topic Re: Meeting 4K Spending on CSR - Question in Credit Cards

Meeting 4K Spending on CSR - Question

xseriox — Mon, 16 Jan 2017 20:32:22 GMT

Hello and thanks for looking.

I got approved for the CSR and was thinking of the best way to start the 4K spending limit. My company uses Square to charge stuff to the business and they are okay with me charging 4000 and putting it back in my check for that same amount. They wouldnt charge taxes or anything.

I was wondering are there any repurcussions to do this?

**apologies in advance if this offends anyone.

Re: Meeting 4K Spending on CSR - Question

fltireguy — Mon, 16 Jan 2017 20:13:52 GMT

I would be very cautious about having a large amount of $$ going thru square...

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:17:24 GMT

@xseriox wrote:
Hello and thanks for looking.

I got approved for the CSR and was thinking of the best way to start the 4K spending limit. My company uses Square to charge stuff to the business and they are okay with me charging 4000 and putting it back in my check for that same amount. They wouldnt charge taxes or anything.

I was wondering are there any repurcussions to do this?

Pretty sure Chase would either catch you early and close your account, or catch you later and charge you back as well as close your account.

Being shady with large financial institutions is not a great idea.

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:17:29 GMT

@fltireguy wrote:
I would be very cautious about having a large amount of $$ going thru square...

Be cautious but if the business is legitimate and you don't own it I don't see why it would hurt.

Re: Meeting 4K Spending on CSR - Question

xseriox — Mon, 16 Jan 2017 20:17:44 GMT

Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them.

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:21:32 GMT

@xseriox wrote:
Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them.

To be safer, I would do it in two goes, and use non-round amounts (a single charge of exactly $4K might scream to chase "Look at me"!) My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

Nice of your employer to eat the fee.

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:24:39 GMT

@Anonymous wrote:
@xseriox wrote:
Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them.
To be safer, I would do it in two goes, and use non-round amounts (a single charge of exactly $4K might scream to chase "Look at me"!) My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

Nice of your employer to eat the fee.

Yeah I'd do what LTL suggested. Maybe a charge for like 2105.72, and 1987.99. Something like that.. don't make it add to exactly 4K. I'd go under a bit, and spend some normal spend to make up difference.. or go above. I think you'd be fine since it's a legitimate business.

Are they going to make you pay the 2.75% fee back though?

Re: Meeting 4K Spending on CSR - Question

xseriox — Mon, 16 Jan 2017 20:24:51 GMT

@Anonymous wrote:
@xseriox wrote:
Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them.
To be safer, I would do it in two goes, and use non-round amounts (a single charge of exactly $4K might scream to chase "Look at me"!) My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

Nice of your employer to eat the fee.

Thanks for the idea! I believe when something is charged on Square it says Sqaure and the item name but I will make sure. Yes my employers are awesome, its a small laid back NYC company.

Re: Meeting 4K Spending on CSR - Question

redpat — Mon, 16 Jan 2017 20:26:27 GMT

Remember you get burned when you play with fire.

This is a no, no here!

Re: Meeting 4K Spending on CSR - Question

xseriox — Mon, 16 Jan 2017 20:26:36 GMT

@Anonymous wrote:
@Anonymous wrote:
@xseriox wrote:
Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them.
To be safer, I would do it in two goes, and use non-round amounts (a single charge of exactly $4K might scream to chase "Look at me"!) My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

Nice of your employer to eat the fee.
Yeah I'd do what LTL suggested. Maybe a charge for like 2105.72, and 1987.99. Something like that.. don't make it add to exactly 4K. I'd go under a bit, and spend some normal spend to make up difference.. or go above. I think you'd be fine since it's a legitimate business.

Are they going to make you pay the 2.75% fee back though?

Yeah thats the route I am going to do. They wouldnt charge me the fee however since we charge so much money on Square they give us a discounted fee of 1.3% for all transaction. A small price to pay.

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:26:38 GMT

Paying yourself is a violation of the Square TOS and if caught could get you locked and cancelled.

Better route would be something completely above board, like paying mortgage/rent with Plastiq

Good Luck!

Re: Meeting 4K Spending on CSR - Question

xseriox — Mon, 16 Jan 2017 20:28:27 GMT

@redpat wrote:
Remember you get burned when you play with fire.

This is a no, no here!

I am taking in all advices and opinions here. Thanks for your advice!

Re: Meeting 4K Spending on CSR - Question

xseriox — Mon, 16 Jan 2017 20:29:57 GMT

@Anonymous wrote:
Paying yourself is a violation of the Square TOS and if caught could get you locked and cancelled.

Better route would be something completely above board, like paying mortgage/rent with Plastiq

Good Luck!

The Square is not under my name and it would be put back into my check as a form of commission ( I am a 1099 employee)

Re: Meeting 4K Spending on CSR - Question

redpat — Mon, 16 Jan 2017 20:35:04 GMT

@xseriox wrote:
@redpat wrote:
Remember you get burned when you play with fire.

This is a no, no here!
I am taking in all advices and opinions here. Thanks for your advice!

MS isn't a discussion of advice on these boards......

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:35:24 GMT

@xseriox wrote:
@Anonymous wrote:
@Anonymous wrote:
@xseriox wrote:
Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them.
To be safer, I would do it in two goes, and use non-round amounts (a single charge of exactly $4K might scream to chase "Look at me"!) My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

Nice of your employer to eat the fee.
Yeah I'd do what LTL suggested. Maybe a charge for like 2105.72, and 1987.99. Something like that.. don't make it add to exactly 4K. I'd go under a bit, and spend some normal spend to make up difference.. or go above. I think you'd be fine since it's a legitimate business.

Are they going to make you pay the 2.75% fee back though?
Yeah thats the route I am going to do. They wouldnt charge me the fee however since we charge so much money on Square they give us a discounted fee of 1.3% for all transaction. A small price to pay.

1.3% isn't bad. Sounds like they run a lot through their account. I don't think you have anything to be worried about, especially if they'll pay you back via a commission check as you mention.

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:43:01 GMT

@redpat wrote:
@xseriox wrote:
@redpat wrote:
Remember you get burned when you play with fire.

This is a no, no here!
I am taking in all advices and opinions here. Thanks for your advice!
MS isn't a discussion of advice on these boards......

While it is MS in the sense that nothing is really being bought, it's not a general method applicable to others (unless xseriox wants to name the generous company so we can all apply!)

Re: Meeting 4K Spending on CSR - Question

CreditCuriosity — Mon, 16 Jan 2017 20:49:24 GMT

This isn't a good idea as other suggested and talking about how tp perform MS on this board which this kinda is are against the forum rules and really frowned upon. You can google other forums where this is allowed and get input from them.

Re: Meeting 4K Spending on CSR - Question

redpat — Mon, 16 Jan 2017 20:51:39 GMT

@Anonymous wrote:
@redpat wrote:
@xseriox wrote:
@redpat wrote:
Remember you get burned when you play with fire.

This is a no, no here!
I am taking in all advices and opinions here. Thanks for your advice!
MS isn't a discussion of advice on these boards......
While it is MS in the sense that nothing is really being bought, it's not a general method applicable to others (unless xseriox wants to name the generous company so we can all apply!)

Uhh! If it looks like a duck, quakes like a duck then it's a duck.......MS is MS isn't.

Two parties are in Kahoots......

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:51:07 GMT

But wouldn't that also affect your taxes at the end of the year? You now made $4K more money as far as the IRS is concerned.

This just seems too shady and too messy. I'd try to meet the spend in a normal manner.

Re: Meeting 4K Spending on CSR - Question

Anonymous — Mon, 16 Jan 2017 20:55:47 GMT

@redpat wrote:
@Anonymous wrote:
@redpat wrote:
@xseriox wrote:
@redpat wrote:
Remember you get burned when you play with fire.

This is a no, no here!
I am taking in all advices and opinions here. Thanks for your advice!
MS isn't a discussion of advice on these boards......
While it is MS in the sense that nothing is really being bought, it's not a general method applicable to others (unless xseriox wants to name the generous company so we can all apply!)

Uhh! If it looks like a duck, quakes like a duck then it's a duck.......MS is MS isn't.

Two parties are in Kahoots......

Compare and contrast: My friend is about to buy a $5K computer. I buy it on my card. He gives me the money. Is that MS? Two people in cahoots. Or is the (fairly arbitrary) "someone got something" make it a myfico approved transaction....