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TJ, Esq.
TJ, Esq., Attorney
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Experience:  JD, MBA
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I have a business for sale

Resolved Question:

I have a business for sale and I sale ice cream. I recently acquired a merchant credit card machine and the potential buyer only has a credit card to buy the business, can I swipe their card for payment legally?

Submitted: 1 year ago.
Category: Legal
Expert:  TJ, Esq. replied 1 year ago.
Hello and thank you for allowing me the opportunity to assist you.

There is no law that prevents a person from using a credit card to pay for a business, nor is there a law that prevents a person from accepting a credit as payment for a business. Accordingly, the answer to your question is "yes," assuming his credit card company allows it.

I would, of course, have the deal written on paper and signed by your both, and it would condition the transfer of the business upon the successful transfer of the funds. In other words, the deal would not be completed until you have received payment, and not when the credit card is swiped. And if your agreement with the credit card company allows for chargebacks for up to a certain amount of time, then the sales contract needs to account for that as well. For example, if a chargeback is allowed for 60 days after the card was used, then your sales contract needs to take that into account with language that makes the sale final only when that chargeback period expires.

You would also be wise to not allow the buyer to operate the business until after such period expires. You wouldn't want a situation where he takes over the business, drains it's assets or ruins the business in a short amount of time, then abandons the business and gets a chargeback.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated. Thank you for using our service!

If you would like to direct additional legal questions to me in the future, then please type "To VAMD" in the subject line of your question.
TJ, Esq., Attorney
Category: Legal
Satisfied Customers: 10009
Experience: JD, MBA
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TJ, Esq.
TJ, Esq.
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JD, MBA