S Corp
From: Jason Wilson
Sent: Wednesday, July 06, 2016 12:07 PM
To: af@afmug.com
Subject: Re: [AFMUG] Credit card irregularities.
Sole Proprietor? LLC or Corp? If you are a structured org (llc,Corp) and you
have an invoice for said items then you should be ok.
Credit card kiting refers to the use of one or more credit cards to obtain cash
and purchasing power they do not have, or pay credit card balances with the
proceeds of other cards. Unlike check kiting, which is illegal under nearly all
circumstances, laws against credit card kiting are not completely prohibitive
of the practice, thereby allowing it to be done to some degree. It is up to the
banks to detect the practice and when necessary, stop it.
In order for prosecution to occur in a credit card kiting scheme, a bank must
prove intent to deceive.[1] Eq seq reference infers paying credit card minimum
balances with credit card proceeds is de facto evidence of deceit.
It all will depend on your CC Processor.
Jason Wilson
Remotely Located
Providing High Speed Internet to out of the way places.
530-651-1736
530-748-9608 Cell
www.remotelylocated.com
On Wed, Jul 6, 2016 at 11:01 AM, Cameron Crum <cc...@wispmon.com> wrote:
I didn't think about the miles thing. I just didn't think they would care as
they are still getting paid and you'll be out about 3% of the charge. The
biggest charge I've run through my own cars was about $300. I know square used
to hold funds over $1000 for some period...like 7 days or so? Maybe that is too
long, but I seem to remember something like that.
On Wed, Jul 6, 2016 at 12:55 PM, Josh Luthman <j...@imaginenetworksllc.com>
wrote:
From what came up a while ago you can do that no problem after contacting
the merchant but IPPay doesn't allow those shenanigans.
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Wed, Jul 6, 2016 at 1:53 PM, Chuck McCown <ch...@wbmfg.com> wrote:
I am thinking of doing this for about $10K and really don’t want to get
money or systems locked up.
I can also run it through my ecommerce site and I have a quick books
merchant account too.
From: Cameron Crum
Sent: Wednesday, July 06, 2016 11:50 AM
To: af@afmug.com
Subject: Re: [AFMUG] Credit card irregularities.
I've run my own card on my own account before a couple of times for
testing and for paying myself for something as well. I'm not sure they really
care, but I haven't read the AUP in like 4 years.
Cameron
On Wed, Jul 6, 2016 at 12:40 PM, Chuck McCown <ch...@wbmfg.com> wrote:
This has been covered here before. I am considering buying something
from my own company. Have Jenny run my personal card on her company square
reader.
Not sure if that violates any kind of AUP. Hate to get her merchant
account shut down. It is a woman owned business with her owning more than
half. I don’t technically work there. I am not on the payroll.
How risky is this?
