Depositing Merchant Credit Slips

Beware anyone who asks you to deposit theirs for them.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Don't ask another merchant to deposit your sales slips for you, and never let another business deposit slips through your account. This practice is called "laundering" sales slips and not only is it prohibited by Visa and MasterCard, but it is also illegal in some states. Honest business owners have been wiped out by scam artists who ask them to deposit their sales slips, then rack up thousands of dollars in phony sales, which later turn into charge-backs.

Excerpted from Start Your Own Business: The Only Start-Up Guide You'll Ever Need

More from Entrepreneur

Kathleen, Founder and CEO of Grayce & Co, a media and marketing consultancy, can help you develop a brand strategy, build marketing campaigns and learn how to balance work and life.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.