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 you know what you (and the new owner) need to do to make sure the transition goes as smoothly as possible.
When you're selling your business mid-contract the best option available is to 'transfer' your Eftpos NZ contract to the incoming owner. If the new owner decides not to sign up with us you will be liable for early cancellation fees, so if it’s not too late add your EFTPOS contract into the business purchase agreement.
We understand that a business might need to trade till 5 pm under one owner and then open at 7 am the next day under new ownership. To ensure the changeover goes as smoothly as possible, we recommend starting the changeover process with us at least two weeks before handover. That way we can ensure the changeover can happen with military precision at a time that suits you and the new owner.
When we process a 'change of ownership' we don't actually transfer your contract to the new owner. We create a fresh new contract for the incoming owner and then we cancel your contract. This means the new owner will need to follow a similar process to what you did when you first signed up with us.
Once the sign-up process is complete, and we have the new owners merchant number, we will book a time to reprogramme your terminal so that the funds settle into the new owner’s bank account.
What you need to do
- The first step is to 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.
- Finally, send us the new owner’s contact details so we can arrange their new contract.
How it all works
- Once we have the new owner’s details, we will contact them to confirm they want to sign up with us. Once we have their approval to proceed, we’ll prepare their contract. We’ll also make sure they know how to obtain a Merchant ID number (MID), if they haven’t already got one.
- Once we have everything we need from the incoming owner, we are ready to do the changeover. Please note, the contract and services cannot be transferred until we have everything we need from the new owner.
- Once we receive everything we need, we'll book in a time to reconfigure the existing terminal remotely or we'll send one of our superstar field service reps to install a new terminal.
Once the terminal is installed or set-up we can finalise closing your account and billing.
Do you have a question we haven’t answered? Get in touch with our eftpos payment specialists here