> On 05.08.2010, at 20:46, Gautam Godse [email protected] wrote: > > I am trying to setup a merchant account for online CC transactions > for my new startup (www.gingercube.com). ... > 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 ?
Braintree has an article about this. http://www.braintreepaymentsolutions.com/blog/Why-do-merchant-account-providers-ask-for-a-personal-guaranty It looks like there's usually no way around the requirement for a personal guaranty without at least a few years of company history. Warren [Non-text portions of this message have been removed]
