What happens when you sell your business?

Good news, your agreement can be transferred to the new owner.

If you still have months remaining on your lease, it is a good idea to get the new owner to agree to take over this Lease. Remember to include the EFTPOS lease in the Sale and Purchase agreement of your business. This means the new owner has to take over the agreement and removes your obligation. If you do this, you will need to contact the finance company you lease the EFTPOS from (this could be through our internal finance or external providers) and ask for re-assignment documents so that you can sign over the lease to the new owner.

If there are only a few months left – you can pay the rest out and get the new owner of your business to contact us to sign a brand new lease.

If you are confused as to who you pay – ring us, and we’ll talk you through the steps.

It is a good idea to get all these things underway at least 2 or three weeks before the takeover date. The banks can take 5-10 working days to set up a merchant number or transfer an existing merchant number into the new owner’s name.