I set up a merchant account to accept credit cards online a couple of years ago for a business that has been put on hold.
Ironically, I have been paying fees each month to keep it open because the approval process was so difficult, and I fear if I applied again, I would not be approved. (Just trust me on this one.)
Recently I have been trying to get a web development business started, and the thought occurred to me that it might help me get business if people could pay online via credit card. (It would also protect me from a lot of flakes out there who might stiff me!)
Speaking in general terms, how risky would it be to accept payments for company-A on company-B’s merchant account?
I legally own each business, and they are registered with the same state. The IRS might not like it, but since everything ties back to me, and just me, anyways, what’s the diff?!
I would disclose to people who wanted to pay that way by saying, “Your card will be charged by ACME-2 even though I go by ACME-1…”
I’m not trying to break any rules or laws, but rather to utilize something I have already paid thousands of dollars for and never used.
I could contact the vendor, but I’m sure they would make me reapply, and then I risk being declined.
From where I stand, it shouldn’t matter - short term - since everyone still gets their fees.
And it sure would make it easier to accept out-of-state work knowing I have been paid at least half up front.
Any advice on this?