for a merchant account with ChasePaymentech (using Spreedly.com as our front end biller) their application form has a Personal Guaranty clause that essential states that if the corp (gingerCube Inc) goes under, then the merchant can come after our personal assets for any outstanding payments that they are owed. Is this a standard clause ? Do most merchants require this ? And is there a better alternative for what we are trying to achieve ? Thanks for your help! --- Gautam Godse MacMessiah.com
