Skyzer Blog

Expert Tips for Handling EFTPOS Ownership Transfers | Skyzer

11 May

Moving your business premises and leaving your EFTPOS machine behind? Then you’re going to need to transfer the EFTPOS ownership to the next person who’s taking over the store. With a sea of contracts, negotiations, and even some disagreements on the horizon, this process can feel quite daunting, but it doesn’t have to be difficult.

Our Ingenico payment solutions have their own signature software that needs to be reconfigured whenever a payment solution (i.e. an EFTPOS machine) changes hands. Here are some tips from a distributor perspective that will make the transition easier on you and the incoming merchant.

What is EFTPOS Ownership Transfer? 

Transferring EFTPOS ownership means handing over your EFTPOS terminal to the new merchant taking over your premises. It involves creating a new contract between the new owner and the existing provider.

The new owner may choose some different add-ons, alter the contract to suit the needs of their business, or use a different bank. All these changes need to be negotiated with your payments provider before the changeover occurs, as a lot of paperwork goes into making the switch smoothly.

Without an ownership transfer, the new merchant will have to establish their own payments provider. A contract is necessary to access all the payments services from a provider, and without one, the merchant can’t do business. You won’t be able to either, as your contract with the store will keep going until the transfer is resolved!

The Basic Ownership Transfer Process 

For anyone starting on this journey, here is an outline of the process:

  • Step One: Get in touch with the new owner and arrange a changeover date and time. Inform your payment provider.
  • Step Two: Provider reaches out to the new owner to attain MID and confirm any changes.
  • Step Three: New owner completes paperwork and sends it in with their MID.
  • Step Four: Book a time for terminal replacement.

Once all of that is seen through, your transfer is officially complete!

Our Tips for Easing the Transition 

After many years in the payments industry, we’ve developed some tips that make this journey as straightforward as possible. The golden rule throughout this process is consistent communication. Essentially: keep in touch with the new merchant and your payments provider the whole time!

Have all information ready to go 

This is more of the new owner’s responsibility. To shift all the payment services over to the new owner, payment providers  will need crucial information to complete contract alterations. Having these key pieces of information ready to go will speed up the process:

  • Merchant ID number (MID)
  • The type of terminal they want in-store (standalone, mobile EFTPOS, etc.)
  • Any value adds to tack on to the contract
  • The bank they use
  • Their payment network
  • The changeover date you have both agree on

Discuss the contract with the new owner 

If they’re sticking with your EFTPOS provider, the new owner needs to know the conditions in the existing contract. Take the time to go over it with them! Make sure you’re both on the same page about any changes they wish to make, and ensure they promptly communicate those changes to the provider so the paperwork can be altered.

Don’t wait until the last minute 

A common mistake made by shifting owners is to wait until the day before they switch to get in touch with their provider. Changes need to be made to contracts, and a handover needs to be scheduled for any terminal or contract alterations, both of which take time to do. It’s best to decide on a changeover date at least two weeks in advance and get started on switching early!

Follow these guidelines to make it a smooth move from one owner to the next. Start your new business adventures without being weighed down by loose ends, and you’ll have the best chance of accelerated success!

Ease the EFTPOS transition with the Skyzer team. 

From integrated POS solutions to portable EFTPOS machines for NZ food truck fleet businesses, we’ve got something for every Kiwi business. Get in touch with us about your EFTPOS transfer, and let our team ease the way for you today.