I have a restaurant business, is it better to buy a credit card terminal for $300?
Nov 24, 2009
in
Credit Card Machines
Or should I lease it for per month? Which credit card machine is more popular and last longer? What’s the life of the credit card machine? Thank you
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4 comments
queen on November 24, 2009 at 4:44 am
You might want to shop around for a credit card processing company that will provide the terminal free of charge.
garrisonbight on November 24, 2009 at 4:44 am
It all depends on your finances. If you leas it you won’t have an immediate out of pocket expense and it will take more than a year to realize the cost. Also, if you are renting it, you can write off the rental completely.
For a new restaurant… the best may be to rent for the first year and then, if everything is going well for you, you can always buy it.
Initial Underwriting Group on November 24, 2009 at 4:44 am
A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.
However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.
When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small Business Owner
Initial Underwriting Group
Carlos L on November 24, 2009 at 4:44 am
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