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The merchant has no liability. The purchaser/debtor may have problems discharging such a recent purchase debt, unless it was for necessities (food, clothing, shelter, medical care) and may be denied a discharge for all debts if this is a pattern with other creditors as well.

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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 do you do if merchant has filed for bankruptcy after you have paid for a purchase with a credit card?

Nothing. You bought - and received - a product or service. You charged it, which means the merchant was paid by your credit card company. Your debt is now to the credit card company, and you owe it whether the merchant is in business or not.


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.


Who can apply for merchant credit cards?

To apply for a merchant credit card you must be a merchant. You can apply online as long as you comply with all the rules. Becoming a merchant enables you to process credit cards online with a merchant discount.


What is the objective of Merchant Banking?

objective of merchant banking

Related Questions

Prepayment from customers is it an asset or liability?

It is a liability and refundable to the customer if the merchant fails to deliver the good or service on time.


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 the purpose of an offshore merchant account?

"An offshore merchant account is an account that allows the owner to accept credit card payments through a bank not located in the merchant's country. Generally, a merchant would start and offshore account to reduce their tax liability."


How do credit card transactions actually process?

To process a credit card transaction the merchant sends the authorization request to First Data Merchant Services. FDMS then sends the card and purchaser information to the issuing bank, if everything checks out and the cardholder has the balance on the card then the approval is sent back to the merchant.


How would you describe an ecommerce merchant?

An eCommerce merchant is a company who processes online web credit card payments. It is the same idea as a point of sale merchant, but the process is done online.


Who is someone sells gems?

I believe he is just called a Gem dealer, in some cases a "purchaser", but that's a more modern term since people in the gem business almost exclusively buy their supply from major factory/processing chains.


What do you do if merchant has filed for bankruptcy after you have paid for a purchase with a credit card?

Nothing. You bought - and received - a product or service. You charged it, which means the merchant was paid by your credit card company. Your debt is now to the credit card company, and you owe it whether the merchant is in business or not.


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.


Who Qualifies For Merchant Cash Advances?

Merchant cash advances are provided to businesses in a variety of different industries. Commonly, customers who select equipment leasing are small and medium-sized businesses and have been in business for at least one year, have not filed for any bankruptcy and have no large tax liens.


Does an online credit card payment get submitted to the merchant or directly to the credit card company?

The online billing goes to the merchant who in turns processes it through the credit card company. There is a back-end process to credit card captures. First, the payment details goes through the merchant via a secured form. Then it is sent through the payment gateway linking the site to the financial institutions. It gets processed by the credit card company who debits the credit card balance of the cardholder and credit the merchant account of the merchant. who is the merchant


What is a synonym for merchant?

What is synonym for merchant? What is synonym for merchant?


Who did merchant work for and why?

Who did merchant work for and why?