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Ecommerce Forum

Accept credit cards as an individual?
Do I have to be an entity?

 6:21 pm on Oct 31, 2012 (gmt 0)

I'd like to sell online. Do you have to have a corporation set up ? a LLC ? you might have some problems acepting credits cards payments online as a individual right?

It seems that one needs to have a "formal" entity to accept payments online.

I noticed from magento SAS solution, that one has to acquire a merchant account.

Where do you guys are shoping for merchant account providers please ?

Pretty newbie on this theme, would apreciate some exchange on this.


[edited by: lorax at 2:13 am (utc) on Nov 2, 2012]
[edit reason] Edited for context [/edit]



 2:20 am on Nov 2, 2012 (gmt 0)

I don't know if you have to be a legal business here in the United States (I think so) but I think you'd WANT to be for the protection it may offer you from lawsuits.

The actual legal structure you do business as really depends upon your location (country, province/state, and sometimes even city/town). I would check with a lawyer before you move forward.


 2:46 am on Nov 2, 2012 (gmt 0)

You can be a sole proprietor and process credit cards, no problem. Usually that only requires you fill out a form at the county clerk's office to do business in your county. A merchant account isn't strictly necessary. It depends on your payment processor. The one I have now just requires a business checking account. That's fairly easy to get.


 2:59 pm on Nov 2, 2012 (gmt 0)

Thanks for sharing guys.
Still gathering information, specially coz im located in EU.

regards !


 3:21 pm on Nov 2, 2012 (gmt 0)

Accept credit cards as an individual?

look into the different types of paypal accounts


 4:08 pm on Nov 2, 2012 (gmt 0)

I am not sure, but I think any of the smartphone attachments you can get for swiping credit cards allow you to signup as an individual. You may have different processing limits depending on if you are an individual or a business.


 6:14 pm on Nov 2, 2012 (gmt 0)

Thank you all for this exchange.


 10:34 am on Nov 3, 2012 (gmt 0)

Different EU countries have different laws about setting up business.

In the UK there are no special registration requirements but I would recommend finding yourself an accountant and getting up to date professional advice from him. Do be aware that once HMRC get it into their heads that you are self employed they won't let go if you go back to working for somebody else but will chase you for self assessment for years after you stopped trading.


 3:16 pm on Nov 3, 2012 (gmt 0)

ouch !

thanks for that remark about HMRC.
I would assume UK woul be more friendly towards online entrepeneurs.

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