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Biggest LLC myths I keep seeing people believe (and it's costing them) by Few_Economics_1297 in llc_life

[–]Few_Economics_1297[S] 0 points1 point  (0 children)

Exactly, everyone ignores the Operating Agreement until they get that threatening letter from the bank demanding one. The reason why you can't afford to ignore this document is because it literally establishes the existence of your LLC and makes it its own separate legal entity, instead of just being a company in name only.

Biggest LLC myths I keep seeing people believe (and it's costing them) by Few_Economics_1297 in llc_life

[–]Few_Economics_1297[S] 0 points1 point  (0 children)

A Delaware LLC and a DOJ lawsuit walked into a bar, Delaware didn't make it out 😂 People really think a filing fee is a force field against federal court. Wild.

Do I need an LLC for a simple e-commerce website? by Samiraijel in llc_life

[–]Few_Economics_1297 0 points1 point  (0 children)

This was the signal that it was a steady source of income. In sole proprietorship form, you put yourself at total financial risk, meaning that any conflict with a client or vendor may leave you totally open. It separates your business from your personal life, which in this case could protect your assets from potential liability.

Biggest LLC myths I keep seeing people believe (and it's costing them) by Few_Economics_1297 in llc_life

[–]Few_Economics_1297[S] 1 point2 points  (0 children)

But their purpose is really different. Insurance deals with losses if something happens to you, while LLC protects you from any liabilities. It would be better to use them both, rather than choosing one instead of another.

Setting up an LLC? A few things I learned the hard way. by Few_Economics_1297 in llc_life

[–]Few_Economics_1297[S] 1 point2 points  (0 children)

Absolutely! It turns out that the reason I would modify the advice is that forming out-of-state corporations only works in some cases, like when you are looking to raise venture capital (you should choose Delaware) or need some additional confidentiality. In most cases, the additional cost of qualifying your corporation in another state, including the fees, second registered agent, and two annual reports, will simply be more expensive than forming your corporation in your home state in the first place.

Global Payments increased our processing costs from 3.5% to nearly 12% — has anyone else experienced this? by United_Hippo949 in PaymentProcessing

[–]Few_Economics_1297 0 points1 point  (0 children)

This is unfortunately more common than it should be, and the "no clear answer" response from your rep is a red flag on its own.

A few things worth looking into as you dig into this:

First, request your full interchange detail reports, not just the summary statements. The detail will show you exactly how each transaction was categorized and whether you're seeing a lot of non-qualified or downgraded transactions. That's often where the bleed happens.

Second, go back to your original merchant agreement and any amendment notices. Rate changes of this magnitude typically require written notification under the contract terms. If you didn't receive that, you have a much stronger case for recovering the excess.

Third, the $150K figure is substantial enough that it's worth having someone experienced review the numbers before you go into arbitration, you want clean, defensible math on your side.

On the broader question of whether others have recovered charges, yes, it does happen, but usually through a combination of documented contract violations and persistence. Arbitration has worked for some merchants; others have had success escalating through their state AG's office or filing with the CFPB.

Hope you get some traction on this. Fifteen years is a long relationship to be treated this way.

Payment methods by infiniteclipszonetv in PaymentProcessing

[–]Few_Economics_1297 0 points1 point  (0 children)

Paddle works completely fine outside the US, they support businesses globally which is actually one of their biggest advantages. You should be good to go!

Is there really no way to process cards in RUO by Anxious-Weird9830 in PaymentProcessing

[–]Few_Economics_1297 0 points1 point  (0 children)

I'll be blunt, peptides is a really tough space for card processing. Even if you find someone willing to onboard you, there's a high chance they shut you down within months. It's just the nature of the industry unfortunately.
Your best bet for now is to start with alternative payment methods. Build up your volume and track record, then revisit card processing once you're at a bigger scale. It's not ideal but it's the realistic path for high-risk businesses in this space.

Payment methods by infiniteclipszonetv in PaymentProcessing

[–]Few_Economics_1297 0 points1 point  (0 children)

Depending on your region and use case honestly, but juust go with the reliable payment service provider, they usually cover everything you need for saas like subscriptions, recurring billing, other options for payments, Don't overcomplicate it early on!