It’s easy to overlook your EFTPOS contract when you’re selling your business. But cancelling it before the term ends can come with costs, both financial and operational. Here’s what to watch for (and how to avoid it).
What Happens if You Cancel Early?
You’ll likely pay a fee
Most EFTPOS contracts are fixed-term. If you cancel early, expect a termination fee. How much depends on the provider and your contract terms.
It can disrupt the handover
Replacing equipment takes time. There’s a risk of downtime during the switch, which can delay sales and create headaches for the new owner. They may also face installation costs, staff training needs, and general disruption.
A Better Option: Transfer the Contract
Instead of cancelling your contract, offer to transfer the contract to the new owner. It’s faster, cheaper, and makes your business more attractive to buyers. They can renegotiate the rate and continue using the current equipment without interruption.
Act Early
Starting the process early helps ensure everything’s in place before the handover. Waiting too long could mean the new owner goes elsewhere, and you’re left with fees and unused equipment.
Bonus: Last Month’s Rental Credited
When the contract is successfully transferred, we’ll credit your final invoice with one month of terminal rental. It’s a small way to say thanks, and help with your final costs.
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