merchant account

[Anon]

I have given a personal guarantee on my business merchant account. When I file they will close the account for obvious reasons. The contract calls for $200 early term charge. The business will remain open, just me filing 7.

1) Will the merchant be able to take the $200 from my account if I file bk? I will not be terminating the account, they will. I am only removing my personal guarantee.

2) Should I open a merchant account with pay pal before I file? I cannot run my business with cc'ds as my business is primarily online.

Someone PLEASE answer! Thank you!!!

[justasking]

Well, definitely open the PayPal account and get setup to use that.

If possible, I would open a new checking account to link your PayPal account with -- so that you are not using the same one this merchant account is using. Especially since they have legal rights to sweep your first account for fees.

What they will actually do is unknown until you file. No one can tell you for sure what each specific company will do. However, if you have zero dollars in that account, they cannot take the money, can they??

[GWBcasualty]

I have given a personal guarantee on my business merchant account. When I file they will close the account for obvious reasons. The contract calls for $200 early term charge. The business will remain open, just me filing 7.

1) Will the merchant be able to take the $200 from my account if I file bk? I will not be terminating the account, they will. I am only removing my personal guarantee.

2) Should I open a merchant account with pay pal before I file? I cannot run my business with cc'ds as my business is primarily online.

Someone PLEASE answer! Thank you!!!

Not sure what are the terms of your merchant account, but searching the forum I found that usually go unscathed thru bk.

You don't owe them, so don't list them and they will not know.
My provider has never pulled my credit.