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Can you still obtain a merchant account and business checking and savings account if you have filed for bankruptcy in the past?
Yes. You'll probably have to pay a higher interest rate and may have certain restrictions applied, but not necessarily. Many lenders/banks wuld see you as a better risk now that you are presumedly "debt free."
So while it is more difficult to obtain a Merchant Account with a bankruptcy on your credit it is still possible. I was able to get a merchant Account through Merchant Wharehouse (www.merchantwharehouse.com) with less than perfect credit as they are "in house" and are more leniant with approvals than most banks.
What else can I help you with?
Will your merchant account close after bankruptcy?
While it is more difficult to obtain a Merchant Account with a bankruptcy on your credit it is still possible. I was able to get a merchant Account through Orbitalpay (http://www.orbitalpay.com) with less than perfect credit as they are "in house" and are more leniant with approvals than most banks.
Can a creditor seize your checking account after you file bankruptcy?
Not without the approval of the court
If your daughter's name is on your checking account and she is filing bankruptcy will your checking account be involved in any way?
It is likely the account will have to be partitioned; meaning the parties will need to show proof to the BK trustee of the amount of funds belonging to each account holder.
Can I use my personal checking account for business transactions?
It is generally not recommended to use a personal checking account for business transactions, as it can create confusion and make it difficult to separate personal and business finances. It is better to open a separate business checking account to keep your finances organized and to maintain clear records for tax purposes.
Do I need a business checking account for my LLC?
Yes, it is recommended to have a separate business checking account for your LLC to keep your personal and business finances separate, which can help with organization, tax purposes, and legal liability protection.
What kind of an account is a merchant account?
A merchant account is an bank account used for transferring money, involving business transactions. For example, a merchant account can be linked with Paypal, which can be used on eBay for business.
Can you keep your checking account when you file for bankruptcy?
Can u keep your checking account after filing chapter 13?
Will your merchant account close after bankruptcy?
While it is more difficult to obtain a Merchant Account with a bankruptcy on your credit it is still possible. I was able to get a merchant Account through Orbitalpay (http://www.orbitalpay.com) with less than perfect credit as they are "in house" and are more leniant with approvals than most banks.
What is retail merchant account?
a retail merchant account is defined as such that accepts payments for your retail business, other names are ecommerce merchant account and tangible goods merchant account.
Is online merchant account beneficial to small business holders?
An online merchant account could be beneficial to small business owners. The vastness of the benefits depends on what the business does and how much it could utilize an online merchant account.
How does one set up a merchant account for a small business?
This site will help you with a step-by-step process on how to set up a merchant account for a small business: http://www.active-venture.com/merchant-account/smallbiz-merchant-account.htm.
Do they close your current bank account when filing for bankruptcy?
No they do not close your Checking or Savings account
For a small business, what are the benefits of opening a business checking account rather than using a personal checking account?
There are several benefits from opening and maintaining a business checking account rather than using your personal checking account. When you use a business checking account you are segregating your business funds from your personal funds, thus creating better organization for your business. Also, having the business checking account will help at tax time because all your business transactions will be within the business checking account and there will be no need to sort through your personal transactions. Finally, the business checking account will allow you to use a taxpayer identification number (TIN) so the funds can legally be owned by your business, instead of using your social security number on the checking account. For a small business, opening a business checking account allows you to get more interests. In addition, transactions are processed faster compared to a personal account.
How is a business checking account different from a personal checking account?
A business checking account is different from a personal checking account by the minimum amount of desposit. You can read more at www.business.com › Directory › Financial Services › Banking
How does one accept credit cards?
To accept credit cards, you need a special service called a merchant account. Merchant accounts basically is a very special bank account which deposits money taken from credit card transactions into your checking account. There are many ways that credit card transactions are submitted, such as online through payment gateways, or in a retail store through a credit card terminal, but at the end of the day, funds go into your merchant account and eventually your business checking account.
If you just filed for bankruptcy and are on Chex systems and can not get an account how long do you need to wait before you can open a new checking account?
It will probably be two or three years before you are able to open up a checking account. Bankruptcy severely effects your credit.
Can a creditor seize your checking account after you file bankruptcy?
Not without the approval of the court
