Is it legal to run your personal credit card through your business credit machine?
Nov 16, 2009
in
Credit Card Machines
We own a business that accepts credit and several times we have run our personal credit card through to put funds in our business account. Is this legal? We are in NJ.
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5 comments
JD on November 16, 2009 at 2:14 pm
It’s legal. Your robbing petter to pay paul. If you need help in lowering your rate and cost for your machine, please check out the site below.
ally_1999_1 on November 16, 2009 at 2:14 pm
No, it’s not legal
browneyedgirl623 on November 16, 2009 at 2:14 pm
I don’t know for certain, but I would imagine that you are on shaky legal footing doing so. First, what you are doing is technically taking a cash advance, without paying the higher fee and interest rate. Secondly, the credit card company *may* retain a security interest in the items purchased, and if you aren’t purchasing an item, you may be committing a fraudulent act.
Your answer is probably somewhere in the fine print of your user’s agreements with your credit card processor and your bank.
Curious on November 16, 2009 at 2:14 pm
idk
phiphi_dreamer on November 16, 2009 at 2:14 pm
i think it’s legal as long as you pay your bill . but make sure that you write it down for irs purpose . in case you get audit for income .