How to Sell a Business Without Losing Money on Your EFTPOS Contract

Selling your business can be an exciting journey, but there are many details to manage along the way. One crucial aspect that often gets overlooked is your EFTPOS contract. If you cancel the contract early, it can lead to unexpected termination fees, eating into your profits. However, by transferring the contract to the new owner, you can save money and make the transition much smoother for them.

Why You Should Transfer Your EFTPOS Contract

1. Avoid Early Termination Fees
   Cancelling your EFTPOS contract early often comes with hefty termination fees. By transferring the contract to the new owner instead, you can avoid these fees and ensure a cost-effective transition.

2. No Payment Disruptions
   Transferring the contract means the new owner can continue using the existing EFTPOS equipment without interruption. This allows them to start accepting payments right away, without the hassle of sourcing a new provider or installing new terminals. Plus, the new owner can negotiate a rate that suits their needs, ensuring they get the best deal.

3. One Month Free Offer
   As an added incentive, we’ll credit your account with one month of free terminal rental when the contract is successfully transferred. The credit applied to your final invoice means you don’t have to worry about paying for terminal rental in your final months of ownership. This can help you better manage cash flow as you prepare for the sale and any associated costs.

Steps to Ensure a Smooth Transfer

1. Discuss the Contract Early
   Be upfront with potential buyers about the existing EFTPOS contract and the option to transfer it. This will give them time to consider the benefits and include the contract transfer in their decision-making process.

2. Include It in Your Sale Agreement
   Make sure to outline the details of the contract transfer in the sale agreement. This ensures that the new owner knows exactly what’s involved and helps prevent any misunderstandings. Get our sample email for communicating the benefits of transferring your EFTPOS contract here.

3. Complete the Business Change of Ownership Form
   To get the ball rolling, fill out the Business Change of Ownership form. This will initiate the transfer process with Eftpos NZ and ensure a smooth and seamless transition.

By planning ahead and taking the necessary steps to transfer your EFTPOS contract, you can avoid unnecessary expenses and ensure a smooth handover. This will not only help you get the best value for your business but also make the process easier for the new owner.