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Thread: do I have to have a registered business

  1. #1
    Nate Guest

    Default do I have to have a registered business

    Are individuals able to get a merchant account or is it only for registered businesses? I sell on ebay as an individual and don't have a ein/tax id.

  2. #2
    Unregistered Guest

    Default

    I have a merchant account as an individual/sole proprietor and just use my ssn instead of tax id.

  3. #3
    Unregistered Guest

    Default

    Private people can get merchant accounts no problemo but if you are a somewhat big time seller I would recommend that you register as a LLC or Corp. but you don't have to to get a merchant account.

  4. #4

    Default

    I have been with merchantinc.com for a few years now and I signed up with them as a private person/sole prop. I do remember being a bit confused about the application as it asked for a Legal Business name but I was told to just enter my First and last name there and I listed my ebay seller id as my DBA name (this is the name the buyers see on their bank/credit card statements)

  5. #5

    Question

    I just looked up "Free Merchant Account" on google and found a website called free-merchant.com. I called them and they said they are eBay compatible for US based merchants only. They look pretty good. Does anyone have any experience with them? I really need a cheap but reliable way to accept credit cards on eBay and on my website/blog.

  6. #6
    Join Date
    Jan 2014
    Posts
    347

    Default

    There is no problem to getting a merchant account but if you start making a lot of money, they will start to ask questions.
    If you make a lot of money, you can better start a business. You can even get more benefits if you start a business (your home is your office? Great, that's tax deductible!).

  7. #7
    Join Date
    Nov 2011
    Posts
    162

    Default

    Quote Originally Posted by Delusional View Post
    There is no problem to getting a merchant account but if you start making a lot of money, they will start to ask questions.
    If you make a lot of money, you can better start a business. You can even get more benefits if you start a business (your home is your office? Great, that's tax deductible!).
    8 years I have had my merchant account and as my business has grown so have my my processing limits for my merchant account and there has never been and "questions asked" I just email them my limit increase request and 2 days later my new limits are in place. Try doing that with Paypal lol you can't even get the to reply to an email over at paypal.

  8. #8
    Join Date
    Jan 2014
    Posts
    347

    Default

    Quote Originally Posted by ProXI11 View Post
    8 years I have had my merchant account and as my business has grown so have my my processing limits for my merchant account and there has never been and "questions asked" I just email them my limit increase request and 2 days later my new limits are in place. Try doing that with Paypal lol you can't even get the to reply to an email over at paypal.
    Where do you have a merchant account? I was talking about Paypal. If you process to much money without a merchant account, they'll block it.

  9. #9

    Default

    If you are looking to get a merchant account, then yes, you have to have an established business with a business license, a federal tax ID, etc. If you want to process credit cards as an individual you are better off using an aggregator like Paypal, Paypay alterntive, Square, etc. This is because having your own merchant account can be very expensive. Unless you are running a lot of volume through the account, it just doesn't make practical sense. Plus, merchant providers have to open accounts to businesses, not individuals. It's in the Visa/Mastercard bylaws. The business can be a sole proprietorship, but it has to be a business.

  10. #10

    Default

    I'm not a registered business. Had a merchant account no for a while. No problems

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