[Weekly Kick] What is a personal guarantee?

May 2, 2011

May 2, 2011

[wpseo_breadcrumb]

Categories

Lots of times FeeFighters users ask us what a personal guarantee is and when/why they have to sign on. This week’s kick addresses that issue as Sean talks the basics on personal guarantees. Video Transcript: When you apply for a merchant account, the credit card processor, and we’ll probably ask you to sign a personal […]

46 Seconds to Discover Thousands of Wasted Dollars in your Business.

82% of companies find $12,000 wasted annually. How much are you losing?

nexus-feefighters-quiz-saving-money

Lots of times FeeFighters users ask us what a personal guarantee is and when/why they have to sign on. This week’s kick addresses that issue as Sean talks the basics on personal guarantees.

Video Transcript:

When you apply for a merchant account, the credit card processor, and we’ll probably ask you to sign a personal guarantee, the reason why they want that is in case there’s a charge back, so customer disputes the transaction and then your business doesn’t have enough money to pay for the charge back or has gotten up a business.

They want to know that there’s person with credit who will make good on that, on that liability, so that’s why they bought it. As a business owner, you can totally get a merchant account, without a personal guarantee. It’s just a lot more paperwork, so to get underway with a personal guarantee usually takes just a day. They’ll need like your driver’s license that you’ll need to fill out the contract to do it with our personal guarantee.

To do it without a personal guarantee, they’ll actually evaluate the credit of your business, so you’ll need to supply them with things like bank statements, tax returns, financial statements, and it’s just a little bit more of a hassle, but totally doable.

Reduce Credit Card Processing Fees

with FeeFighters

[comments-template]

Recent Posts

In today’s business world, the point of sale (POS) system has become a key part of operations for retailers. The POS system is involved in several aspects of a business, such as inventory management, funds, and managing the inflow and outflow of products and services within a store. Due to its unique position in key […]

What Is Sales Tax Compliance Outsourcing? (SALT)Ever since the South Dakota v. Wayfair court ruling that you don’t need to have a presence in a state in order to be required to collect taxes on sales there, tax law has never quite been the same. If you need to collect taxes in many states and […]

Knowing how to properly collect sales taxes in different states and jurisdictions is incredibly complicated. Different tax jurisdictions have different laws and rates, but accountants and tax lawyers are expensive. Worse yet, a tax mistake due to ignorance of sales tax law can lead to an audit or penalty that will cost your business a […]

Chargebacks are debit or credit card charges that have been disputed by customers. Sometimes these come in the form of chargeback fraud, but other times they are legitimate. When a chargeback happens, you have to deal with the acquiring bank and other entities in order to dispute it. Regardless of the reason for any given […]

© 2019 – FeeFighters, LLC – Call Us – (646) 448-8804

PO BOX 1459, MOUNTAINSIDE, NJ 07092

×