Quote Originally Posted by Cristian_01 View Post
You forget a very important point:

EVERY contract regarding a POS terminal has a "personal guarantee" section, where the INDIVIDUAL, not the business, is held responsible.
(And isn't any buyer a consumer?)

In this particular case, the business is closed, how can anyone go after it?

And - just so you know - I have dealt with this issue several times, and with the situation created by Moneris right now this applies more and more every day.

Oh, and breach of contract is just that, breach of contract, regardless of what anybody says.
Cristian.
My understanding of the personal guarantee is that it simply means you are taking personal responsibility for any and all fees owing.

In this particular case, regardless of the business closing he is agreeing to pay all fees owed.
The personal guarantee I believe was designed for situations just like this. To give the processor an opportunity to get paid even if a business "closes".

As for the breach of contract thing, I never brought that up and don't think it would apply to this merchant who "closed" his business.