- Joined
- Jun 3, 2008
- Posts
- 843
Like a few of you out there in AFFland I run a business which in turn contracts my family (service) trust to do the day to day running of the business. For some time I have been trying to figure out how to harvest some points from the monthly service fee between the service trust and my business. Both entities have my name as director so a few years ago when I started paying the service trust with my amex card all hell broke loose at amex and to cut a long story short my card was frozen until all debts were paid off and I got a big slap on the wrist and a "don't do it again " from amex "fraud" section.
Recently I've looked into paypal and a host of other online merchant service solutions but with no success as they all saw the same problem. I am effectively using my own card in my own merchant service account.
Yesterday I received a call from James in Amex small business department who went through the above scenario and said it was now possible:shock:.
Amex provide my family trust with a VPOS (virtual EFTPOS) and amex will allow service trust payments after financials from the accountant saying its all above board with the ATO.
So the nitty gritty is
-need a business amex therefore $1:1 MR no matter what colour card used(green is uncapped )
-amex fee is 1.95% ( their professional services rate), obviously full tax deduction on the fee
At these rates the points are alittle pricey but getting closer to the % offered by the ATO would make it very appealing for point harvesting
I did not push them on the subject of other cards being used like Westpac black etc.
I quizzed them on the % as I currently get 1.49% for my business, but didn't seem much flexibility.
Has anyone out there received a similar phone call? James said I was the 12th person he had called ,could be agent speak of course
Is anyone out there doing something similar already?
Happy to get a PM if you don't want to discuss in the context of the forum
Look forward to the discussion
Cheers Danger UXB
Recently I've looked into paypal and a host of other online merchant service solutions but with no success as they all saw the same problem. I am effectively using my own card in my own merchant service account.
Yesterday I received a call from James in Amex small business department who went through the above scenario and said it was now possible:shock:.
Amex provide my family trust with a VPOS (virtual EFTPOS) and amex will allow service trust payments after financials from the accountant saying its all above board with the ATO.
So the nitty gritty is
-need a business amex therefore $1:1 MR no matter what colour card used(green is uncapped )
-amex fee is 1.95% ( their professional services rate), obviously full tax deduction on the fee
At these rates the points are alittle pricey but getting closer to the % offered by the ATO would make it very appealing for point harvesting
I did not push them on the subject of other cards being used like Westpac black etc.
I quizzed them on the % as I currently get 1.49% for my business, but didn't seem much flexibility.
Has anyone out there received a similar phone call? James said I was the 12th person he had called ,could be agent speak of course
Is anyone out there doing something similar already?
Happy to get a PM if you don't want to discuss in the context of the forum
Look forward to the discussion
Cheers Danger UXB
