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 exactly what to do to ensure the transition goes as smoothly as possible.
If you’re selling your business while under contract with Eftpos NZ, we recommend transferring your contract to the incoming owner. It’s important to note that if the new owner chooses not to continue with us, you may be liable for early-termination fees. To avoid any complications and ensure a smooth transfer, we suggest including your EFTPOS contract in the business purchase agreement, if possible. To ensure the transition is seamless, we recommend initiating the transfer process at least two weeks before handover.
What You Need To Do
1. Confirm the New Owner is Happy to Take Over
First, ensure the new owner is comfortable with taking over your EFTPOS payment services. It’s important they understand the benefits and the process involved.
2. Agree on a Changeover Date
Coordinate with the new owner to set a changeover date—this is when the terminal will begin settling funds into their bank account.
3. Complete the Business Change of Ownership Form
Fill in the 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’ll contact the new owner to confirm their interest in continuing with EFTPOS NZ. We don’t simply transfer your contract to the new owner—instead, we create a brand-new contract for them and cancel your existing one. This process ensures that the new owner has the flexibility to choose a solution that suits their needs.
The new owner will need to follow a similar process to when you initially signed up, including organising a Verifone Merchant/Terminal ID number (MID) if they don’t already have one.
Once we’ve received everything we need from the new owner, we’ll coordinate the transition at a time that works for both of you. This ensures that funds will settle into the new owner's bank account seamlessly at handover.
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