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Personal Guarantee???


Leak-Proof

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I have an online store in Ontario, Canada. I have been using PayPal for the credit card orders but recently applied for a merchant account for the manual processing ability (telephone orders). I applied through my regular bank (TD Canada Trust) and was approved for the account to use Visa, Mastercard & Amex. After they said I was approved they asked for one more thing; the last thing they want is a personal guarantee. It is an 18 page agreement that basically signs away any protection I have for my families well being and protection. My store is under an incorporated company, but this agreement will result in me carrying the same degree of (non)protection as a sole proprietor (none).

 

 

 

My question is, does everyone else get hosed by these major corporate monsters or is it just me? Can anyone recomend an good credit card processing company that won't strip me of all my rights for protection in the event I am ripped off by no fault of my own?

 

They say they need it incase I take a bunch of orders and then close up shop and run!

I like these mods, there fun! ...65 70 72 75 80 85 125+ contributions installed and counting...

 

Tools I'm using: OSC2.2 milestone2, Filezilla for FTP, PHP Designer 2007PE (nice), Araxis Merge 6.5 to compare files, XP(my box), Remote Server is shared Apache 1.3 Cpanel, CURL, and PHPmyAdmin through my hosts Cpanel to mess up the database.

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We weren't asked for a personal guarantee. You may want to shop around. I went with the one which QuickBooks offers... There are hundreds of companies offering cc processing, you should be able to find some which don't require a personal guarantee.

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We weren't asked for a personal guarantee. You may want to shop around. I went with the one which QuickBooks offers... There are hundreds of companies offering cc processing, you should be able to find some which don't require a personal guarantee.

 

 

 

 

 

Thanks for the advice. I went and did that and I believe I found the best option for credit card processing.

 

 

 

A) Found Internet Secure the an internet search for Canadian Processors.

 

 

 

B) Made a phone call to get more info and spoke to a guy that actually wanted my business and didn't treat me like a cow ready for milking.

 

 

 

C) After he answered my questions and gave me the real reasons for the fees and how and when they can or will be reduced in the near future, I started the application process right then over the phone.

 

 

 

D) About ONE HOUR LATER I have my merchant account for Visa, MasterCard, Amex and Discover cards for Canadian AND US dollars! The setup fee was waived because I called in the month of September (Apparently a sale was on). The rates are lower than my own banks and they didn't require a personal guarantee that my bank said was the "norm". I have been assured that once they are sure I'm not a scam artist or porn peddler, I can get even lower rates (down to the high 2.somethings) and the 8% Rolling Merchant Reserve Fund can be removed. MasterCard doesn't need it from the start.

 

 

 

E) Next I'm going to send the approval for my account back to the TD Bank along with the 18 page request for the personal guarantee.

 

 

 

F) I recommend InternetSecure at this point for their no hassel approach to getting me going.

:thumbsup: :thumbsup: :thumbsup: :thumbsup: :thumbsup: out of 5

 

 

 

A Happy Ending...so far! :)

I like these mods, there fun! ...65 70 72 75 80 85 125+ contributions installed and counting...

 

Tools I'm using: OSC2.2 milestone2, Filezilla for FTP, PHP Designer 2007PE (nice), Araxis Merge 6.5 to compare files, XP(my box), Remote Server is shared Apache 1.3 Cpanel, CURL, and PHPmyAdmin through my hosts Cpanel to mess up the database.

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Update:

 

 

 

Seems my rep from the bank was quite upset I found a better product than they could offer. She confirmed that my bank could not set up Amex to accept US dollars but InternetSecure could. Oh well, to bad for the bank. :-

I like these mods, there fun! ...65 70 72 75 80 85 125+ contributions installed and counting...

 

Tools I'm using: OSC2.2 milestone2, Filezilla for FTP, PHP Designer 2007PE (nice), Araxis Merge 6.5 to compare files, XP(my box), Remote Server is shared Apache 1.3 Cpanel, CURL, and PHPmyAdmin through my hosts Cpanel to mess up the database.

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  • 2 years later...
Update:

 

 

 

Seems my rep from the bank was quite upset I found a better product than they could offer. She confirmed that my bank could not set up Amex to accept US dollars but InternetSecure could. Oh well, to bad for the bank. :-

 

 

Hi,

 

I have a question for you hope you can answer. I have also an online store and I am using Paypal to receive payments. My question is did your sales increase after you started accepting credit cards payments from internet secure.

 

Thanks

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  • 3 weeks later...

Do NOT sign personal guarantee. There are hundreds of other CCP willing to offer you service without it. HOWEVER, they will want a higher risk reserve, they will want higher rates and fees, and they will want to hold deposits for a day or two longer.

 

Tell them you will not sign a PG, you will not pay more, you want your risk reserve untouched, and you want next-day funding guaranteed on business day batches. Even Wells Fargo does this!

 

Good luck!

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