Running your credit card through your business EFTPOS machine

[Slats7]

Has anyone used their credit card through their business EFTPOS machine and have you ever been caught doing it?

 

[James69]

This may sound stupid, but why are trying to do?

 

[Bundy Bear]

I do it for small amounts, if a customer hands me a few hundred dollars in cash I am not going to take that to the bank as the bank can charge for it.

I don't abuse it; I am sure you probably could do it once for say $5000 if I need $50000 in a big hurry, but would not do that more than once.

Never had a call and I would tell them why I am doing it if they did query it, banks have got a bigger things to worry about.

 

[Flashback]

I do it for small amounts, if a customer hands me a few hundred dollars in cash I am not going to take that to the bank as the bank can charge for it.

I don't abuse it; I am sure you probably could do it once for say $5000 if I need $50000 in a big hurry, but would not do that more than once.

Never had a call and I would tell them why I am doing it if they did query it, banks have got a bigger things to worry about.

Where would you get the other $45000 from? :shock:

 

[drron]

Yes i used to do this.As you say it saved having to take cash to the bank.it also meant i didnt have to cash a cheque or go to a hole in the wall machine to get cash for personal use.The bank didnt query it.
My accountant though scolded me.Didnt stop me though

 

[Bundy Bear]

Where would you get the other $45000 from? :shock:

A rogue 0. , or if your supplier was bringing the goods over in a few days and you need $50,000 in a big hurry but there was only $45,000 in the bank.

 

[Dave Noble]

Has anyone used their credit card through their business EFTPOS machine and have you ever been caught doing it?

I have read elsewhere of people doing it and the consequence has been the loss of the merchant facility for doing so since it was a breach of conditions to do so.

Depends on what the merchant conditions are as to whether it is worth gambling methunks

Dave

 

[Nutcase]

Sorry fellas but this is a big no-no. It is a breach of T's and C's. Whilst this might seem as intimidating as being flogged with a wet lettuce - the ramifications are severe. Your facility can be instantly cancelled.

"No problems, I will just go to another bank" you say.

Problem is that your transgression gets reported to Visa and Mastercard as well and you are placed on a black list which means no bank is allowed to offer you a facility if you do apply.

Its the oldest trick in the book and used to be called "ROC pumping". ROC meaning record of charge.

 

[ChrisFlyer]

Digging up and old thread here... but suppose theoretically your EFTPOS was with Bank A, and you had a (personal) credit card account with Bank B (and Bank A didn't know the card number)...

If you charged your additional cardholder's card (which would clearly have their name on it and not yours), and the number was unknown to Bank A, there's no real way for them to find out.. correct?

I don't actually have an EFTPOS terminal on which I could try this, so before shouting that I shouldn't do it, I can't anyway

 

[Slats7]

Lol digging up a year old thread

 

[ChrisFlyer]

Well I did a search to save making a new thread on the same thing haha!

 

[straitman]

Well I did a search to save making a new thread on the same thing haha!

This new 18 month limit on old threads will help help with this in future.

 

[cove]

Dave Noble is correct on those terms of use
If you think the Bank is not watching let me say their fraud detection has lifted to a much higher level to match the scamming frauds going on.
My partner was barely out of a US retailers glass door and her mobile rang from the watchers.
Eftpos use is being watched just as it should be and we should be happy about it.