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It's usually required. If you have a merchant account without a personal guarantee, I'd be surprised.
The point is to prevent fraud. Credit card money is normally wired into your merchant account (business bank account) within 48 hours. However, it takes far longer for the banks to collect the money from the card holder. Consumer credit card statements usually go out monthly, and consumers take time to report any improper charges.
Hence, there is an opportunity for fraud where an unscrupulous merchant could ring up alot of phony charges, collect the funds in a day or two, and then head south, leaving the banks with the headache. If the only offset is a drained or non-existent corporate bank account, and the only guarantor is a worthless or defunct corporation.. I think you can see the point.
If you aren't going to commit fraud, there are few risks. Definitely talk with your lawyer though.
At least this is how is used to work.
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