Credit Card Machine For My LTD - What Happens If It Folds

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Eddie UK replied

15 January 2013, 10:16
Hi DeludedAussie

I work in the card payments industry so I thought I'd give you a bit of information regarding your question.

Whoever you sign up with will ask you a number of questions about your business and it's background. The acquirer (Cardnet etc) will then require you to fill in an application form detailing your turnover, length of time in business, average sale value etc. From the information given, they will make a decision - there are only 7 card acquirers in the UK and they will all do the same kinds of background checks.

I think it's natural to be concerned about any debt's that may be left behind if a company folds, and I'm definitely not an accountant or solicitor, but my guess is that the card company would be just another one of the creditors.

With regards to Square or Zettle, I don't know very much about them, apart from what I've read on their websites, but I'm guessing they would have a similar application process. I think they are good services if you are only looking to process up to about £1000 per month on cards.

I hope this is useful.

Eddie
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eek replied

14 January 2013, 15:28
Square or izettle will do that for you so I really don't know what your problem is.

As for charge backs the bank will swallow the fee. Then put a bounty on your detached head after what AtW said.
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AtW replied

14 January 2013, 15:25
Originally posted by DeludedAussie View Post

I have a plan b I am working on and need to sign up for a card reading terminal to process payments on the move.

Has anyone signed up for them? Crucially what happens if your business goes bust and someone does a charge back - Are they able to force you to pay that amount personally?

The bank will harvest you for useful organs and sell them to the highest bidder.

It's only fair.
Leave a comment:
SimonMac replied

14 January 2013, 10:22
Originally posted by DeludedAussie View Post

I have a plan b I am working on and need to sign up for a card reading terminal to process payments on the move.

Has anyone signed up for them? Crucially what happens if your business goes bust and someone does a charge back - Are they able to force you to pay that amount personally?

The debt will die with the company, but its safe to say if you are having money problems one of the first people to bail would be the payments people
Leave a comment:
DeludedAussie started a topic Credit Card Machine For My LTD - What Happens If It Folds

14 January 2013, 10:20
Credit Card Machine For My LTD - What Happens If It Folds

I have a plan b I am working on and need to sign up for a card reading terminal to process payments on the move.

Has anyone signed up for them? Crucially what happens if your business goes bust and someone does a charge back - Are they able to force you to pay that amount personally?
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