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5 simple steps to transfer your EFTPOS contract

By August 1, 2018Blog

We make it easy for both you and the new owner 

Thinking of selling your business or need to transfer the ownership of your EFTPOS NZ payment solution?

We make it simple and straightforward for you and the incoming owner – no matter who they bank with, or what network they use. We can also help them if they need something different from their eftpos payment solution.

To help you understand the steps involved, we’ve put together this step-by-step guide:

Step 1: Organise changeover with the new owner

Make sure the new owner is happy to take over your eftpos payment services and contract. Some of our customers include this in their business purchase agreement, which is a great idea. Make sure both parties have agreed on a takeover date and the time the changeover needs to happen. We recommend organising this at least 2 weeks before handover – don’t leave it to the last 10 minutes!

Step 2: We sort out the new owner’s paperwork

We discuss with the new owner what they need out of their payment solution, and how to obtain a Merchant ID number (MID), if they haven’t already got one. Once the new owner has decided on their chosen eftpos terminal, value adds, and payment network, we prepare the paperwork.

Step 3: The new owner sends us their merchant number and paperwork back

Once we have received the new owner’s completed paperwork and their merchant number, we are ready to do the changeover. We will follow-up with the new owner and let you know if there are any issues.

Remember, the contract and services are not transferred until we receive the paperwork and merchant number from the new owner.

Step 4: Book time to set up the terminal

We book in a time to reconfigure the existing terminal or send one of our superstar field service reps to install a new terminal, and voila. All done!

We understand that a business might need to trade till 5pm under one owner, and then open at 7am the next day under new ownership which is why we are flexible. That way we can ensure the changeover can happen with military precision at a time that suits you and the new owner.

Step 5: Transfer complete!

We finalise closing your account and billing and make sure the new owner is happy with their solution. If the new owner decides not to take over your contract, you will need to chat to us about early termination.

If you are thinking about selling or closing your business, we do recommend you let us know as early as possible.

Do you have a question we haven’t answered? Get in touch with our eftpos payment specialists here