Does the 3% credit card processing fee ($300 on $10k) justify the miles
you will gain? How much is it to just "buy" the same amount of miles?
Inquiring minds want to know. I use a 2% cashback on everything card for
ALL my personal expenses (groceries, gas, utility bills, cell phone
bill, food, car expenses, etc), and a different business card (also 2%
cashback on every single item) for all my business stuff. Then I just
get checks mailed to me about once a month for the rewards. The miles
game always seemed like a lot of work to track everything, etc.
Travis
On 7/6/2016 12:08 PM, Chuck McCown wrote:
S Corp
*From:* Jason Wilson <mailto:ja...@remotelylocated.com>
*Sent:* Wednesday, July 06, 2016 12:07 PM
*To:* af@afmug.com <mailto: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
<https://en.wikipedia.org/wiki/Credit_card> to obtain cash and
purchasing power they do not have, or pay credit card
<https://en.wikipedia.org/wiki/Credit_card> balances with the proceeds
of other cards. Unlike check kiting
<https://en.wikipedia.org/wiki/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]
<https://en.wikipedia.org/wiki/Credit_card_kiting#cite_note-1> Eq seq
reference infers paying credit card minimum balances with credit card
<https://en.wikipedia.org/wiki/Credit_card> proceeds is de facto
<https://en.wikipedia.org/wiki/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 <http://www.remotelylocated.com>
On Wed, Jul 6, 2016 at 11:01 AM, Cameron Crum <cc...@wispmon.com
<mailto: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 <mailto: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
<mailto: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 <mailto:cc...@wispmon.com>
*Sent:* Wednesday, July 06, 2016 11:50 AM
*To:* af@afmug.com <mailto: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 <mailto: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?
