Will I have a problem? Using old Square account

[SasuT]

Hi, I wrote Stripe in the title so you know what I talk about, but I’m using Square (payment processor).

When I had my company in France, I created a Square account (so I had to send documents of my french company etc..)

Used it for a whole year. Then moved to UAE. Problem, I struggle to find payment processors here that don’t take huge fees, specially because. i get paid in EUR.

So I had the idea of using my old Square account (still « linked » to my French company, which is now closed). And I just changed the IBAN linked to it with my Payoneer IBAN, and then send the fund to my UAE company bank account.

My question is, what problems can I have? France can tell me that I should pay taxes in France just because of that ? Or there is no incident like that possible in theory, and maybe in the worst case Square will close my account?

 

[SasuT]

bump

 

[chrisgerth]

This might work for a while but all the payment processors do KYC checks frequently. Once they do that and notice that the company has been removed, the account gets locked.
On top of that you might run into issues with your customers, since the payment transaction is done via a different entity which might cause people to initiate a chargeback.

 

[fshore]

You might also be put on a blacklist so you will not be able to get another merchant account in the future

 

[JohnLocke]

You should reach out to Square (change your title to avoid mislead) and get things sorted out with them to avoid troubles in the near future.