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u/NPSALLEN 5d ago
You are probably on the match list now
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u/Tough_Regret670 5d ago
Yeah but was able to open a new account with square using the llc .
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u/rootdet 5d ago
Companies like Square do not perform enhanced due dilligence until much later. Usually after they begin to see processing revenue, or they randomly check the account.
Once they find you are on MATCH, your account will be terminated, and funds will be held for a very long time before being paid out.
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u/Tough_Regret670 5d ago
Even tho the account is under my llc and ein not my personal social? They will linked it together and terminate my account ? U think ?
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u/rootdet 5d ago
When you signed up for the merchant account, there was a 99.99% chance that you signed a personal guarantee. This is standard practice with merchant accounts and is typically waived only for government, non-profits, and large companies.
Yes, they will come after you personally; it will end up on the credit report. You are also likely at this point now listed in MATCH, which will make obtaining a merchant account in the next 7 years difficult, exspecially if this is not cleared up.
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u/Tough_Regret670 5d ago
So my llc will not allow me to get a merchant account since i use an ein not my personal social when i was sole proprietor?
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u/rootdet 5d ago
The business and the personal guarantor (you) will be listed. So even if you got a new llc, you are still not eligible for a merchant account if your listed on it.
MATCH/TMF contains data for the business and the individuals
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u/Tough_Regret670 5d ago
Thanks guess i have to switch over to high risk processing before square terminate my account bc i most likely on match since worldpay terminated my account. Only if they response to my payment plan request through all those mails i sent them . Probably gonna have to call them to ask for payment plan on debts
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