I'm in the same boat as you - about to launch a subscription service. >From my research, every merchant account I looked into required a personal guarantee. So it seem standard. Regarding PayPal - there are lots of scary stories out there about people getting burned. Particularly, PayPal will freeze your assets without warning. So user beware.
I finally settled on http://www.braintreepaymentsolutions.com/ They're wonderful so far. The best part is they "get" developers. Tyler On Thu, Aug 5, 2010 at 3:08 PM, Scott Morrison <[email protected]> wrote: > > > Hi Gautam > > Why not use a payment processor such as esellerate or fastspring -- I know > that Esellerate does subscription payments. I have just heard of too many > people get burned by paypal. > > Scott > > ________________________________ > Scott Morrison <[email protected] <smorr%40indev.ca>> > Revolutionary plug-ins for OS X Mail.app > http://www.indev.ca/ > > > On 2010-08-05, at 4:01 PM, Gautam Godse wrote: > > > 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] <gagix%40mac.com>> > 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 > > > > > > > > [Non-text portions of this message have been removed] > > > [Non-text portions of this message have been removed]
