Change of Ownership
I’m selling my business - what happens now?
There are a few considerations when it comes to transferring your payments / EFTPOS machine.
Firstly, you have the EFTPOS machine. This is traditionally on a fixed term operating lease. The good news is this can be transferred to the new owner removing your obligation!
If you still have months remaining on your lease, it is a good idea to get the new owner to agree to take over the lease. Remember to include the EFTPOS lease in the Sale and Purchase agreement of your business. This means the new owner must take over the agreement and removes your obligation.
You will also have a merchant facility. The merchant number is what we put in the EFTPOS terminal which tells it where to deposit the money when you do a transaction.
The new owner will need to get set up with their own merchant facility or merchant number. Your account manager can organise this with the new owner’s bank, so the transactions start going into the new owners account from take over date. Banks can take up to 10 working days to organise this, so we recommend getting in touch with our team 2-3 weeks before the new owner’s take over.
You may also have other products connected to your account that you will want to wind up or transfer to the new owner. This could include AMEX, Diners, Loyalty products, currency conversion, phone top ups and much more. You account manager can assist and provide advice on what needs to happen here as well.
Ready to start?
The sooner the process is started, the smoother the changeover goes! Get in touch with our team now on 0800 180 180, or fill out the below form and your account manager will call you!