Can I use someone else's merchant account to do my transactions?
Unfortunately, this is not aloud. This practice is referred to as credit card laundering and also credit card factoring.
This practice is in direct violation of the contract the merchant has established with the processor for the purpose of running credit card transactions.
When a merchant account is set up there are very specific underwriting guidelines that must be met in order to secure the account. These guidelines include (amongst other requirements) a detailed business description, product and service description, business financial documentation and applicant credit check. All of the requirements are specific to the business and owners that have opened the account.
So, once approved, only that business has the privilege of accepting payment via the account. Further more that business is only aloud to accept payments in the form described on the application. For example, if a retail merchant decides to sell merchandise on a website, they would be required to open another merchant account. The original account was approved for retail card present transactions only.
If you run a transaction on someone else’s merchant account you are jeopardizing that merchants contract, which could result in their account being terminated and their business name included on the Terminated Merchant File (TMF). Once a business has been added to the TMF it is extremely difficult to be removed. Additionally, securing a new merchant account while included on the TMF is next to impossible.
If you would like more information on an affordable merchant account please contact Alex Neir at (800)917-8026 or visit get started with Maxx Merchants Processing-Get Started With Maxx Merchants Procesing.