Oh no. They asked for all our personal bank account info as well. In fact, they will also do a site survey - that is, they will send a underwriter to your office or house to verify this is a real business and real people..
Seems to me, it might be easier to use Paypal to accept credit card payments.. Will be definitely checking with our lawyer.. thanks for the feedback.. -- gautam On Aug 5, 2010, at 12:30 PM, Tom M. Blenko wrote: > > Yeah, check with the lawyer. Because some of what is said below is > wrong in the US, a corporation (much less a business registration) by > no means provides iron-clad protection of your personal assets. > > You've got a small business. Merchant accounts are very good > candidates for abuse. The issuer is usually just a marketeer acting > as a front end for the processor. They're at risk for your behavior > and that's why you'll find lots of different policies for fees, > crediting you with proceeds of transactions, and checking your bona > fide's. I'm not at all surprised that they want you to guarantee your > small company (which is worth nothing to them), I'm more surprised > that they aren't asking for your bank account numbers and lots of > additional personal data to make it clear (to you) that you won't be > able to process a bunch of fraudulent transactions, collect the > proceeds, and then vanish into the night. > > Tom > > On Aug 5, 2010, at 12:11 PM, Rafael Bugajewski wrote: > > > Hi Gautam, > > > > the best thing to do in your case is to contact a lawyer. Such > > clauses can have different meanings and effects in different > > countries. > > > > In a lot of countries it also depends on the type of business you > > have registered. Even if they have such a clause, but you > > registered a business where you take no personal liability, they > > cannot demand the money / assets. > > > > Once again: the best thing you should do in this situation is to > > contact your lawyer. Even if you have a relatively new company with > > much less income it is worth to have a lawyer who can give you advice. > > > > Best, > > > > Rafael > > *currently free for a dev job* > > > > > > On 05.08.2010, at 20:46, Gautam Godse <[email protected]> wrote: > > > >> 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 > >> > >> > >> > >> ------------------------------------ > >> > >> MacSB email guidelines: http://tinyurl.com/2g55d6 > >> Use MacSB-Talk for off topic messages: http://groups.google.com/ > >> group/macsb-talk > >> Yahoo! Groups Links > >> > >> > >> > > > > > > ------------------------------------ > > > > MacSB email guidelines: http://tinyurl.com/2g55d6 > > Use MacSB-Talk for off topic messages: http://groups.google.com/ > > group/macsb-talk > > Yahoo! Groups Links > > > > > > > > [Non-text portions of this message have been removed] ------------------------------------ MacSB email guidelines: http://tinyurl.com/2g55d6 Use MacSB-Talk for off topic messages: http://groups.google.com/group/macsb-talk Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/macsb/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/macsb/join (Yahoo! ID required) <*> To change settings via email: [email protected] [email protected] <*> To unsubscribe from this group, send an email to: [email protected] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
