What happens when you sell your business?

You are still responsible for the eftpos lease unless you take the actions below

Did you know that if you sell your business with an existing operating lease on your eftpos machine that you will remain responsible for that lease unless you make arrangements for the new owner to take over it.

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. Perhaps place this in the Sale & Purchase Agreement. If you do this you will need to contact the Finance Company you lease the eftpos from 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. Whatever the scenario – you are responsible for the settlement of the lease OR the Re-assignment.

If you are confused as to who you pay – ring Eftco and we will give you the 0800 number and Lease contract numbers and talk you through the steps. It is a good idea to get all these things under way 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.

You must ring Eftco Ltd or get the new owner to phone – and let us know the new details that are to appear on Eftco’s database – so we can carry on servicing the eftpos terminal for the remainder of the Lease contract.

Once all the steps above have been done – the new owner needs to contact our service department  0800 180 181 and get the technicians to re programme the eftpos terminal with the new Merchant number. This has to be done after your last trading day and before the new owner starts trading.