Joined Nov 2005
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Forum Thread
Business credit and personal SSN
May 9, 2023 at
11:58 AM
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I've posted before about how I'm the treasurer of a pool and tennis club - another question on that. We're a non profit corp (501c7). Right now, since there's a push to move to electronic billing and receipts, we have Paypal as the primary means to receive money, which is then pushed into a bank account and vendor invoices are paid out of that. We just recently moved from quickbooks desktop to the cloud version and will be transferring payroll to that system (our largest expense).
The above said, we'll have some need to get a credit card (currently have one but it's very low limit ($500) and offers no benefits). I've also bought a payment terminal (Zettle) for in-person CC transactions. That said, I had to provide my personal SSN for the Zettle terminal. I am thinking that a new CC would also require that.
I am wondering if this is normal, and more importantly, in the future I won't be the treasurer at some point - will these still be tied to my SSN?
The above said, we'll have some need to get a credit card (currently have one but it's very low limit ($500) and offers no benefits). I've also bought a payment terminal (Zettle) for in-person CC transactions. That said, I had to provide my personal SSN for the Zettle terminal. I am thinking that a new CC would also require that.
I am wondering if this is normal, and more importantly, in the future I won't be the treasurer at some point - will these still be tied to my SSN?
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That being said, if you are looking for a business card, I believe the Chase ink cards do not report to your credit. Although your personal SS# and business tax identification number will be required to obtain the credit. I think the Bank of America business cards as well function like that. However, Capital One business, does report to your personal last time I checked.
That being said, if you are looking for a business card, I believe the Chase ink cards do not report to your credit. Although your personal SS# and business tax identification number will be required to obtain the credit. I think the Bank of America business cards as well function like that. However, Capital One business, does report to your personal last time I checked.
Yeah I'm just wondering in the future when I'm not the treasurer that something happens that negatively affects my credit. I don't know that it's possible to change that SSN once the credit card "changes hands".
Just make sure that the new treasurer and you call up the merchant account department and transfer all of the liability and or guarantee to the new person (If there even is any personal liability) for the company merchant account. That should be standard as people come and go at companies.
- "business" CC, this is basically a small business credit card that would have a personal guarantee (tied to someone's SSN). The guarantor can be changed, although it didn't sound like a convenient process. The one benefit is that this card has rewards (CB or points)
- "corporate" CC, this doesn't require a personal guarantor, but the person I spoke with didn't know much about it
- charity - does not require a personal guarantee, credit line is tied to revenues (5-8% is what I was told), requires a few years worth of tax and financial documents
I think the corporate card will not be an option for us (probably really intended for huge multi million $$ corporations). Probably wind up just getting the personal guarantor card and change the liable party.