Selling your business? Wondering what you need to do with your EFTPOS contract? You've come to the right place! We've put together this guide so that you (and the new owner) know what you need to do to make sure the transition goes as smoothly as possible.
If you're in the process of selling your business while under contract with us, we recommend transferring your Eftpos NZ contract to the incoming owner. It's important to keep in mind that if the new owner decides not to sign up with us, there is a possibility you will need to pay early-termination fees.
To avoid any potential complications, we recommend including your EFTPOS contract in the business purchase agreement, if feasible. To ensure a smooth and seamless changeover, we highly recommend initiating the process at least two weeks before handover.
What You Need To Do
- Firstly, make sure the new owner is happy to take over your EFTPOS payment services.
- Next, agree on a changeover date with the new owner, which is when the terminal will start setting funds into the new owner’s bank account.
- Fill in our Business Change of Ownership form and we'll take care of the rest!
How It All Works: Behind The Scenes!
- When you submit the Business Change of Ownership form we will contact the new owner to confirm they want to sign up with us.
- We do not directly transfer your contract to the new owner, we create a brand new contract for them and cancel your existing one. This means that the new owner will need to follow a similar process to when you initially signed up with us, including organising a Merchant ID number (MID) if they haven’t already got one.
- Once we've received everything we need from the new owner, we'll coordinate the transition at a time that is convenient for both you and the new owner. This ensures that funds will settle into the new owner's bank account seamlessly at handover.
Ready to get started? Fill in our Business Change of Ownership form here.
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